Coinbase Acquires Utopia Labs to Boost On-Chain Payments

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Table of Content

In today edition we talk about

• FBI Seizes Polymarket CEO’s Electronics Amid Investigation

• BlackRock Expands Tokenized Money Market Fund BUIDL to Multiple Blockchains

• Coinbase Acquires Utopia Labs to Boost On-Chain Payments

• South Korean Influencer Allegedly Leads $232M Crypto Scam; 215 Arrested

FBI Seizes Polymarket CEO’s Electronics Amid Investigation

The FBI seized Polymarket CEO Shayne Coplan’s phone and electronics early Wednesday morning, according to a report from the New York Post. The raid occurred shortly after Polymarket’s betting platform, based in New York City but geo-fenced for U.S. users, correctly predicted Donald Trump’s victory in the recent U.S. presidential election. Before the election, Polymarket saw over $3 billion in trading volume on bets related to the outcome.

Coplan was reportedly not arrested, and the FBI has yet to comment on the situation. Sources close to Coplan have suggested the move is “political retribution,” accusing the government of targeting Polymarket for potential market manipulation. Coplan has not responded publicly to the report.

BlackRock Expands Tokenized Money Market Fund BUIDL to Multiple Blockchains

BlackRock announced on Nov. 13 that it is expanding its tokenized money market fund, BUIDL, to nearly five new blockchain networks: Aptos, Arbitrum, Avalanche, Optimism, and Polygon, in addition to Ethereum, where it originally launched. Tokenized by Securitize, BUIDL primarily invests in low-risk assets like U.S. Treasury bills.

This expansion aims to improve accessibility and efficiency, allowing BUIDL to integrate with leading blockchain-based financial products across multiple ecosystems. Demand for tokenized real-world assets, especially those backed by U.S. Treasury debt, continues to grow, with about $2.3 billion in tokenized Treasury assets currently held on-chain.

Coinbase Acquires Utopia Labs to Boost On-Chain Payments

Coinbase announced its acquisition of on-chain payments platform Utopia Labs on Nov. 13, aiming to enhance its on-chain payment capabilities through Coinbase Wallet. The Utopia team will join Coinbase's Base network, a layer 2 scaling solution, to accelerate its roadmap for on-chain payments.

Base, launched in 2023, has quickly become the largest Ethereum layer 2 by total value locked (TVL), surpassing Arbitrum with around $3.15 billion in TVL. Coinbase’s cbBTC, a Bitcoin wrapper on Base, also holds strong with over $1.3 billion in TVL.

This acquisition aligns with recent trends, as crypto payments platforms become hot targets for Web3 buyouts. Just last month, Stripe acquired stablecoin platform Bridge for $1.1 billion. Additionally, Coinbase's stock surged past $300 following Donald Trump’s election win, with analysts expecting a more favorable regulatory environment for crypto under his administration.

South Korean Influencer Allegedly Leads $232M Crypto Scam; 215 Arrested

South Korea's largest-ever cryptocurrency scam has resulted in 215 arrests, including the alleged ringleader, a YouTuber with 620,000 subscribers known as Mr. A. Authorities claim Mr. A created a vast fraudulent network after facing demands for refunds on poor stock advice he had given. Mr. A and accomplices reportedly raised 325.6 billion won ($232.7 million) from over 15,000 investors between 2021 and 2023, promoting 28 cryptocurrencies, including six created by Mr. A himself.

The scam targeted middle-aged and elderly victims, using personal data gathered from Mr. A’s YouTube channel to lure new investors. Authorities have seized 22 Bitcoin and are pursuing an additional $34 million from related accounts. This case highlights South Korea’s crackdown on crypto fraud, with harsh penalties, including life imprisonment, for those convicted.

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