Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Crypto gaming developer PiP World raises $10 million in seed round months after buying Roblox stock simulator
PiP World, a Web3 gaming developer, recently announced that it has secured funding to expand its education-centered ecosystem, which currently features a Roblox-based stock simulator and a game on Telegram.
Based in Dubai, PiP World raised $10 million in funding from Exinity, a fintech company also located in the UAE, as per their official statement.
With ambitions to become the "Duolingo of crypto," PiP World is committed to blending "engaging gameplay with personalized learning" as it continues to grow its gaming portfolio. In August, the company acquired StockRise, a stock simulation game on Roblox. In the following month, they launched a Telegram-based game called Gold Rush. By the end of the year, PiP World plans to introduce a blockchain-powered mobile game, which will be titled PiP Trader.
The PiP World team shared with The Block that they aim to encourage players of their Roblox and Telegram games to explore their upcoming mobile game. Their focus on creating educational games coincides with the growing popularity of Telegram games like Hamster Kombat, Catizen, and Notcoin, which have attracted millions of new users to the Web3 gaming space.
The simplicity of registering and playing these free-to-play games on Telegram, along with the potential to earn through token airdrops, has resulted in a significant portion of players coming from less-developed regions. PiP World seems confident in its ability to provide value to these users.
Trump’s lead over Harris on Polymarket soars to 13% as mystery trader pumps the former president’s chances to win election
On Polymarket, the probability of Donald Trump winning the upcoming U.S. presidential election against Vice President Kamala Harris rose to 13% on Thursday.
The exact reason behind this boost in confidence for Trump's chances remains unclear. However, a trader using the call sign Fredi9999 on the decentralized prediction platform has recently purchased millions of shares, betting that the former president will defeat Harris.
Earlier this week, Fredi9999 held approximately 7 million shares in favor of Trump, according to Benzinga. As of now, the trader owns nearly 11 million shares, as per Polymarket data. In the past hour alone, Fredi9999 has invested hundreds of thousands of dollars in shares, betting on Trump's victory, according to the platform's data.
The total volume of wagers on the Trump versus Harris outcome has exceeded $1.6 billion. By comparison, the 2020 presidential election saw just under $11 million in bets placed on Polymarket.
SEC charges Cumberland DRW with acting as ‘unregistered dealer’ in crypto transactions
The U.S. Securities and Exchange Commission (SEC) has accused Cumberland DRW LLC of operating as an unregistered dealer while trading $2 billion in cryptocurrencies.
Cumberland, a Chicago-based company that describes itself as a "liquidity provider, risk taker, and latency-sensitive trading firm," was charged on Thursday for acting as an unregistered dealer, according to the SEC’s official statement.
Jorge G. Tenreiro, Acting Chief of the SEC's Crypto Assets and Cyber Unit, commented, "Despite the industry's frequent claims that the sale of crypto assets is comparable to the sale of commodities, our complaint alleges that Cumberland, along with the respective issuers and objective investors, treated the offer and sale of these crypto assets as investments in securities. Cumberland profited from its dealer activities without providing the necessary investor and market protections that registration requires."
According to the SEC's complaint, Cumberland has been involved in buying and selling at least $2 billion worth of cryptocurrency, which the SEC asserts were sold as securities, beginning in March 2018. The complaint further notes that Cumberland conducts most of its trading via an online platform called Marea, which it launched in early 2019.
Millennials’ appetite for crypto ETFs surges as traditional investors catch on, Schwab study shows
It is well known that Millennials and Gen Z have investment approaches that differ from those of Baby Boomers and Gen X. However, the introduction of spot Bitcoin exchange-traded funds (ETFs) earlier this year, followed by the addition of spot Ether ETFs, appears to have narrowed that gap.
The annual Schwab Asset Management ETF study, released on Thursday, highlights the investment interests of various groups for the next 12 months, with cryptocurrency taking center stage.
According to Schwab, "Millennial ETF investors have the strongest appetite for ETFs and are particularly interested in more personalized investment strategies." The report notes that Millennials show greater interest in direct indexing and are more likely than other generations to pursue it in the coming year.
Millennials expressed heightened interest in several ETF types and asset classes. The survey revealed that 62% of Millennials plan to invest in cryptocurrency ETFs within the next year—the highest percentage among asset classes. This contrasts with 44% of Gen X and only 15% of Boomers.
The release also stated, "Millennials report significantly higher levels of confidence. They are more likely to believe they possess the skills to outperform the markets and prefer to take on more risk in pursuit of higher returns."
FBI creates bogus crypto to nab 4 companies, 14 people on fraud charges
U.S. prosecutors have charged four cryptocurrency companies and 14 individuals in a major crackdown on Wednesday.
Boston federal prosecutors filed charges against Gotbit, ZM Quant, CLS Global, and MyTrade, along with their executives and employees. The charges also led to several international arrests, according to a report by Reuters.
The U.S. Justice Department has intensified its scrutiny of crypto firms over the past year, with a notable focus on the cryptocurrency exchange Binance. Wednesday's action marks what prosecutors described as the "first criminal prosecution of financial services firms" related to market manipulation and fraudulent trading practices within the crypto industry, as reported by Reuters.
According to a statement from the U.S. Attorney's Office for the District of Massachusetts, four defendants have agreed to plead guilty, and authorities have seized more than $25 million in cryptocurrency.
Prosecutors allege that the defendants created cryptocurrency firms, misrepresented their cryptocurrencies, and conducted wash trades to create a false impression of trading activity. This manipulation misled investors into believing the tokens were valuable investments, inflating their prices. According to the prosecution, the defendants then sold their tokens at these artificially high prices.
The crypto firms also allegedly hired market makers to conduct wash trades in exchange for payment. These market makers, named as ZM Quant, Gotbit, CLS Global, and MyTrade, are also implicated in the scheme, prosecutors said in their statement.
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