VOLUME 65

Well apparently crypto is back (this is not financial advice). But before we get into that, apparently the FBI isn’t too happy about Polymarket, the viral website where people bet on real-world events, including the recent election outcome. Let’s dive in!

— Jacob Pace

FBI Seizes Polymarket CEO's Devices Amid Election Betting Controversy

What happened: The FBI conducted an early-morning raid on November 13th at the Soho residence of Polymarket CEO Shayne Coplan, seizing his electronic devices as part of an ongoing federal investigation. The raid comes in the wake of Polymarket’s successful prediction of Donald Trump’s election victory, raising speculation about potential concerns over market manipulation and regulatory compliance in the prediction market industry.

What is Polymarket? Founded in 2020, Polymarket is a decentralized prediction market platform that allows users to bet on the outcomes of various events, including political elections, using cryptocurrency. The platform aggregates user predictions to reflect the assessed probability of future events.

What they’re saying: A spokesperson for Polymarket described the raid as “political retribution” by the outgoing administration, suggesting that the investigation may be a response to the platform’s accurate election predictions. Whether or not that’s true, the raid has raised questions about the extent of government scrutiny on prediction markets and their influence over public opinion.

Bitcoin Surges to Record High Amid Pro-Crypto Political Climate

What happened: Bitcoin's value soared to an unprecedented $93,000 (as of November 13th), marking a 34% increase since the November 5th elections, where pro-crypto President-elect Donald Trump won the election. Analysts are now projecting Bitcoin could reach $100,000 by year's end.

What’s next: Bitcoin’s new all-time high could signal promising times ahead for the broader cryptocurrency sector. The surge has reinvigorated interest in digital assets, which could boost investments and drive growth across other crypto companies and applications. Many analysts believe the current momentum may mark the beginning of a “crypto summer,” with renewed confidence fueling innovation and expansion in decentralized finance (DeFi), NFTs, and blockchain-based platforms.

X Tests Free Version of Grok AI Chatbot

What happened: X is piloting a free version of its AI chatbot, Grok. Previously available only to premium subscribers, this move aims to broaden user access to AI-driven conversational tools.

Why it matters: Grok’s introduction of a free version marks a significant shift in the competitive AI landscape. This change positions Grok to compete more directly in the crowded generative AI market, where accessibility can drive user adoption and engagement.

Dropbox Announces 20% Workforce Reduction Amid Strategic Shift

What happened: Dropbox has announced plans to reduce its global workforce by 20%, equating to approximately 528 employees. This decision is part of a strategic pivot towards artificial intelligence and new product development, as the company addresses softening demand in its core business.

What’s next: Dropbox plans to leverage AI to enhance its product offerings, including Dropbox Dash, an AI-powered universal search tool, and Dropbox AI, which provides summaries and answers from content across users’ accounts. The company is also investing aggressively into AI startups through Dropbox Ventures, which signals the organization’s current transformation into the new age of technology.

That’s all for this week! See you next time.