Crypto Market Sees TVL Rise; Truist Bank Breach and Gemini's $50M Fraud Settlement Highlighted
The cryptocurrency market has shown a slight uptick in Total Value Locked (TVL) across Layer 2 (L2) solutions. According to L2 Beat, the current TVL stands at $9.90 billion, up from $9.85 billion yesterday.
The top L2 networks have also seen modest gains. Arbitrum leads with a TVL of $3.02 billion, marking a 0.40% increase from the previous day. Blast follows at $2.13 billion, up by 1.06%. Base has a TVL of $1.68 billion, showing a 1.03% rise. Optimism and Linea round out the top five, with TVLs of $740.14 million and $693.27 million, respectively, both showing over 1% growth.
Bitcoin (BTC) is currently priced at $66,529, up from $66,196 yesterday. Ethereum (ETH) is trading at $3,579, slightly higher than yesterday's $3,567.
Notably, there has been no new fundraising activity today, keeping the cumulative fundraising for the week at $0.
In other news, Truist Bank, one of the largest banks in the US, confirmed a security breach. A hacker claims to have sensitive data on 65,000 account holders for sale. The breach occurred in October, and the bank has since confirmed the incident.
Meanwhile, the New York Attorney General has reached a $50 million settlement with crypto exchange Gemini over fraud allegations. The settlement involves recovering $50 million worth of digital assets on behalf of 230,000 investors allegedly defrauded through Gemini's Earn program.
Billionaire venture capitalist Chamath Palihapitiya has stated that economic conditions will force the Federal Reserve to cut interest rates aggressively. He cites data indicating that Americans have exhausted their savings, which could lead to an economic contraction.
In the realm of Bitcoin mining, Chinese telecom provider Coolpad is set to spend $13.5 million on Bitcoin mining rigs for North America. Additionally, Deutsche Telekom's subsidiary T-Systems MMS announced plans to start mining Bitcoin, expanding their existing operations that include running nodes for several networks such as Bitcoin, Bitcoin Lightning, and Ethereum.
