SBF’s Fall, Bitcoin’s Rise, and WazirX’s $235M Hack

The 12 months 2024 has been a monumental one for the cryptocurrency business, full of dramatic shifts, main breakthroughs, and a few stunning twists. Right here’s a roundup of the most important crypto information that made headlines all year long.

Bitcoin ETF Approvals: A Milestone for the Business

The 12 months kicked off with a historic transfer for Bitcoin because the US Securities and Trade Fee (SEC) permitted the primary US-listed Bitcoin Trade-Traded Funds (ETFs). This approval marked a pivotal second for the world’s largest cryptocurrency, opening the doorways to a broader vary of traders who had been beforehand hesitant to purchase Bitcoin immediately. In whole, 11 Bitcoin ETFs had been permitted within the US, providing an easier entry level into the crypto marketplace for conventional traders.

SBF Sentenced: The Fall of FTX’s Founder

In March, the crypto world was rocked by the sentencing of Samuel Bankman-Fried (SBF), the disgraced founding father of the cryptocurrency alternate FTX. Bankman-Fried was sentenced to 25 years in jail, three years of supervised launch, and was ordered to pay $11 billion in forfeiture for his involvement in fraudulent schemes. The sentencing adopted his conviction for misappropriating billions of {dollars} of buyer funds. Regardless of his conviction, Bankman-Fried has appealed his 25-year sentence, leaving the authorized saga removed from over.

MicroStrategy’s Massive Transfer: Nasdaq 100 Debut

Amidst the turbulence, MicroStrategy, the biggest company holder of Bitcoin, made waves out there by debuting on the Nasdaq 100 in 2024. This transfer solidified MicroStrategy’s profile as a serious participant on the planet of Bitcoin, additional blurring the traces between conventional finance and the crypto ecosystem.

Bitcoin Halving: Diminished Block Rewards

In April, Bitcoin’s third halving occasion of the 12 months occurred, decreasing miners’ block subsidy rewards from 6.25 BTC to three.125 BTC. This occasion had a major influence on the community’s financial dynamics, though the drop in mining rewards was accompanied by a shocking lower in common transaction charges. This halving occasion laid the muse for a robust the rest of the 12 months, with many anticipating a brand new value surge.

Ripple vs. SEC: Authorized Battle Continues

One of many 12 months’s most high-profile authorized battles continued in 2024 with Ripple’s ongoing battle with the SEC. In August, Ripple secured a serious victory when the court docket dominated that it ought to solely pay $125 million in fines, a far cry from the $2 billion initially sought by the SEC. Nevertheless, the battle didn’t finish there: in October, the SEC introduced its intention to enchantment the ruling, making certain that the authorized showdown between the 2 entities would proceed into the following 12 months.

Binance CEO Sentenced: Zhao’s Authorized Troubles

In a shocking flip of occasions, Changpeng Zhao (CZ), the previous CEO of Binance, was sentenced to 4 months in jail after pleading responsible to violating US money-laundering legal guidelines. Binance, the world’s largest cryptocurrency alternate, had confronted growing scrutiny all through 2024, and this sentencing marked a huge transfer within the ongoing crackdown on crypto platforms that don’t adjust to rules.

WazirX Hack: $235 Million Stolen

In a serious cybersecurity incident, Indian crypto alternate WazirX was hacked, ensuing within the theft of $235 million value of varied cryptocurrencies. The breach led to the alternate freezing transactions and dealing with forensic consultants and regulation enforcement companies to hint the stolen funds. This hack served as a reminder of the dangers related to crypto buying and selling and the significance of enhanced safety measures.

Trump’s Win Boosts Crypto Costs

The crypto market skilled a serious surge following Donald Trump’s re-election as US President. His victory introduced renewed optimism to the market, and cryptocurrencies noticed sharp beneficial properties within the months that adopted. The market was additional influenced by the information that SEC Chairman Gary Gensler would step down, including to the sense of regulatory change and potential reduction for the crypto business.

Bitcoin Breaks $100,000: A New All-Time Excessive

2024 ended on a excessive be aware as Bitcoin achieved a brand new all-time excessive (ATH), surpassing the $100,000 value stage for the primary time. This was much-awaited and with Trump’s takeover, Bitcoin is predicted to soar extra.