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Top Crypto News of 2024: SBF’s Fall, Bitcoin’s Rise, and WazirX’s $235M Hack
As the clock struck midnight on December 31st, 2024, the crypto community reflected on a year marked by controversy, growth, and significant developments. In this recap, we’ll revisit the most pivotal events that shaped the industry in 2024.
SBF’s Fall: The Rise and Fall of FTX
Sam Bankman-Fried (SBF), once the darling of the crypto world, faced a dramatic downfall after his trading platform, FTX, filed for bankruptcy in November. The collapse of FTX led to a loss of over $8 billion, leaving thousands of users affected worldwide.
Bitcoin’s Rise: A New All-Time High
Despite the turmoil surrounding SBF, Bitcoin (BTC) achieved an astonishing milestone by breaking through the $100,000 barrier, marking a new all-time high. This unprecedented surge sent shockwaves across the market, rekindling hopes for a long-overdue regulatory clarity and a renewed focus on decentralized finance.
WazirX’s $235M Hack: A Wake-Up Call
In another shocking incident, WazirX, an Indian crypto exchange, was hacked, resulting in the theft of an astonishing $235 million worth of cryptocurrencies. This breach serves as a stark reminder of the importance of robust security measures and increased vigilance in the face of emerging threats.
Other Key Developments:
* Ripple’s Ongoing Conflict with the SEC
In August, Ripple secured a significant victory when the court ruled that it should only pay $125 million in fines, significantly less than the initial $2 billion sought by the Securities and Exchange Commission (SEC). However, the conflict didn’t end there; the SEC announced its intention to appeal the ruling, ensuring a prolonged battle between the two entities.
* Binance CEO Sentenced
In a surprising turn of events, Changpeng Zhao (CZ), the former CEO of Binance, was sentenced to four months in prison after pleading guilty to violating US money-laundering laws. This development marked a major crackdown on crypto exchanges that fail to adhere to regulatory standards.
* BlackRock’s IBIT ETF Breaks Records
BlackRock, a leading financial institution, launched its Bitcoin futures-based ETF (IBIT), which swiftly became the fastest-growing crypto fund of 2024.
As we bid adieu to an eventful year in crypto, it’s clear that 2024 was marked by both tremendous growth and significant setbacks.
Source: coinpedia.org
