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Top Crypto News of 2024: SBF’s Fall, Bitcoin’s Rise, and WazirX’s $235M Hack
As the curtains draw on 2024, it has been a tumultuous year for the cryptocurrency market. The space has witnessed significant developments, from high-profile falls to record-breaking price surges. In this article, we will be exploring the top crypto news of the year that had the greatest impact on the industry.
Sam Bankman-Fried’s Downfall
The year began with a bang when Sam Bankman-Fried (SBF), co-founder and CEO of FTX, found himself embroiled in controversy. The allegations of mishandling customer funds and embezzlement led to his downfall, resulting in the collapse of FTX and numerous lawsuits.
Bitcoin’s Price Surge
In sharp contrast, Bitcoin experienced a remarkable upsurge throughout the year, breaking multiple records including crossing the $100,000 mark for the first time. The market’s optimism was fueled by Donald Trump’s re-election as US President, which led to renewed confidence in the industry.
WazirX Hack: A Massive $235 Million Heist
One of the most significant and shocking events occurred when WazirX, a prominent Indian crypto exchange, fell victim to a massive hack. The perpetrators managed to steal an astonishing $235 million worth of cryptocurrencies, leaving investors reeling and sparking a heightened sense of urgency around security measures.
Ripple’s Ongoing Conflict with the SEC
In August, Ripple secured a significant victory by having its fine reduced to just $125 million. However, this was short-lived as the SEC promptly announced its intention to appeal the ruling, effectively prolonging the legal battle between the two entities.
Binance CEO Changpeng Zhao Sentenced for Money Laundering
In an unexpected turn of events, former Binance CEO Changpeng Zhao (CZ) was sentenced to four months in prison after pleading guilty to violating US money-laundering laws. This development has sent shockwaves throughout the industry and highlights the need for greater regulatory compliance.
As we close out this tumultuous year, it is crucial that investors remain vigilant and stay informed about the latest developments in the crypto space.
Source: coinpedia.org
