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Top Crypto News of 2024: SBF’s Fall, Bitcoin’s Rise, and WazirX’s $235M Hack
As the year comes to a close, we’ve witnessed significant events in the crypto world that have shaped its future. In this article, we’ll be discussing the most crucial and trending news stories from 2024.
One of the biggest stories is certainly the ongoing conflict between Ripple and the Securities Exchange Commission (SEC). In August, the court ruled that Ripple should pay only $125 million in fines, a far cry from the originally sought $2 billion. However, this victory was short-lived as the SEC announced its intention to appeal the ruling in October, ensuring that the legal battle would continue into the next year.
Another shocking development was the sentencing of Changpeng Zhao (CZ), the former CEO of Binance, who pleaded guilty to violating US money-laundering laws and received a four-month prison sentence. This marked a significant blow to CZ, who had previously been cleared by regulators. The incident has sparked concerns about regulatory compliance among crypto exchanges.
Regulatory woes continued to plague the crypto industry with WazirX suffering a massive $235 million hack in October. The breach led to the exchange freezing transactions and working with law enforcement agencies to track down the stolen funds. This incident serves as a stark reminder of the importance of cybersecurity measures for cryptocurrency trading platforms.
On a more positive note, Donald Trump’s re-election as US President brought renewed optimism to the market, leading to a sharp surge in cryptocurrency prices. The news that SEC Chairman Gary Gensler would be stepping down also contributed to this shift, sparking hopes of regulatory relief for the crypto industry.
Finally, Bitcoin achieved an unprecedented milestone by breaking through the $100,000 price barrier in the final months of the year. This significant breakthrough has sent shockwaves throughout the market and set a new all-time high for the popular digital asset.
In conclusion, 2024 was marked by both regulatory challenges and significant market shifts. As we look to the future, it’s essential that the crypto community continues to prioritize compliance, security, and responsible trading practices while embracing the transformative potential of blockchain technology.
Source: coinpedia.org
