Top Crypto News of 2024: SBF’s Downfall, Bitcoin’s Record High, and WazirX’s $235M Hack
The year 2024 has been a landmark period for the cryptocurrency industry, marked by groundbreaking developments, legal battles, and market milestones. From Bitcoin’s meteoric rise to high-profile legal dramas, here’s a detailed roundup of the biggest crypto news that shaped the year.
Bitcoin ETF Approvals: A Game-Changer for Investors
2024 began with a historic victory for Bitcoin as the U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin Exchange-Traded Funds (ETFs). This milestone opened doors for institutional and retail investors hesitant to directly purchase cryptocurrencies. These ETFs simplified access to Bitcoin, accelerating mainstream adoption and solidifying its role as a legitimate asset class.
SBF Sentenced: The Fall of FTX’s Founder
March saw one of the most shocking events in crypto history—the sentencing of Samuel Bankman-Fried (SBF), founder of FTX. Convicted for fraud and misappropriation of funds, SBF received 25 years in prison, along with $11 billion in forfeiture penalties. Despite appealing the verdict, SBF’s downfall serves as a cautionary tale about governance failures in crypto exchanges.
MicroStrategy’s Nasdaq 100 Debut: A Milestone for Bitcoin Adoption
MicroStrategy, the largest corporate holder of Bitcoin, made headlines in 2024 by securing its place in the Nasdaq 100 Index. This move further reinforced the integration of Bitcoin into traditional finance, highlighting the growing influence of institutional investors in the crypto space.
Bitcoin Halving: Reduced Block Rewards Fuel Optimism
In April, Bitcoin’s third halving event reduced miner rewards from 6.25 BTC to 3.125 BTC, impacting the network’s supply dynamics. Surprisingly, transaction fees saw a decline, boosting user activity and network efficiency. This halving set the stage for bullish momentum, with investors anticipating new price highs later in the year.
Ripple vs. SEC: Legal Battle Continues
Ripple’s ongoing legal clash with the SEC remained a focal point in 2024. In August, Ripple scored a partial victory, reducing its fines to $125 million—a fraction of the $2 billion initially demanded. However, the case remains unresolved as the SEC filed an appeal in October, ensuring this high-profile legal feud will extend into 2025.
Binance CEO Sentenced: CZ Faces Legal Consequences
In another major development, Changpeng Zhao (CZ), the former CEO of Binance, faced legal trouble, receiving a four-month prison sentence after pleading guilty to money laundering violations. Binance, the world’s largest crypto exchange, faced regulatory scrutiny throughout 2024, marking a crackdown on compliance issues in the industry.
WazirX Hack: $235 Million Lost in Cyberattack
Security vulnerabilities came under the spotlight in June when Indian crypto exchange WazirX suffered a massive hack, losing $235 million in digital assets. The exchange promptly froze transactions and began working with cybersecurity experts and law enforcement agencies to recover stolen funds. The incident highlighted the critical need for advanced security measures in crypto platforms.
Trump’s Re-Election Sparks Crypto Optimism
The crypto market surged following Donald Trump’s re-election as U.S. President. His administration’s pro-business stance fueled optimism about regulatory reforms and crypto-friendly policies. Markets were further buoyed by reports of SEC Chairman Gary Gensler’s resignation, signaling potential regulatory relief for the industry.
Bitcoin Breaks $100,000: A New All-Time High
Capping off an eventful year, Bitcoin achieved a record-breaking all-time high, surpassing the $100,000 mark for the first time. The price surge was driven by ETF adoption, halving supply constraints, and Trump’s victory, setting the stage for further gains in 2025.
Final Thoughts: A Year to Remember for Crypto
The year 2024 will be remembered as a turning point for cryptocurrencies. From regulatory battles and high-profile convictions to record-breaking price milestones, the industry experienced unprecedented growth and challenges. As the market continues to evolve, investors and stakeholders remain optimistic about crypto’s future as a mainstream financial asset.
