Top Crypto News of 2024: SBF’s Fall, Bitcoin’s Rise, and WazirX’s $235M Hack

The year 2024 has been a monumental one for the cryptocurrency industry, filled with dramatic shifts, major breakthroughs, and some shocking twists. Here’s a roundup of the biggest crypto news that made headlines throughout the year.

Bitcoin ETF Approvals: A Milestone for the Industry

The year kicked off with a historic move for Bitcoin as the US Securities and Exchange Commission (SEC) approved the first US-listed Bitcoin Exchange-Traded Funds (ETFs). This approval marked a pivotal moment for the world’s largest cryptocurrency, opening the doors to a broader range of investors who were previously hesitant to buy Bitcoin directly. In total, 11 Bitcoin ETFs were approved in the US, offering a simpler entry point into the crypto market for traditional investors.

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 founder of the cryptocurrency exchange FTX. Bankman-Fried was sentenced to 25 years in prison, three years of supervised release, and was ordered to pay $11 billion in forfeiture for his involvement in fraudulent schemes. The sentencing followed his conviction for misappropriating billions of dollars of customer funds. Despite his conviction, Bankman-Fried has appealed his 25-year sentence, leaving the legal saga far from over.

MicroStrategy’s Big Move: Nasdaq 100 Debut

Amidst the turbulence, MicroStrategy, the largest corporate holder of Bitcoin, made waves in the market by debuting on the Nasdaq 100 in 2024. This move solidified MicroStrategy’s profile as a major player in the world of Bitcoin, further blurring the lines between traditional finance and the crypto ecosystem.

Bitcoin Halving: Reduced Block Rewards

In April, Bitcoin’s third halving event of the year occurred, reducing miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC. This event had a significant impact on the network’s economic dynamics, although the drop in mining rewards was accompanied by a surprising decrease in average transaction fees. This halving event laid the foundation for a strong remainder of the year, with many anticipating a new price surge.

Ripple vs. SEC: Legal Battle Continues

One of the year’s most high-profile legal battles continued in 2024 with Ripple’s ongoing conflict with the SEC. In August, Ripple secured a major victory when the court ruled that it should only pay $125 million in fines, a far cry from the $2 billion originally sought by the SEC. However, the battle didn’t end there: in October, the SEC announced its intention to appeal the ruling, ensuring that the legal showdown between the two entities would continue into the next year.

Binance CEO Sentenced: Zhao’s Legal Troubles

In a surprising turn of events changpeng zhao changpeng zhao Changpeng Zhao, populalrly known as CZ, is a Chinese-Canadian businessman. He founded Binance, the biggest cryptocurrency exchange in the world based on trading volume. CZ came across Bitcoin (BTC) in 2013 from a friend. Full Name Changpeng Zhao Birth  1977 in Lianyungang, Jiangsu, China Nationality Chinese-Canadian, UAE Education BSc. from McGill University Marital Status Married to Yang Weiqing Famous For Binance, Advocate for decentralized finance, blockchain tech. Net Worth $59.4B (refer for realtime) Before starting Binance in 2017, he was the Head of Development at Blockchain.info and the Chief Technology Officer (CTO) at OKCoin. Under CZ, Binance launched an ICO (Initial Coin Offering) that raised $15 million and rapidly became the largest exchange within months. To improve trading options, the firm introduced Binance Smart Chain (BSC), Binance Labs, Binance Academy, Binance Launchpad, and other blockchain-based solutions. CZ has influenced the global adoption of crypto by offering regulatory compliance, DeFi solutions, and infrastructure for digital assets. CZ’s Career Timeline Tokyo Stock Exchange (2001–2003) – Developed trading systems for financial institutions. Bloomberg Tradebook (2003–2005) – Worked as a software developer for high-frequency trading systems. Fusion Systems (2005–2013) – Co-founded this financial technology firm specializing in ultra-low-latency trading solutions. Blockchain.info (2013–2014) – Served as Head of Development, working with early Bitcoin adopters like Roger Ver and Ben Reeves. OKCoin (2014–2015) – Worked as Chief Technology Officer (CTO) at one of the largest fiat-to-crypto exchanges at the time. Binance (2017–2023) – Founded Binance and led it to become the world's largest cryptocurrency exchange before stepping down as CEO in 2023. Awards and Recognizations List of achievements Year Bloomberg 50 – Most Influential People in Finance 2021 Forbes Crypto Rich List – Billionaire Status 2022 Top 10 Most Influential People in Crypto (CoinDesk) 2022 Binance – World’s Largest Crypto Exchange by Volume 2018-23 There were regulatory issues in some countries about crypto. However, CZ continued to support decentralization, financial freedom, and innovation in the cryptocurrency industry. After reaching an agreement with U.S. regulators over compliance violations, in 2023, he resigned as CEO of Binance. Useful Links X (formerly Twiter) https://twitter.com/cz_binance? Instagram CZ_Binance (@changpengzhao)  LinkedIn Changpeng Zhao - Binance | LinkedIn EntrepreneurInvestorChief Executive Officer the former CEO of Binance, was sentenced to four months in prison after pleading guilty to violating US money-laundering laws. Binance Binance - binance@miceneurol.com Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment the world’s largest cryptocurrency exchange, had faced increasing scrutiny throughout 2024, and this sentencing marked a big move in the ongoing crackdown on crypto platforms that do not comply with regulations.

WazirX Hack: $235 Million Stolen

In a major cybersecurity incident, Indian crypto exchange WazirX was hacked, resulting in the theft of $235 million worth of various cryptocurrencies. The breach led to the exchange freezing transactions and working with forensic experts and law enforcement agencies to trace the stolen funds. This hack served as a reminder of the risks associated with crypto trading and the importance of enhanced security measures.

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Trump’s Win Boosts Crypto Prices

The crypto market experienced a major surge following Donald Trump’s re-election as US President. His victory brought renewed optimism to the market, and cryptocurrencies saw sharp gains in the months that followed. The market was further influenced by the news that SEC Chairman Gary Gensler would step down, adding to the sense of regulatory change and potential relief for the crypto industry.

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

2024 ended on a high note as Bitcoin achieved a new all-time high (ATH), surpassing the $100,000 price level for the first time. This was much-awaited and with Trump’s takeover, Bitcoin is expected to soar more.