Top Crypto Stories of 2024

There’s always something going on in the crypto space — and this year was no exception. From Bitcoin ETFs to Sam Bankman-Fried, Hamster Kombat, Donald Trump, and the halving, here are 12 of the top stories from 2024 to enjoy this Christmas.

SEC Approves Spot Bitcoin ETFs in the US

On Jan. 11, the U.S. Securities and Exchange Commission approved proposals for multiple spot bitcoin ETFs on an accelerated basis. ETFs from Ark Invest/21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco, Valkyrie (now CoinShares), VanEck, and WisdomTree began trading the next day. An additional spot ETF from Hashdex and Grayscale’s mini Bitcoin ETF launched in March and July, respectively.

As the most successful ETF launch in history by many measures, the combined spot Bitcoin funds have since attracted more than $36 billion in net inflows, with around $110 billion in assets under management amid bitcoin’s substantial price rise this year.

BlackRock’s IBIT spot Bitcoin ETF has dominated most metrics, accounting for approximately $54 billion in AUM alone and over 70% market share by trading volume.

A $1.2 Million Bitcoin Mistake

In one of the crazier stories of the year, an unknown user sent 26.9 BTC, worth $1.2 million at the time, to Bitcoin's Genesis wallet, which was created by the blockchain’s pseudonymous creator Satoshi Nakamoto and is unlikely to be accessible or return the funds.

The transaction, originating from a wallet linked to the crypto exchange Binance, cost an unusually high $100 fee and brought the Genesis wallet's balance to nearly 100 BTC, worth $4.3 million at that point.

Sam Bankman-Fried Sentenced to 25 Years in Prison

In March, former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison and ordered to pay $11 billion in restitution for orchestrating one of the largest financial frauds in U.S. history.

In September, Bankman-Fried filed an appeal and called for a new trial, criticizing Judge Lewis Kaplan's handling of the case. A month later, former co-CEO of FTX Digital Markets Ryan Salame began a seven-and-a-half-year sentence for his role in the debacle. Caroline Ellison received a lighter sentence of two years, while others escaped prison time after cooperating with authorities.

Dogwifhat’s Iconic Photo Sold as NFT for $4.3 Million

On a lighter note, in March, the iconic photo of Achi, the dog behind the Dogwifhat memecoin, was sold as an NFT for $4.3 million to crypto trader Gigantic Rebirth Ventures.

Achi’s image became a viral sensation, leading to the creation of the Dogwifhat memecoin, which now ranks in the top 50 cryptocurrencies with a market cap of over $3 billion.

Bitcoin Ushers in Fourth Halving

In April, Bitcoin’s fourth halving event reduced miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC. The halving events occur roughly every four years, and Bitcoin miners will continue to produce decreasing rewards until the last bitcoin is mined around 2140.

Mark Cuban remarked on the halving's impact on bitcoin miners' revenue but expressed more interest in AI's potential influence on the industry.

FBI’s Warning to American Crypto Users

The same month, the FBI warned Americans to avoid using cryptocurrency services not registered as Money Services Businesses to minimize financial and legal risks.

The FBI's advisory included using official tools to check registration status and avoiding platforms lacking ID verification compliance.

ZKsync’s Token Launch and Airdrop

ZKsync launched a Layer 2 network aiming to enhance Ethereum's scalability, quickly reaching a $1 billion market cap following its airdrop campaign in June.

Hamster Kombat Taps into TON Blockchain-Linked Game Craze

Hamster Kombat emerged as a top Telegram-based clicker game with over 250 million users. The founders plan additional token airdrops and aim to educate users on blockchain technology.

Residents of a Norwegian Town Complain About Bitcoin Mine's Noise

Residents of Stokmarknes, Norway, celebrated the closure of a local Bitcoin mining facility due to noise complaints but faced a 20% hike in energy bills following the mine's shutdown.

Mt. Gox Pushes Repayment Deadline to 2025

In October, the defunct Mt. Gox exchange postponed repayment deadlines to October 31, 2025, amid ongoing concerns of further selling pressure from its creditors.

Pro-Crypto Donald Trump Defeats Kamala Harris in US Presidential Election

Donald Trump won the U.S. presidential election in November, marking a significant victory with a pro-crypto stance, including promises to establish a Crypto Presidential Advisory Council.

MicroStrategy’s Bitcoin Billions

MicroStrategy continued its Bitcoin acquisitions, acquiring an additional 55,500 BTC for approximately $5.4 billion in late November. The company now holds 444,262 BTC, valued at over $42 billion.