2024: A Year of Crypto Milestones and Challenges
The final week of 2024 was marked by significant events in the crypto space, reflecting both progress and challenges. This article will delve into three key stories that highlight the resilience and growth of the cryptocurrency market.
Vitalik Buterin Adopts Moo Deng with an 88 ETH Zoo Donation
In a heartwarming gesture, Ethereum co-founder Vitalik Buterin adopted Moo Deng, a viral internet sensation pygmy hippopotamus from Thailand’s Khao Kheow Open Zoo. The adoption was made possible by a generous donation of 10,000,000 THB (approximately $292,000) in Ether (ETH). In response to the announcement, Buterin expressed his commitment to supporting conservation efforts and hinted at the possibility of donating even more to the zoo.
Moo Deng’s rise to fame began in September when her charming social media videos captured the hearts of many. The viral sensation has become a symbol of the power of cryptocurrency to make a positive impact on people’s lives. Buterin’s adoption is a testament to his dedication to using his platform for good and promoting responsible crypto practices.
James Howells’ Quest to Recover $773M in Lost Bitcoin
In a high-stakes legal battle, IT engineer James Howells continues to fight for the recovery of 8,000 Bitcoin worth approximately $773 million that was mistakenly disposed of in a landfill in 2013. Despite being barred from accessing the area due to environmental concerns, Howells remains optimistic about his chances of success.
With the help of a world-class legal team and advanced artificial intelligence technology trained in UK law, Howells plans to compensate stakeholders, contribute to the crypto community, and potentially reinvest in blockchain projects if he recovers the lost BTC. The case highlights the importance of responsible cryptocurrency management and the need for clear regulations to prevent such incidents.
South Korea Sanctions 15 North Koreans for Crypto Heists and Cyber Theft
In a move to curb cyber thefts, South Korea has imposed sanctions on 15 North Korean IT organization members and one related group. The sanctioned individuals are accused of procuring funds for North Korea’s nuclear missile development program through overseas foreign currency-earning activities.
The sanctions follow reports of notorious cyber thefts in the Web3 ecosystem, including the $600 million Ronin network hack. This move reflects the growing concern about the impact of crypto heists on the industry and the need for cooperation between governments to combat these crimes.
Crypto Hacks Wipe Out $2.3B in 2024, Marking 40% YoY Surge
According to a report by onchain security firm Cyvers, cryptocurrency hackers surpassed previous year’s achievements, stealing more than $2.3 billion worth of crypto from the Web3 ecosystem. This represents a concerning 40% increase compared to 2023, when hackers stole $1.69 billion.
The sharp uptick in crypto hacks is attributed to the rise of access control breaches, particularly in centralized exchanges (CEXs) and crypto custodians. As cryptocurrency valuations continue to grow, hackers are becoming increasingly skilled at exploiting vulnerabilities in these systems.
Solana’s Jito Staking Pool Exceeds $100M in Monthly Tips
In a significant development for the Solana network, staking pool Jito clocked monthly revenues from priority fees and tips of over $100 million in November and December. According to Kairos Research, a cryptocurrency researcher, Jito’s validators scaled tip revenues by an average of 32% each month.
This achievement reflects the surging popularity of the Solana network and flags validators’ increasing earnings from prioritizing certain transactions over others, a practice known as Maximum Extractable Value (MEV). The growth in MEV highlights the importance of understanding and optimizing transaction fees to maximize rewards.
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green. The Bitget Token (BGB) rose over 81% as the week’s biggest winner, bolstered by the recent token merger between the previous Bitget Token (BGB) and Bitget Wallet Token (BWB).
The Virtuals Protocol (VIRTUAL) coin was the week’s second-biggest gainer, up over 51% during the past week. The total value locked in DeFi reached new heights, reflecting the continued growth of the decentralized finance market.
In conclusion, the final week of 2024 marked a mix of progress and challenges for the cryptocurrency market. As the industry continues to evolve, it is essential to remain vigilant about crypto heists and prioritize responsible management practices. With growing interest in DeFi and increasing adoption of blockchain technology, the future looks promising for this rapidly advancing space.
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