The Crypto Year in Review: Exciting Developments and Challenges Ahead
As we bid adieu to 2024, the crypto space has been abuzz with excitement and intrigue. From Ethereum co-founder Vitalik Buterin’s adoption of viral internet sensation Moo Deng to the ongoing legal battle of James Howells to recover his lost Bitcoin fortune, this year has been filled with unexpected twists and turns.
Vitalik Buterin Adopts Moo Deng with 88 ETH Zoo Donation
In a heartwarming gesture, Vitalik Buterin, co-founder of Ethereum, adopted Moo Deng, a pygmy hippopotamus from Thailand’s Khao Kheow Open Zoo. The zoo announced the adoption on December 26, stating that Buterin had donated 10 million THB (approximately $292,000) to the zoo as part of its Wildlife Sponsorship Program.
Moo Deng rose to fame in September due to her charming social media videos and expressive personality. In response to the adoption announcement, Buterin expressed his willingness to donate even more to the zoo, stating that he may donate up to 88 Ether (ETH), approximately $292,000.
James Howells’ Ongoing Quest to Recover Lost Bitcoin Fortune
In a separate development, James Howells, an IT engineer from Wales, is continuing his high-stakes legal battle to recover a hard drive containing private keys to 8,000 Bitcoin worth approximately $773 million. The drive was mistakenly disposed of in a landfill in 2013.
Howells remains optimistic despite the legal challenges and environmental permit issues with the Newport City Council. He plans to compensate stakeholders, contribute to the crypto community, and potentially reinvest in blockchain projects if he recovers the lost BTC.
South Korea Sanctions North Korean Hackers for Crypto Heists
In a move to crack down on cyber thefts, South Korea has imposed sanctions against 15 North Korean IT organization members and one related group. The sanctioned agents are accused of procuring funds for North Korea’s nuclear missile development program through "overseas foreign currency-earning activities."
This development follows the infamous Lazarus Group’s involvement in some of the most notorious cyber thefts, including the $600 million Ronin network hack.
Crypto Hacks Wipe Out $2.3B in 2024: A Concerning Sign for Mainstream Acceptance
The crypto space has witnessed a sharp uptick in hacks, driven by increasing cryptocurrency valuations. In 2024, hackers stole more than $2.3 billion worth of crypto from the Web3 ecosystem, marking a 40% increase compared to 2023.
Access control breaches, particularly on centralized exchanges (CEXs) and crypto custodians, were mainly responsible for this rise in hacks. According to Deddy Lavid, co-founder and CEO of Cyvers, "The increasing value of cryptocurrencies has made them more attractive targets for hackers."
Solana’s Jito Staking Pool Exceeds $100M in Monthly Tips
Solana’s staking pool, Jito, has seen a significant increase in monthly revenues from priority fees and tips. According to Kairos Research, Jito clocked over $100 million in November and December alone.
This development reflects the Solana network’s surging popularity and validators’ increasing earnings from prioritizing certain transactions over others, also known as Maximum Extractable Value (MEV).
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, most of the top 100 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 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. Total value locked in DeFi has also seen an increase.
Conclusion
As we look back on 2024, it is clear that the crypto space has been marked by exciting developments and challenges ahead. From Vitalik Buterin’s adoption of Moo Deng to James Howells’ ongoing quest to recover lost Bitcoin fortune, this year has been filled with unexpected twists and turns.
The crypto hacks wiping out $2.3B in 2024 serve as a concerning sign for mainstream acceptance. However, the Solana network’s surging popularity and validators’ increasing earnings from prioritizing certain transactions over others reflect the dynamic nature of the space.
As we bid adieu to 2024, we look forward to exploring more exciting developments and challenges ahead in the crypto space.
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