A Throwback at the ‘Major’ Events of “Crypto” Space in 2024

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Reflecting on 2024 as a seasoned crypto investor, I must admit it was a year filled with excitement, surprises, and a few disappointments. The launch of Ripple‘s RLUSD felt like a long-awaited breath of fresh air in the stablecoin market, but the Hamster Kombat fiasco left a sour taste in many mouths, reminding us that not every play-to-earn game is a golden goose.

As a researcher delving into the dynamic landscape of cryptocurrencies, I find myself captivated by the rollercoaster ride that was 2024. A year marked by groundbreaking moments, unforeseen turns, and significant milestones has left an indelible impression on me. In this discourse, we’ll journey together through the events of 2024, unraveling each major development that shaped the cryptocurrency world.

RLUSD Launch

Globally, on December 17, 2024, Ripple’s long-anticipated stablecoin, Ripple USD (RLUSD), commenced trading. The New York Department of Financial Services (NYDFS) approved RLUSD on December 10, 2024. Introduced by Ripple in June 2024, the RLUSD is a stablecoin that holds an equivalent value to one U.S. dollar and is backed by U.S. government bonds, cash equivalents, and U.S. dollars.

Hamster Craze

2021 saw an exciting buildup for cryptocurrency games, marked by the debut of Hamster Kombat – a play-to-earn crypto game. Swiftly garnering attention, this game boasted over 300 million global players. Users could amass $HMSTR tokens through completing tasks like tapping to earn points, which they hoped would lead to wealth creation.

As the game carried on, more and more people were disappointed when the prizes didn’t live up to their hopes. Issues such as biased token distribution, disqualifications, and suspensions made players feel tricked. The game received backlash because some influential figures obtained substantial rewards without even playing, infuriating users who had spent countless hours accumulating points that ultimately held little value.

WazirX Hack

On July 18, 2024, one of the largest hacks in Indian cryptocurrency history occurred on the WazirX platform, leading to a significant loss of approximately Rs 2,000 crores ($234.9 million) worth of cryptocurrencies. The hackers managed to gain access by exploiting a vulnerability in a compromised account. The cybersecurity firm Cyvers Alerts initially reported the breach, and WazirX subsequently acknowledged the incident and halted all withdrawals for further investigation.

It was discovered through investigations that hackers exploited credentials which were illegally sold by Masud Alam, a cryptocurrency investor residing in West Bengal. In fact, Masud had fabricated an account using the Know Your Customer (KYC) information of Souvik Mondal, a laborer who was unaware of the world of cryptocurrencies.

1) Hasan, a person of Bangladeshi origin who allegedly masterminded the hack, purchased the account from someone. His current whereabouts remain undisclosed, hindering ongoing investigations. Meanwhile, WazirX and its creditors are devising a strategy to mitigate losses and resume business activities.

Trump’s Pro-Bitcoin Stance

In the lead-up to the 2024 election, Donald Trump highlighted his plan to make the United States a leading force in energy production by mining all remaining Bitcoins within the country’s borders.

During the Bitcoin 2024 Nashville conference, he openly criticized SEC Chair Gary Gensler, stating that if elected, his first action would be to dismiss him. Trump then revealed Paul Atkins as his nominee for the next SEC Chair, with intentions to replace Gensler, and mentioned Teresa Goody Guillén, a blockchain specialist, as a potential contender for leadership within the SEC.

Gary Gensler’s Resignation

As a researcher in the cryptocurrency domain, I am viewing the upcoming departure of SEC Chair Gary Gensler on January 20, 2025, as a potential catalyst for a more favorable regulatory environment within our industry.

Gensler, often criticized for his tough regulatory approach towards digital assets, has stirred up controversy within the sector. Under his leadership, there were significant enforcement actions, denied Bitcoin ETF proposals, and efforts to label the majority of cryptocurrencies as securities.

Upon his exit, there’s optimism within the cryptocurrency circle that fresh leadership will usher in transparent rules, foster greater innovation, and enhance backing for blockchain technology.

Ripple Wins Legal Battle

In 2021, Ripple Labs scored a significant triumph in their court battle with the SEC, as Judge Analisa Torres decided that XRP should not be categorized as a security and thus, no longer requires registration with the SEC.

On July 13th, this court decision served as a major triumph for Ripple and the broader cryptocurrency sector. It lessened the regulatory ambiguity concerning XRP, which could spur greater market liquidity and attract more businesses and investors due to its potential adoption.

Nakamoto Documentary

In October 2024, HBO debuted the documentary “Money Electric: Unveiling Bitcoin’s Creator,” helmed by Cullen Hoback, that purported to unmask the true identity behind the pseudonym, Satoshi Nakamoto, who is known as the inventor of Bitcoin.

As a crypto enthusiast, I’ve often wondered about the mysterious figure known as Satoshi Nakamoto. Recently, a documentary suggested that Peter Todd, a Bitcoin Core developer since 2010, might be the man behind the pseudonym. However, upon seeing this on social media, I was quick to dismiss it, for Peter himself has denied these allegations, stating clearly that he is not Satoshi Nakamoto. In his view, Dorian S. Nakamoto’s claims are merely speculative and do not hold any definitive proof.

The true identity of Satoshi Nakamoto remains a mystery, despite various claims and theories.

BlackRock ETF

Come January 2024, the initial Bitcoin Exchange Traded Funds commenced pre-market transactions. Among these pioneers, BlackRock’s iShares Bitcoin Trust (referred to as IBIT) emerged as the frontrunner.

This debut generated excitement about spot-Bitcoin ETFs in the U.S. market. The U.S. Securities and Exchange Commission (SEC) also approved 11 spot Bitcoin ETFs for listing, allowing companies like BlackRock and Grayscale to submit their applications. 

2024 has proven to be a transformative year for me as a crypto investor, marked by significant milestones such as the launch of Ripple’s RLUSD, the meteoric rise and fall of Hamster Kombat, and the shifting leadership at the SEC. The advent of Bitcoin ETFs and Ripple’s legal victory have paved the way for increased innovation and a more transparent regulatory landscape within the cryptocurrency sector.

Watching the constant changes in the cryptocurrency sphere, it’s intriguing to imagine how these advancements might mold the destiny of digital properties.

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2024-12-21 22:13