The cryptocurrency world experienced a tumultuous year in 2024, filled with historical events, unexpected twists, and important milestones. Let’s take a deep dive into the events of 2024 and explore each of these major developments in the cryptocurrency world.
RLUSD Launch
The most-awaited Ripple’s new stablecoin, Ripple USD (RLUSD), started trading globally on December 17, 2024. RLUSD, a stablecoin backed by the U.S. dollar, received approval from the New York Department of Financial Services (NYDFS) on December 10, 2024. Ripple introduced RLUSD in June 2024, with the stablecoin being backed 1:1 by U.S. dollars, supported by U.S. government bonds and other cash equivalents.
Hamster Craze
This year was quite hyped for crypto games, as there was the launch of Hamster Kombat, a play-to-earn crypto game. This game quickly gained popularity, with over 300 million players worldwide. The game allowed users to collect $HMSTR tokens by completing tasks such as tapping to earn points, which they believed would make them rich.
However, as the game progressed, many felt let down when the rewards didn’t meet their expectations. Problems like unfair token allocation, disqualifications, and bans left players feeling cheated. The game faced criticism when some influencers got large rewards without playing, angering users who spent hours earning points that turned out to be nearly worthless.
WazirX Hack
The WazirX hack, one of the biggest in India’s crypto history, took place on July 18, 2024, resulting in a loss of Rs 2,000 crores ($234.9 million) in cryptocurrencies. Hackers infiltrated the exchange by exploiting a compromised account. The breach was first reported by Cyvers Alerts, a cybersecurity firm. WazirX later confirmed the incident and paused all withdrawals to investigate.
Investigations found that hackers used credentials sold by Masud Alam, a crypto investor from West Bengal. Masud created an account using the KYC details of a laborer, Souvik Mondal, who knew nothing about crypto.
He sold the account to a Bangladeshi named Hasan, believed to have planned the hack. Hasan’s location is still unknown, delaying further investigation. WazirX and its creditors are now working on a plan to recover losses and restart operations.
Trump’s Pro-Bitcoin Stance
Before the 2024 election, Donald Trump emphasized his vision for making the U.S. energy dominant by producing all remaining Bitcoin domestically.
At the Bitcoin 2024 Nashville conference, he criticized SEC Chair Gary Gensler, promising to fire him on his first day in office if elected. Trump also announced Paul Atkins as his choice for the next SEC Chair, replacing Gensler, and highlighted Teresa Goody Guillén, a blockchain expert, as a potential candidate for SEC leadership.
Gary Gensler’s Resignation
The announcement that SEC Chair Gary Gensler will step down on January 20, 2025, is being seen as a positive shift for the crypto space.
Gensler, who has faced criticism for his strict regulatory stance on digital assets, has been a polarizing figure in the industry. His tenure saw high-profile enforcement actions, the rejection of Bitcoin ETF applications, and attempts to classify most cryptocurrencies as securities.
With his departure, many in the crypto community are hopeful that new leadership will bring clearer guidelines, more innovation, and better support for blockchain technology.
Ripple Wins Legal Battle
This year, Ripple Labs achieved a major victory in its lawsuit against the SEC, with U.S. District Judge Analisa Torres ruling that XRP is not a security and does not need to be registered with the SEC.
This ruling, issued on July 13, marked a significant win for Ripple and the cryptocurrency industry. The decision helped reduce regulatory uncertainty surrounding XRP, potentially leading to increased liquidity and adoption by businesses and investors.
Nakamoto Documentary
In October 2024, HBO released its documentary “Money Electric: The Bitcoin Mystery,” directed by Cullen Hoback, which claimed to reveal the real identity of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The documentary named Peter Todd, a Bitcoin Core developer since 2010, as the possible identity behind Nakamoto. However, Todd quickly denied the allegations on social media, stating he was not Satoshi and dismissing Hoback’s claims as speculative
The true identity of Satoshi Nakamoto remains a mystery, despite various claims and theories.
BlackRock ETF
In January 2024, the first Bitcoin ETFs began pre-market trading, with BlackRock’s iShares Bitcoin Trust (IBIT) taking the lead.
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 been a pivotal year for crypto, with key events like Ripple’s RLUSD launch, Hamster Kombat’s rise and fall, and SEC leadership changes. The introduction of Bitcoin ETFs and Ripple’s legal win set the stage for more innovation and clearer regulations in the industry.
As the crypto landscape continues to evolve, it will be interesting to see how these developments shape the future of digital assets.
