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.

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 gone on to attract 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.

In one of the crazier stories of the year during the same month, as 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, according to blockchain analytics platform Arkham, cost an unusually high $100 fee and brought the Genesis wallet's balance to nearly 100 BTC, worth $4.3 million at that point.

"Either Satoshi woke up, bought 27 bitcoin from Binance, and deposited it into their wallet, or someone just burned a million dollars," Coinbase director Conor Grogan said.

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, with his lawyer criticizing Judge Lewis Kaplan's handling of the case. 

A month later, former co-CEO of FTX Digital Markets Ryan Salame also began a seven-and-a-half-year sentence for his role in the debacle. However, former CEO of FTX's sister trading firm Alameda Research, Caroline Ellison, was handed a lighter sentence of two years, while FTX's former engineering director Nishad Singh and FTX co-founder Gary Wang received no prison time after the pair cooperated with authorities.

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.

The NFT sale came just days after crypto holders raised over $650,000 to put the dogwifhat picture on the Las Vegas sphere — an initiative that is yet to transpire into a reality.

In April, Bitcoin’s fourth halving event reduced miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC, marking a new epoch for the network.

The halving, occurring at block height 840,000, means miners now produce around 450 BTC daily compared to the previous 900 BTC. Bitcoin halving events, which occur roughly every four years, will continue reducing rewards until the last bitcoin is mined around 2140, after which miners will earn only transaction fees.

Billionaire Mark Cuban’s remarks weighing in on the halving was one of the most popular stories this year. However, while the Dallas Mavericks owner and "Shark Tank" host noted the direct impact on revenue for bitcoin miners, he was more interested in the potential impact of AI on the industry.

The same month, another popular story centered around the U.S. Federal Bureau of Investigation warning Americans to avoid using cryptocurrency services not registered as Money Services Businesses under federal law to prevent financial and legal risks.

The FBI advised checking the registration status of crypto services using the U.S. Financial Crimes Enforcement Network MSB lookup tool and to also avoid platforms that lack know your customer ID verification compliance.

"Cryptocurrency money transmitting services that purposely break the law or knowingly facilitate illegal transactions will be investigated by law enforcement," the FBI said at the time. "Using a service that does not comply with its legal obligations may put you at risk of losing access to funds after law enforcement operations target those businesses."

ZKsync was among the largest token launches of the year, swiftly reaching a $1 billion market cap following its airdrop campaign and major crypto exchange listings in June that The Block had exclusively unveiled a month earlier.

ZKsync Era is a Layer 2 network designed to enhance Ethereum's scalability using advanced zero-knowledge proof technology. It aims to improve Ethereum's throughput while maintaining the network's core principles of freedom, self-sovereignty and decentralization at scale.

EigenLayer, Scroll, LayerZero, Starknet, Wormhole, Jupiter, Notcoin, Blast, Magic Eden, WalletConnect and Polymarket were also among the crypto projects that launched or hinted at tokens and airdrops this year.

The most popular story of the year depicted Hamster Kombat’s rise to the reigning king of the Telegram-based clicker game craze as its founders revealed the game’s origins and plans for a second token airdrop on TON blockchain.

In July, Hamster Kombat’s anonymous founders said they were inspired by the success of Telegram crypto game pioneer Notcoin and meme-driven stories like GameStop when creating their own clicker game, which now boasts over 250 million users.

The team plans to launch a second airdrop within the next two years as part of a second season, following its first airdrop to 131 million users in September. The project aims to educate users about blockchain and web3, with a mission to reach 1 billion participants while addressing challenges like bot activity to maintain game integrity.

Residents of Stokmarknes, a Norwegian town in the north of the country, had been trying to get rid of a local Bitcoin mining facility for three years amid complaints of noise from its air-cooling fans.

One of the quirkier stories of the year, in September, the residents reportedly celebrated as the KryptoVault-managed site ceased operations. Critics of Bitcoin mining frequently highlight the energy consumption and noise pollution generated by the industry. However, supporters argue that by acting as a variable load, Bitcoin mining can absorb surplus energy, helping to stabilize the grid and reduce waste while lowering costs for other users.

What the Stokmarknes residents perhaps didn't foresee is a more than 20% hike in their energy bills, as local power company Noranett now seeks to recover from a loss in revenue due to the sites' closure.

In October, defunct bitcoin exchange Mt. Gox postponed its repayment deadline to Oct. 31, 2025, marking a further delay from the previously revised deadline of Oct. 31, 2024.

The delay temporarily eased concerns of further bitcoin selling pressure following Mt. Gox’s transfer of 47,229 BTC earlier this year, among several other transactions to approved crypto exchanges as part of plans to redistribute over $9 billion worth of funds in bitcoin, bitcoin cash and fiat currency to its creditors.

The Tokyo-based exchange was founded in 2010, swiftly becoming the largest bitcoin trading platform. However, it suddenly collapsed in 2014 after losing 850,000 BTC in a security breach.

Donald Trump won the U.S. presidential election in November, defeating his Democrat rival Kamala Harris, amid a Republic sweep of the House, Senate and White House, sparking bitcoin’s move to new all-time highs.

Trump’s newfound pro-crypto stance adopted in this year’s campaign involved making a series of pledges to the industry. His promises included dismissing Securities and Exchange Commission Chair Gary Gensler and commuting Silk Road founder Ross Ulbricht's life sentence "on day one," establishing a Crypto Presidential Advisory Council, repealing SAB 121, ending “Operation Choke Point 2.0,” turning the U.S. into a bitcoin mining “powerhouse” and creating a national strategic bitcoin reserve. Gensler subsequently announced his departure from the SEC later in November.

The crypto industry became a major election issue this year for the first time, with significant funding from super PACs and crypto executives backing both candidates, though Harris' approach to digital assets was more vague than Trump’s — a potentially significant factor in the eventual outcome, according to Paradigm.

MicroStrategy continued its bitcoin buying spree throughout the year, with the business intelligence firm turned “bitcoin treasury company” making its largest set of acquisitions to date when it acquired an additional 55,500 BTC for approximately $5.4 billion at an average price of $97,862 per bitcoin between Nov. 18 and Nov. 24

The company now holds 444,262 BTC, worth more than $42 billion, having adopted bitcoin as its primary treasury reserve asset since 2020. MicroStrategy’s total holdings were bought at an average price of $62,257 per bitcoin, a total cost of around $27.7 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.

A month earlier, MicroStrategy announced plans to raise a total of $42 billion in equity and debt offerings to acquire yet more bitcoin as the company eyes a trillion-dollar valuation in an endgame to become the leading "bitcoin bank."

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