Tanahub.com — The year 2024 has become a pivotal one for the Bitcoin industry, marked by massive adoption and continuous growth. Many significant events occurred throughout the year, ranging from amusing incidents to crucial developments for the future of crypto.
Here, we summarize 12 key events in the 2024 crypto kaleidoscope, from Bitcoin halving to a historic milestone of BTC surpassing $100,000.
1. Mistaken Transfer to Bitcoin Genesis Wallet
2024 began with a startling incident involving a mistaken transfer that shook the Bitcoin community. On January 5, an anonymous investor accidentally sent 26.9 BTC, valued at $1.2 million at the time, to the Bitcoin Genesis wallet.
Since this wallet was created by Bitcoin’s founder, Satoshi Nakamoto, decades ago and has remained inactive, it is highly likely that the funds will be inaccessible and unrecoverable.
According to blockchain analytics platform Arkham Intelligence, the transaction originated from a wallet associated with the Binance crypto exchange, incurring a hefty $100 transaction fee. This mysterious transaction brought the Genesis wallet’s balance to nearly 100 BTC, worth $4.3 million at the time.
2. Bitcoin Spot ETFs Launch in the U.S.
Early in the year, there was good news from the U.S. Securities and Exchange Commission (SEC), which approved several applications for Bitcoin spot Exchange-Traded Funds (ETFs) on January 11.
Bitcoin ETFs from Ark Invest/21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco, Valkyrie (now CoinShares), VanEck, and WisdomTree began trading the next day.
Additional Bitcoin spot ETFs from Hashdex and Grayscale’s mini Bitcoin ETFs were launched in March and July, respectively.
The launch of Bitcoin spot ETFs was deemed the most successful ETF launch in history, collectively attracting over $36 billion in capital inflow, with total assets under management (AUM) reaching approximately $110 billion.
BlackRock’s iShares Bitcoin Trust (IBIT) dominated the market with assets worth $54 billion, capturing over 70% of the market share by trading volume.
3. Sam Bankman-Fried Sentenced to 25 Years in Prison
On March 28, former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison. He was also ordered to pay $11 billion in restitution for his role in the financial fraud that led to the collapse of the FTX exchange in 2022.
A month later, Ryan Salame, the former co-CEO of FTX Digital Markets, began serving a seven-and-a-half-year prison sentence for his involvement in the scandal.
However, Caroline Ellison, the former CEO of FTX’s sister company Alameda Research, received a lighter sentence of two years due to her cooperation with investigators. Meanwhile, former FTX Director of Engineering Nishad Singh and FTX co-founder Gary Wang reportedly avoided prison sentences.
4. Bitcoin’s Fourth Halving
On April 20, Bitcoin underwent its fourth halving at block height 840,000. The halving reduced block subsidy rewards for miners from 6.25 BTC to 3.125 BTC.
Miners now produce approximately 450 BTC daily, compared to 900 BTC previously. This quadrennial Bitcoin halving event will continue reducing rewards until all bitcoins are mined around 2140.
Afterward, miners’ income will solely rely on transaction fees.
5. CZ Sentenced to Four Months in Prison
Former Binance CEO Changpeng Zhao (CZ) received a four-month prison sentence for violating U.S. anti-money laundering laws. The verdict was delivered by Judge Richard Jones at the Western District Court of Washington in Seattle on April 30, 2024.
This sentence was lighter than the prosecutor’s request for 36 months. The U.S. Commodity Futures Trading Commission (CFTC) accused CZ of prioritizing Binance’s growth over compliance with U.S. financial regulations.
Binance agreed to a $4.3 billion penalty, including a $1.81 billion criminal fine and $2.51 billion restitution. CZ personally paid a $50 million fine.
CZ was released from prison on September 27, 2024.
6. ZKsync Token Launch and Airdrop
On June 24, ZKsync’s airdrop became one of the largest token launches of the year. The token (ZK) quickly reached a $1 billion market capitalization after being listed on major crypto exchanges.
ZKsync Era, a Layer-2 network, enhances Ethereum’s scalability using zero-knowledge proof technology, maintaining the core principles of freedom, self-sovereignty, and decentralization.
Other crypto projects, including EigenLayer, Scroll, LayerZero, and Starknet, also launched or teased token airdrops this year.
7. The Hype of Hamster Kombat on TON Blockchain
This year’s biggest hype undoubtedly goes to the resurgence of Hamster Kombat, reigning as the leader of the tap-to-earn gaming trend on Telegram, powered by the TON blockchain. The game managed to amass 250 million users within just a few months.
In July, the founders of Hamster Kombat stated that they were inspired by the success of Notcoin, a pioneer in crypto games on Telegram that flawlessly executed its airdrop.
After enduring various controversies and delays, Hamster Kombat finally distributed its HMSTR token airdrop to 131 million users in September.
In addition to Hamster Kombat and Notcoin, other popular tap-to-earn games this year include Catizen, TapSwap, and YesCoin.
8. Mt. Gox Extends Repayment Deadline Again to 2025
In October, the bankrupt Bitcoin exchange Mt. Gox announced yet another extension of its repayment deadline to creditors, pushing it back to October 31, 2025. This further extended the previously revised deadline of October 31, 2024.
It was reported that Mt. Gox had initiated repayments to its creditors in Bitcoin and Bitcoin Cash on July 5, 2024. These repayments were carried out through designated crypto exchanges such as Bitbank, BitGo, Bitstamp, Kraken, and the Japanese exchange SBI VC Trade.
The Tokyo-based exchange, established in 2010, rapidly became the world’s largest Bitcoin trading platform. However, Mt. Gox suddenly collapsed in 2014 after losing 850,000 BTC in a massive hacking incident.
9. Pro-Crypto Donald Trump Wins U.S. Presidential Election
Donald Trump of the Republican Party emerged victorious in the U.S. presidential election in November, dramatically defeating his Democratic rival, Kamala Harris.
Throughout his campaign, Trump made a series of promises to support the crypto industry. These included:
- Dismissing SEC Chair Gary Gensler
- Reducing the life sentence of Silk Road founder Ross Ulbricht
- Establishing a Presidential Crypto Advisory Board
- Repealing SAB 121
- Positioning the U.S. as the global leader in Bitcoin mining
- Creating a national strategic Bitcoin reserve
10. Gary Gensler Resigns
SEC Chair Gary Gensler announced his resignation on January 20, 2025, coinciding with the inauguration of President-elect Donald Trump. During his tenure at the SEC, which began in April 2021, Gensler was known for his strict enforcement approach in the cryptocurrency sector.
Under his leadership, the SEC carried out over 2,700 enforcement actions with total fines amounting to $21 billion, targeting companies like Coinbase and Binance for alleged securities law violations.
Gensler’s resignation is expected to pave the way for more crypto-friendly regulations under the new administration. Trump previously expressed his intention to replace Gensler and establish the U.S. as the world’s crypto capital.
11. Bitcoin Reaches $100,000 for the First Time in History
Bitcoin achieved a historic milestone by surpassing the $100,000 mark on the morning of Thursday, December 5, 2024. This record was reached 15 years after its official introduction by its creator, Satoshi Nakamoto.
This year’s Bitcoin price surge was driven by several favorable factors for the crypto industry, including the approval of spot Bitcoin ETFs by the U.S. SEC in January 2024.
This move opened the door for numerous institutional investors to adopt Bitcoin, many of whom had previously been hesitant due to security and regulatory concerns.
Now, Bitcoin can be traded as easily as gold, foreign currency, or the S&P 500 index. Major financial firms like Goldman Sachs and Tudor Investment Corporation have shown interest by gaining exposure to Bitcoin through ETFs.
12. MicroStrategy Continues Multi-Billion-Dollar Bitcoin Investments
MicroStrategy continued its aggressive Bitcoin purchasing spree throughout the year. The largest purchase occurred between November 18 and 24, totaling 55,500 BTC valued at approximately $5.4 billion, with an average price of $97,862 per Bitcoin.
As of now, MicroStrategy holds 444,262 BTC, valued at over $42 billion. The company has adopted Bitcoin as its primary reserve asset since 2020.
According to Michael Saylor, the co-founder and Chairman of MicroStrategy, the company’s total Bitcoin acquisitions were made at an average price of $62,257 per Bitcoin, with total expenditures reaching approximately $27.7 billion, including associated costs.