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In 2024, global crypto adoption surged, with Bitcoin reaching an all-time high of $108,268, and the market capitalization increasing by 124%. Institutional interest grew, with over $2.4 billion in venture capital investments, while regulatory frameworks like MiCA began reshaping the landscape. However, the year also saw a rise in crypto thefts, totaling $2.2 billion, highlighting ongoing security challenges.
Switzerland is considering a proposal to add Bitcoin to its national reserves alongside gold, backed by ten crypto advocates. The initiative, requiring 100,000 signatures within 18 months, aims to amend the Swiss Constitution to allow the Swiss National Bank to hold Bitcoin. Despite the push, concerns over Bitcoin's volatility and energy use persist among financial authorities.
Crypto.com has begun early enforcement of the EU’s Travel Rule, raising privacy concerns among users, particularly after requests for additional transaction details. In contrast, Plus Wallet is gaining traction among developers for its rapid 15-minute token listing process, enhancing market access and user engagement without KYC requirements. Meanwhile, MetaMask has launched its new card, promoting blockchain's role in everyday transactions through initiatives like the Crypto Holiday Challenge.
FTX is set to begin its $16 billion repayment plan to creditors, a move that could positively impact the cryptocurrency market by increasing liquidity. While some analysts are optimistic about the inflows stimulating investment, skepticism remains regarding the timeline for these repayments, with initial distributions expected within 60 days of the January 3, 2025 effective date. Despite mixed reactions on social media, experts suggest that a significant portion of the recovered funds may eventually return to the crypto ecosystem.
Crypto traders are increasingly targeted by kidnappers and extortionists, as evidenced by several recent incidents across the globe. In France, a man was rescued from a trunk after his captors demanded ransom from his son, a crypto influencer. Meanwhile, in Pakistan, a trader was forced to transfer $340,000 in cryptocurrency before being released. The surge in Bitcoin's value has spurred a rise in crypto-related crimes, with ransomware payments exceeding $1 billion in 2023.
India is intensifying its battle against crypto scams, particularly "pig butchering" schemes that defrauded victims of $3.6 billion in 2024. Collaborating with tech giants Google and Meta, the government has recovered ₹16 billion and protected over 575,000 individuals from further losses. Efforts include enhancing public awareness and combating sophisticated scams leveraging AI and deepfake technologies, while also fostering Web3 innovation with significant investments.
FTX's reorganization plan took effect on January 3, allowing users to begin receiving repayments, with the first group expected to see funds within 60 days. Users must file claims through the official website, and 98% are projected to receive 119% of their declared funds. However, some creditors have criticized the reimbursement method based on cryptocurrency prices at the time of bankruptcy.
Phishing scams became the leading security threat in the cryptocurrency sector in 2024, resulting in over $1 billion in losses across 296 incidents, as reported by CertiK. Private key theft also posed significant risks, with hackers stealing more than $855 million.Despite a 52% decline in total crypto theft compared to 2022, broader hacking incidents surged to $2.3 billion, highlighting the urgent need for enhanced security measures. Industry efforts, including initiatives by major exchanges and the Security Alliance, aim to combat these evolving threats.
California resident Ken Liem is suing three Asia-based banks for nearly $1 million, claiming they failed to prevent a pig butchering cryptocurrency scam that began with a LinkedIn investment offer in June 2023. His attorneys allege that funds were transferred to accounts at Fubon Bank, Chong Hing Bank, and DBS Bank, which were then funneled to third-party accounts. Meanwhile, the DeFi market is seeing significant activity, with Solana's price rebounding above $200 and Aave's net deposits reaching a record $33.4 billion.
Phishing scams have emerged as the top crypto security threat of 2024, costing the industry over $1 billion across 296 incidents. Private key compromises followed closely, resulting in losses exceeding $855 million. Despite the rise in phishing attacks, overall crypto hacks decreased by 52% from 2022.
Anti-Money Laundering (AML) & Know Your Customer
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crypto adoption surges in 2024 amid record highs and rising risks
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