Happy New Year!
This week in crypto takes you through less fun fare, though.
From job scams targeting unsuspecting crypto enthusiasts to Binance Labs diving into biotech and OKX’s record-breaking growth, here’s a snapshot of the most captivating events shaping the crypto world!
Biggest Story
Vietnamese Authorities Bust $1.2M Crypto Scam, Saves 300 Victims
Vietnamese police allegedly arrested the creators of a fake token QFS (“Quantum Financial System”), with which they lured people in with promises of riches tied to ancestral treasures. Thanks to the quick intervention, the authorities claimed they were able to seize evidence and save 300 people from losing their money.
This bust is part of the government’s broader efforts to combat cryptocurrency fraud. Earlier in October 2024, police in Nghe An province dismantled a cross-border scam ring responsible for fraudulent wire transfers and “pig butchering” schemes.
Other Stories Making Waves
- December’s Crypto Hacks Drop by 70%: December was surprisingly calm for crypto hacks—only $24.69 million was stolen, a 70% drop from November! LastPass took the biggest hit with $12.38 million, but overall, it’s one of the lowest monthly losses in 2024.
- Celsius Network Appeals FTX Lawsuit Ruling: Celsius is fighting back after their $444 million claim against FTX was thrown out in court. They’re also planning to pay out $127 million to creditors, but their ex-CEO is facing fraud charges.
- Memecoins Soar 500% in 2024: New reports have quantified the size of the memecoins market growth in 2024; it went from $20 billion to $120 billion in market cap! The analysts claimed that social media hype and Elon Musk led the charge.
4.MicroStrategy’s Bitcoin Frenzy: 446,400 BTC and Counting: MicroStrategy is on a Bitcoin-buying spree. It purchased another 2,138 BTC for $209 million during the week, pushing its total holdings to over 446,400 BTC. With nearly $28 billion spent so far, the company is all in, averaging $62,428 per Bitcoin and boasting impressive performance metrics, including a 74.1% yield year-to-date.
- Binance Labs Rebrands, Names Biotech as New Focus for 2025: Binance Labs is rebranding and expanding its investments to include biotech, AI, and even gaming. The former CEO, Changpeng Zhao, might be making a big comeback (though not as CEO).
- MIRA Creator’s Memecoin Experiment Goes Wrong: Siqi Chen’s ZERO memecoin launched with a warning it would lose value, but traders ignored him—it soared 178% before crashing 70% in hours. Chen promised to repay victims with his own money, while his original MIRA token also took a hit.
- OKX’s Record-Breaking 2024: OKX had a breakout year, with wallet users growing 991% and DEX trading volumes soaring 20x. Despite SIM swap attacks causing $837M in withdrawals, they added 200+ features, went global, and called it their ‘turning point year.”
Around the World: Bold Moves and Crypto Regulations
Hong Kong’s Bitcoin Reserve Proposal: Hong Kong lawmaker Wu Jie wants Bitcoin in fiscal reserves as a hedge against inflation. But he’s cautious, saying volatility makes Bitcoin risky unless major economies embrace it too.
RBI Slams Stablecoins as a Threat: India’s RBI slammed stablecoins, calling them a threat to monetary policy and financial stability. Instead, they’re doubling down on their CBDC, the digital rupee, to maintain government control.
China’s Tougher Crypto Crackdown: China is doubling down on crypto again with tougher rules—banks now have to flag ‘high-risk’ digital asset transactions. Experts claimed Beijing is making it harder than ever to trade Bitcoin or bypass forex controls so it can keep pursuing its digital yuan project.
Indonesia Delays Crypto Oversight Transfer: Indonesia’s crypto oversight transfer to the Financial Services Authority is delayed, as regulations aren’t ready yet. Meanwhile, crypto trading boomed in 2024, with transaction volumes skyrocketing 352% to $30 billion!
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers for the week:
- Kekius Maximus: Its market cap skyrocketed by an impressive 7,648%, from $1,286,842 to $99,694,069.
- WAI: Saw a remarkable 372% increase, from $5,314,889 to $25,125,526.
- Tsotchke: Gained a strong 219%, from $7,369,064 to $23,492,601.
- Swarms: 579% growth, soaring from $12,792,686 to $86,834,494.
- aixCB: Surged by 290%, from $25,785,714 to $100,687,835.
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers for the week are:
- KIKICat: Its market cap dropped by 24%, decreasing from $79,291,919 to $60,107,900.
- Unicorn Fart Dust: 42% decline, falling from $129,614,919 to $75,606,767.
- H2O Dao: Lost 48%, decreasing from $120,444,335 to $62,289,896.
- Super Champs: Declined by 26%, dropping from $80,328,876 to $59,748,861.
- Redbelly Network: a 31% decrease from $427,026,773 to $292,748,220.
Project Spotlight
Uniswap v4 Launch and Its Impact
Uniswap v4, initially expected to launch in Q3 2024, is now slated for a 2025 release.
Teased by Uniswap Labs with a message on X during the week and a Unicode art of “2025,” the update promises major innovations like “Hooks” for custom code execution before and after swaps, dynamic fees, gas savings, and multiple pool types.
Why It Matters: Uniswap v4’s launch will represent a pivotal moment in DeFi. As one of the pioneering DEXes, enhancing flexibility, customizability, and overall user experience is a long way from the platform’s origins. These updates would try to, for the first time, address directly the calls for simplicity and safeguards to secure user assets and, thus, make it easy for new users to enter the space.
Finally, as Uniswap continues to dominate the decentralized exchange market, v4’s advancements could solidify its position and drive further growth in the DeFi ecosystem.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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