7 Santas, 7 Grinches: The heroes and villains of 2024

As a seasoned observer of the ever-evolving digital frontier, I find myself both captivated and appalled by the events that unfolded within the cryptosphere during 2024. With over three decades of experience in technology and finance under my belt, it is evident that this year has been a rollercoaster ride for all involved.

By the end of 2024, the world of cryptocurrency experienced significant growth and development, with both supporters and skeptics playing active roles. One group enthusiastically advocated for this technology, pushing for its advancement, while another remains either unconvinced or has given crypto a negative image.

In this article, CryptoMoon spotlights seven individuals or entities who have been supportive of cryptocurrency, referred to as our “Crypto Santas,” and seven others who have presented challenges or obstacles in the development of crypto this year, known as our “Grinches.

The Santas: Pro-crypto fundamentalists

Donald Trump

This year, U.S. President-elect Donald Trump has shown support for Bitcoin (BTC) and cryptocurrencies, suggesting the establishment of a Bitcoin reserves system and stating that the United States could become the global leader in the “cryptocurrency sector,” also known as the “crypto capital.

At the Bitcoin Conference in Nashville, 2024, his speech served as a significant turning point for his political campaign’s cryptocurrency strategy. He successfully changed the conversation about Bitcoin acceptance within political spheres.

🔥 TRUMP: “If Bitcoin is destined for great heights, as we often put it, I’d like America to be the country spearheading this digital revolution.

— CryptoMoon (@CryptoMoon) November 24, 2024

In 2021, he had a very different stance, calling Bitcoin a “scam” and expressing dislike for its competition with the US dollar as another currency. However, by now, his views seem to have significantly changed.

Nayib Bukele

President Nayib Bukele of El Salvador is promoting the use of cryptocurrency by solidifying Bitcoin’s legal status within the country and strengthening the integration of blockchain technology into its economic structure.

The $1.4 billion loan agreement with the International Monetary Fund (IMF) led Bukele’s administration to curtail some of their Bitcoin-related activities, however, the National Bitcoin Office declared that it will continue to acquire one Bitcoin daily and won’t liquidate any existing holdings.

Hester Peirce

Known as “Crypto Mom,” U.S. Securities and Exchange Commission Commissioner Hester Peirce has garnered admiration from the cryptocurrency sector due to her resistance against the agency’s stance and her efforts to provide clear guidelines regarding their treatment of digital currencies.

Peirce advocates for changes within the Securities and Exchange Commission (SEC) to establish regulations that foster the sustainable expansion of the cryptocurrency sector and free up its groundbreaking inventions.

Brian Armstrong

2024 saw Brian Armstrong, the head of Coinbase, leading the charge in crypto advocacy. He’s been actively collaborating with legislators regarding cryptocurrencies and mobilizing pro-crypto sentiment across the United States, the United Kingdom, and Australia through the Stand With Crypto lobbying association.

Option: Coinbase, currently embroiled in a legal dispute with the SEC, is now advocating for cryptocurrency companies to cease collaborating with law firms that employ ex-SEC litigators.

Vitalik Buterin

Over time, Vitalik Buterin, a key figure in Ethereum‘s creation, has consistently expanded the potential of blockchain technology to foster greater decentralization and drive innovations in the realm of cryptocurrency.

This year, Buterin has consistently advocated for the advancement of cryptography in financial sectors by suggesting enhancements to Web3 wallets for better security and privacy, as well as strategies to counteract the threats posed by quantum computers that could potentially break encryption.

Senator Cynthia Lummis

Senator Cynthia Lummis has actively championed cryptocurrency within political circles, suggesting that the U.S. administration should consider investing in Bitcoin and promoting its inclusion in broader national policies.

In November, Lummis proposed that some of the U.S. Treasury’s 8,000 tonnes of gold be transformed into Bitcoin, with the aim of establishing a strategic store of the digital currency.

In case you missed it, I’ve just disclosed my intention to propose a bill for the creation of a strategic Bitcoin reserve! #Bitcoin2024

— Senator Cynthia Lummis (@SenLummis) July 27, 2024

She informed Bloomberg that the impact on the U.S. government balance sheet from the conversion, rather than investing approximately $90 billion in buying Bitcoin at its current market value, would be “impartial.

Michael Saylor

As a fervent crypto investor, I’ve been inspired by Michael Saylor, the visionary founder of MicroStrategy, who has paved the path for public companies to embrace Bitcoin as their primary reserve asset. By following in his footsteps, we too could potentially reap substantial profits from this strategic move.

MicroStrategy’s massive Bitcoin holdings, amounting to approximately 439,000 BTC or around 2% of all existing Bitcoins, are propelling the company towards surpassing the market value of well-known corporations such as Nike and Starbucks. Michael Saylor also attempted to involve Microsoft in this investment, but the endeavor didn’t materialize, nonetheless, it was an admirable effort.

My 3-minute presentation to the $MSFT Board of Directors and @SatyaNadella, articulating why the company should do the right thing and adopt #Bitcoin.

— Michael Saylor⚡️ (@saylor) December 1, 2024

The Grinches: Hamstringing and hindering crypto

The SEC

By 2024, with Gary Gensler as Chairman, the Securities and Exchange Commission (SEC) steadily increased its efforts against cryptocurrency businesses by filing lawsuits and taking enforcement measures. This escalation contributed significantly to the unpredictability within the crypto industry.

As a crypto investor, I’ve been following the news about Gensler stepping down in January 2025. The Gemini co-founder, Tyler Winklevoss, has expressed that no apology from Gensler or the SEC could undo the harm they’ve inflicted on our crypto industry during their tenure.

Britain’s FCA

The UK’s Financial Conduct Authority (FCA) is persistently strengthening its control over the cryptocurrency sector, similar to the Securities and Exchange Commission (SEC) in the United States. This regulatory action has led local industry players to complain that these rules hinder innovation, causing crypto businesses to seek out more welcoming legal environments.

The FCA recently warned against unauthorized platforms like Solana-based memecoin project Retardio and memecoin generator Pump.fun. Both platforms allegedly provided financial services without proper authorization, and Pump.fun was banned in the UK by the regulator.

Sahil Arora

As the recognized pioneer in the realm of memecoins, I, Sahil Arora, garnered widespread attention in 2024 by introducing a series of celebrity-backed memecoins. However, this recognition took an unexpected turn when some of these very same celebrities publicly criticized my efforts.

As a researcher, I uncovered allegations suggesting that I had formed partnerships with notable figures such as Caitlyn Jenner, Rich the Kid, and Iggy Azalea. The claim is that I leveraged these relationships to influence them into endorsing memecoins across their social media platforms. Subsequently, it’s alleged that I subsequently cashed out my stake in each of these tokens prior to any potential price drops.

Biden admin’s “Operation Chokepoint 2.0”

Critics of the Biden Administration allege that they are strategically working to disconnect cryptocurrencies from traditional banking systems, a move some have referred to as “Operation Chokepoint 2.0.

Approximately 30 or more crypto and technology entrepreneurs in the United States have allegedly been barred from using banking services, as suggested by Marc Andreessen, a co-founder of venture capital firm Andreessen Horowitz.

🇺🇸 NEW: Marc Andreessen on crypto and tech firms facing US sanctions and de-banking.

— CryptoMoon (@CryptoMoon) November 28, 2024

On November 27th, Coinbase’s Armstrong joined the chorus of criticism, labeling the situation as “one of the least ethical and least American” occurrences.

Dark Angels ransomware group

In 2024, the Dark Angels ransomware gang made a significant impact on the cryptocurrency sector, earning them a reputation as one of the most productive criminal organizations ever witnessed in this digital landscape.

As per Chainalysis’ findings, the organization documented the highest Bitcoin ransom demand of approximately $75 million in July, representing a staggering 96% jump in the peak ransomware payment amounts compared to 2023 figures.

The team focused on attacking decentralized cryptocurrency platforms, taking advantage of surging cryptocurrency values and heightened trading activity to achieve the greatest effect.

Pig butchering scammers

Crypto pig-butchering scams are now a widespread type of fraud in the cryptocurrency world, causing people around the globe to lose more than 75 billion dollars collectively.

Criminals establish lasting, reliable digital connections with people, often posing as trusted advisors or partners. Over time, they pressure their contacts into participating in fraudulent cryptocurrency investment opportunities.

On December 10th, approximately 800 individuals were apprehended during a sweep in Lagos, Nigeria, for allegedly being involved in criminal activities.

State-sponsored cybercrime

As an analyst, I’ve observed a significant rise in state-sponsored cyber activities this year. Notably, the infamous Lazarus Group, allegedly linked to North Korea, was back in action, transferring approximately $1 million in Bitcoin in January following a period of apparent inactivity.

Since 2017, I’ve traced the cybercriminal collective known as the Lazarus Group to over $3 billion worth of cryptocurrency heists. Among these, the most notable is the $600 million theft from the Ronin Bridge in 2022.

2024’s Elliptic report further disclosed that advanced AI technologies are playing a significant role in bolstering state-supported cyberattacks. These AI-driven tools facilitate the proliferation of deepfakes, ransomware assaults, and various other types of fraudulent activities.

2024 saw a continuous struggle, akin to a game of tug-of-war, in the cryptocurrency sector as pioneers, contenders, rule-makers, deceivers, and governments pulled from different directions.

In the world of cryptocurrencies, there’s a growing anticipation as we approach 2025. This excitement is fueled primarily by expectations of a supportive government administration towards cryptocurrencies in the U.S., and the optimism that institutional acceptance will persist.

2024-12-25 09:08