Highlights of May 2024 in the Crypto Industry: Ethereum ETF Approval, DMM Bitcoin Hack, Roaring Kitty’s Comeback, JENNER Token Launch, and FTX Co-CEO Sentencing
The month of May 2024 was a rollercoaster ride for the crypto industry, with several significant events making headlines. From the approval of the Ethereum (ETH) ETF to the DMM Bitcoin hack, Roaring Kitty’s comeback, the launch of the JENNER token, and the sentencing of FTX’s co-CEO, the industry saw a mix of ups and downs.
One of the major highlights was the long-awaited approval of spot Ethereum ETFs by the Securities and Exchange Commission (SEC). This approval paved the way for major players like BlackRock, Fidelity, Grayscale, and others to enter the market, signaling a new era for Ethereum trading.
Roaring Kitty, the infamous figure from the GameStop saga, made a comeback in the crypto world, causing a surge in GME stock and token prices with a single tweet. The impact of his return was felt across the market, showcasing the power of social media influencers in the crypto space.
However, not all news was positive, as the DMM Bitcoin hack shook the industry with over 4,502.9 BTC worth $300 million being stolen. The exchange immediately suspended operations and promised to compensate users with the support of group companies, highlighting the ongoing security challenges in the crypto space.
On a lighter note, Caitlyn Jenner’s introduction of the JENNER token created a buzz in the market, leading to a spike in its price within a day. Inspired by this move, other influencers also launched their memecoins, adding to the growing trend of celebrity-backed tokens.
Lastly, the sentencing of FTX’s co-CEO sent shockwaves through the industry, with Ryan Salame receiving a 7.5-year prison term and Sam Bankman Fried facing a 25-year sentence for their involvement in unlawful activities. This served as a reminder of the importance of compliance and transparency in the crypto world.
Overall, May 2024 was a month of highs and lows for the crypto industry, showcasing the volatility and excitement that comes with being part of this rapidly evolving space.