Weekly Crypto Recap: Hedge Fund Success, Riot’s Major Investment, and North Korean Hackers’ Record Haul
Hedge Funds Capitalize on Bitcoin’s Surge
Cryptocurrency-focused hedge funds posted an impressive 46% gain in November, boosting their 2024 returns to 76%, according to data from Hedge Fund Research. This performance far exceeds the broader hedge fund industry’s annual 10% gain.
Bitcoin itself reached an all-time high of over $108,000 on Dec. 17, further fueling the market’s momentum. Meanwhile, Riot Platform secured a remarkable $594.4 million investment in mid-December, marking one of the largest funding rounds within the Bitcoin ecosystem this year.
NFT Market Shows Resilience
Despite market volatility, NFTs demonstrated enduring strength. Data from CryptoSlam revealed that total NFT sales volume reached $302.2 million.
Not all NFT investors fared well, however. On Dec. 17, a trader’s attempt to front-run the Pudgy Penguins airdrop backfired spectacularly. While the Pudgy Penguins (PENGU) token skyrocketed to a $3 billion market cap shortly after launch, the trader bought at an inflated valuation of $14 trillion. Their $10,000 investment plummeted to less than $3 within minutes, according to on-chain data.
Michael Saylor’s Bold Bitcoin Proposal
MicroStrategy founder Michael Saylor advocated for the establishment of a strategic Bitcoin reserve, suggesting it could generate $16-81 trillion in wealth for the U.S. Treasury to address national debt.
During a Dec. 18 interview on Bloomberg Television’s Open Interest, Saylor expressed his willingness to advise President-elect Donald Trump on shaping a comprehensive digital asset policy.
Emerging Trends and Notable Developments
- Tether’s AI Push
Tether, the $140 billion stablecoin giant, announced plans to venture into artificial intelligence by Q1 2025, as shared by CEO Paolo Ardoino on X. - Cybersecurity Concerns
Vivek Ramaswamy’s X account was hacked, leading to false announcements about a partnership between the U.S. Department of Government Efficiency and stablecoin issuer USUAL. - Pi Network’s KYC Milestone
Pi Network reported significant progress in its KYC process, with over 18 million users verified as it advances toward its mainnet launch.
North Korean Hackers Shatter Records
North Korean cybercriminals stole an unprecedented $1.6 billion in cryptocurrency during 2024, according to Chainalysis. This marks a staggering increase from the $660.5 million stolen in 2023.
Major Protocol Updates
- Ripple’s RLUSD Stablecoin Launch
Ripple’s RLUSD stablecoin debuted on major exchanges following its Dec. 16 announcement. - Avalanche Network Upgrade
The Avalanche Foundation unveiled the Avalanche9000 mainnet upgrade, boasting a 90% reduction in deployment costs and C-Chain fees.
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