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- 1 Approval of the long-time pending spot Ethereum ETF and the launch of JENNER memecoin created waves in the crypto market.
- 2 DMM Bitcoin, a Japanese crypto exchange, encountered one of the biggest hacks.
- 3 As a successive step in the FTX bankruptcy case, the Exchange Co-CEO was sentenced to prison.
May 2024 had many ups and downs for the crypto industry – several hacks, new trends, updates, and approvals. The major highlights include Ethereum (ETH) ETF approval, the DMM Bitcoin hack, Roaring Kitty’s comeback, the JENNER token launch, and FTX’s co-CEO sentencing.
Long Due Spot Ethereum ETF Approval
On May 23, the Securities and Exchange Commission (SEC) approved 19b-4 forms of spot Ethereum ETF applicants, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.
To initiate the trading services, the applicants were required to get their S-1 forms approved. Based on the latest update by James Seyffart, VanEck, Invesco Galaxy, Franklin, Grayscale, and BlackRock have submitted their forms for final approval.
At the press time, ETH was trading at $3,797.32 after an intraday spike of 1.41% with a market cap of $456,159,953,258.
Roaring Kitty’s Comeback to the Crypto World
The comeback of Keith Gill, the ‘Roaring Kitty,’ on May 13 generated waves in the stock and the memecoin market surge in GameStop (GME) stock and GME token price. Roaring Kitty disappeared from social media on June 19, 2021, and held a strong position in the GameStop saga.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
A tweet from Roaring Kitty’s account boosted GME stock price by 74.40% and GME token value by 318.0% in a single day. The same scenario was witnessed on June 3 amid Keith Gill’s tweet on X.
According to CoinMarketCap, GME was hovering in the bullish phase, trading at $0.009932 after a 1376.95% surge in the past 30 days with a market cap of $68,203,390.
DMM Bitcoin Hit Biggest Hack
The DMM Bitcoin hack was recorded as one of the biggest hacks of 2024, losing over 4,502.9 BTC worth $300 Million. An unauthorized leak was attempted using a hot and cold wallet, and stolen BTCs were transferred to over 10 different addresses.
To protect users, DMM Bitcoin immediately suspended all its operations. Moreover, with the support of group companies, the Japanese Crytpo exchange would buy BTC as compensation.
After an intraday surge of 3.12%, BTC was hovering at $70,864.83 at press time, with $37,446,801,534 in 24-hour volume.
Caitlyn Jenner’s Introduction to Memecoin
On May 26, crypto influencer Caitlyn Jenner’s X account was allegedly hacked. Actually, there was no hack, Caitlyn Jenner shared news of a new memecoin launch, JENNER, from her account.
Within a single day, the token spiked from $0.01639 to $0.03021. On May 28. Inspired by JENNER, other crypto influencers like Iggy Azalea, & Davido also launched their memecoins.
JENNER Price I Source: CoinMarketCap
At the time of writing, JENNER was trading at $0.005941, after a spike of 6.67% in a day with $6,129,604 in market cap.
FTX co-CEO Sentencing
On May 28, Ryan Salame, the former co-CEO of FTX exchange, was sentenced to 7.5 years in prison. In September 2023, He was found guilty of making tens of millions of dollars through an unlawful campaign.
Alternatively, Sam Bankman Fried (SBF), the co-founder of FTX, was punished with 25 years in prison by the U.S. federal court. He was involved in wrongful acts and swiped over $8 Billion from FTX’s customers.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
