The Week in Review: Cryptocurrency News and Developments

Vitalik Buterin Adopts Moo Deng with 88 ETH Zoo Donation

In a heartwarming display of philanthropy, Ethereum co-founder Vitalik Buterin has adopted a viral internet sensation – a pygmy hippopotamus named Moo Deng. The Thailand-based Khao Kheow Open Zoo announced on December 26 via X post that Buterin had joined their Wildlife Sponsorship Program and adopted Moo Deng with a generous gift of 88 Ether (ETH) or $292,000.

Moo Deng rose to fame in September due to her expressive personality and charming social media videos shared by the Thailand-based zoo. In response to the announcement, Buterin expressed his willingness to donate even more to the zoo, demonstrating his commitment to supporting conservation efforts.

James Howells’ Quest for $773 Million: A High-Stakes Legal Battle

In a separate development, IT engineer James Howells is embroiled in a high-stakes legal battle to recover a hard drive containing private keys to 8,000 Bitcoin worth approximately $773 million. The drive was mistakenly disposed of in a landfill back in 2013 and has since become a subject of contention between Howells and the Newport City Council.

Despite being barred access to the drive due to environmental permit issues, Howells remains optimistic about recovering his lost BTC. He plans to compensate stakeholders, contribute to the crypto community, and potentially reinvest in blockchain projects if he is successful in retrieving the hard drive.

South Korea Imposes Sanctions on North Korean Hackers

In a significant move to combat cryptocurrency theft, South Korea has imposed sanctions on 15 North Korean IT organization members and one related group. The sanctioned individuals are accused of procuring funds for North Korea’s nuclear missile development program and the DPRK’s Munitions Industry Department through "overseas foreign currency-earning activities."

This development comes as part of a broader effort to hold North Korean hackers accountable for their role in some of the most notorious cyber thefts in Web3, including the $600 million Ronin network hack.

Crypto Hacks Wipe Out $2.3 Billion: A Concerning Sign for Mainstream Acceptance

The cryptocurrency industry has seen a significant surge in hacking incidents this year, with hackers stealing over $2.3 billion worth of assets across 165 incidents. This marks a 40% increase compared to 2023, when hackers stole $1.69 billion worth of crypto.

Access control breaches, particularly those targeting centralized exchanges (CEXs) and crypto custodians, have been a major contributing factor to this increase in hacking incidents. This trend raises concerns about the security of cryptocurrency systems and highlights the need for improved measures to protect against these types of attacks.

Solana’s Jito Staking Pool Exceeds $100M in Monthly Tips

In a positive development for the Solana ecosystem, staking pool Jito has seen its monthly revenues from priority fees and tips exceed $100 million. According to Kairos Research, validators have scaled tip revenues by an average of 32% each month, with peak income reaching approximately $210 million in November.

This increase in revenue reflects the growing popularity of the Solana network and highlights the potential for validators to earn significant returns through prioritizing certain transactions over others, a practice known as Maximum Extractable Value (MEV).

DeFi Market Overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green. The Bitget Token (BGB) rose over 81% as the week’s biggest winner, bolstered by the recent token merger between the previous Bitget Token (BGB) and Bitget Wallet Token (BWB).

The Virtuals Protocol (VIRTUAL) coin was the week’s second-biggest gainer, up over 51% during the past week. Total value locked in DeFi has also seen a significant increase, with DefiLlama reporting a rise in TVL.

Conclusion

This week’s review highlights the diverse range of developments in the cryptocurrency industry, from philanthropic efforts to high-stakes legal battles and security concerns. As the industry continues to evolve, it is essential for stakeholders to stay informed about these trends and their implications for mainstream adoption.

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