Crypto Winners and Losers of 2024 – A Year of Hacks and All-Time Highs
Although 2024 delivered significant wins for meme coin creators, ETF issuers, and Bitcoin holders, thousands of crypto users collectively lost over $2 billion to scammers and hackers. Furthermore, numerous failed celebrity-endorsed tokens brought investors massive losses.
Here are some of the top winners and losers in crypto over the past 12 months.
Winners
Bitcoin Holders
Bitcoin bulls pushed the asset above $100,000 on December 5th, a month after the US citizens elected a pro-crypto government. Nearly two weeks later, BTC peaked at $108,000. While the coin has fallen since then, CryptoQuant data indicates that 87% of holders are profitable.
One of the biggest Bitcoin holders is MicroStrategy. The software firm’s 444,201 BTC holdings worth over $42 billion have unrealized profits of $15.2 billion. Similarly, Central American country El Salvador has generated an unrealized profit of $162 million from its 6,002 BTC holdings.
The success stories of the two Bitcoin holders have inspired several institutions to adopt the asset. For instance, YouTube rival Rumble has announced plans to start buying Bitcoin, while Japan-based investment company Metaplanet has bought 1,761 BTC, estimated to be worth $168 millon.
US ETF Issuers
Bitcoin spot ETFs entered the US markets in early 2024 after receiving the green light from the US Securities and Exchange Commission (SEC). These ETFs have performed exceptionally well since launching, surpassing Gold ETFs after their combined asset under management figure crossed $129 billion.
For starters, Bitcoin ETFs give US investors exposure to BTC without holding the asset directly. They are ideal for inexperienced crypto users who don’t know how to handle Web3 wallets.
Meme Coins
Meme coins (cryptocurrencies that lack utility) witnessed massive price pumps in 2024. They were undoubtedly the top performers, considering some tokens like Brett on the Base Chain surged 14,019%. In addition, Pepe grew by 1,209%, while Dogwifhat rallied by 875%.
Regarding the blockchain with the most meme coins, Solana came out on top, having hosted over 4.2 million tokens, most of which were launched via PumpFun.
While meme coins created hundreds of millionaires, some, especially those launched by celebs, caused significant financial losses to investors. Nonetheless, the meme coin ecosystem saw a huge jump in its market cap last year. According to data from CoinGecko, these tokens had a total market valuation of $104 billion, with Dogecoin accounting for the majority.
Crypto Lawyers
Like 2023, 2024 was marked by multiple crypto legal battles. The US SEC launched over 100 lawsuits against blockchain firms, with its annual report published on November 22nd showing that it had received $8.2 billion in penalty fees.
As crypto firms tried to challenge the SEC’s lawsuits, lawyers became the biggest beneficiaries of the legal battles. According to Bloomberg Law data, crypto companies targeted by the SEC collectively paid $751 million to attorneys.
Losers
Scam and Hack Victims
The ongoing bull run has attracted scammers and hackers like in the previous cycles. A recent report by onchain analytics company Chainalysis showed that over $2.2 billion was lost in over 300 cases of hacks and scams in 2024. By comparison, bad actors stole about $1.8 billion in 2023 across 281 incidents.
The biggest hack of last year was executed by notorious North Korean crime groups, which targeted Japanese cryptocurrency exchange DMM, stealing over $300 million. Other notable attacks that left crypto users in losses include the PlayDapp hack, in which attackers made away with $290 million, and the WazirX hack, in which $235 million was stolen.
Failed Celebrity Tokens
Several celebrities launched their tokens in 2024. While some were successful, the majority plummeted to nearly zero, causing significant losses to investors. Some of the affected investors brought lawsuits against the token creators, accusing them of executing rug pulls. For example, the creator of the Hawk Tuah token, Haliey Welch, is currently charged with allegedly pumping her meme coin to $490 million and then dumping her holdings on investors.
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