Last week was a massive week for crypto, with a significant crash in the market for all, including the massive settlement of Silvergate to the SEC for its latest case. However, the study on the global crypto hacks in the first half of 2024 also saw a significant rise, with as much as double the stolen money in the blockchain recorded by researchers in the latest investigation.
The titan of the cryptocurrency industry, Bitcoin, saw a massive crash over the weekend, to as low as $53,000, attributed to Mt. Gox's latest repayments to creditors.
Silvergate Pushes to Settle SEC Case on Massive Violations
Silvergate Bank has decided to settle the cases filed by the US Securities and Exchange Commission (SEC) against the company and its executives regarding massive violations and charges. The cases center on issues including defrauding investors and misleading them during the FTX downfall, and the bank will pay $50 million in civil penalties.
This settlement means that Silvergate is not confirming or denying the charges against the company and its executives, including Chief Executive Officer Alan Lane and Chief Risk Officer Kathleen Fraher.
The SEC's main case centers on the bank's failure to monitor as much as $1 trillion in crypto transactions amidst FTX's downfall, misleading investors about their anti-money laundering compliance.
Crypto Hacks 2024: $1.4 Billion in The First Half Only
It is only July, and the past six months of 2024 already saw as much as $1.4 billion worth of cryptocurrency stolen by bad actors, one of the largest crypto hacks in history for this short amount of time. This was regarded as double the amount stolen compared to last year's first half, which only amounted to $657 million, more than twice as much this year.
Blockchain research firm TRM Labs confirmed this in their latest report. According to Bloomberg, five major attacks took place, during which 70 percent of all crypto was stolen.
The research firm believes that more will be stolen in the second half of the year, with hacks now on the rise significantly compared to previous years.
Bitcoin Crash and Mt. Gox's Repayments
Bitcoin crashed big time last week. From around $62,000 when July first started, it ended the week with $56,000 in valuation, the lowest value of the coin since it hit this figure in February. However, it also briefly saw a $53,000 dip amidst the entire ordeal, its record lowest since its massive rally during the previous months.
Forbes reported that this was a 6.73 percent crash over the past week, affecting other cryptocurrencies in the market, including Ethereum, Solana, and more, and collectively lost $1 trillion in market capitalization, now in $2 trillion from its $3 trillion cap in March.
It was regarded that Mt. Gox's repayments to creditors prompted this massive crash. Many cashed out on their Bitcoins after receiving payments, and more are expected to be returned soon.
