Crypto Chronicles: The Year of Eccentric Events and Unpredictability
Summary:
The article highlights remarkable events in the crypto world in the past year, including the $46 million hack of KyberSwap, the arrest of influencer BitBoy Crypto, Uniswap's founder burning $650 billion worth of HayCoin, a court case involving the replication of BAYC NFTs, and fraud charges against HEX and PulseChain founder Richard Heart coinciding with his movie premiere. These events embody the unpredictable and peculiar nature of the crypto industry.
The world of cryptocurrency is seldom innocuous, and this year was no exception, boasting a series of unexpected anomalies. These events ranged from hacker demands and arrests to the burning of billion-dollar digital coins. Here are five such incidents that defined crypto's peculiar year.
In November, KyberSwap, an aggregator of decentralized exchanges, fell prey to a heist of $46 million. Fraudulent exploits in the crypto market are not rare, yet the amount stolen made it one of the major thefts of the year. The hacker's audacious audacity set this episode apart, demanding complete control over the company and all its assets. Their audacious plan also included a proposal to purchase the existing management at a "fair price" and double the employees' salaries, provided their conditions were accepted. As everyone had expected, KyberSwap didn't give in to the rogue's eccentric demands.
In another event, social media influencer Ben Armstrong, popularly known as BitBoy Crypto, found himself on the wrong side of the law after a contentious livestream from his former employee Carlos Diaz's property. Armstrong streamed a litany of accusations against Diaz, alleging threats, mafia ties, and theft of his Lamborghini. Throughout the livestream, Armstrong exhibited a mix of fear and defiance until the police arrived and arrested him. Armstrong was later released on a $2,600 bail.
In October, an astonishing "financial burn" of $650 billion took place. Hayden Adams, the founder of Uniswap, destroyed 99.9% of the HayCoin (HAY) supply that he'd created five years prior for testing purposes. Adams's action led to an incredible price hike of HAY tokens, reflecting the unpredictability of the crypto world.
Next on the list was an intellectual property violation case involving Bored Apes Yacht Club's (BAYC) nonfungible tokens (NFTs). Ryder Ripps and Jeremy Cahen were ordered by a U.S. district court to pay $1.57 million in damages to Yuga Labs for replicating BAYC's NFTs. Ripps and Cahen had initially criticised the said NFTs for their alleged racist content, yet they later reproduced them under the guise of "satire," an argument that failed to win in court.
Finally, Richard Heart, founder of HEX and PulseChain, faced an unexpected disruption to his movie premiere "The Highest of Stakes." The SEC concurrently launched a legal action and brought fraud charges against him. While Heart enjoys a dedicated following in crypto circles, critics outside the crypto ecosystem question the authenticity of his projects.
Published At
12/28/2023 1:50:00 AM
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