Onyxcoin (xcn) 
Crypto Market Insights: Hedge Funds See 76% Returns, North Korean Hackers Steal Billions
The cryptocurrency market has witnessed significant developments over the past week. Hedge funds focused on cryptocurrencies have achieved substantial returns, while North Korean hackers have set new records in crypto theft.
Crypto Hedge Funds Post Impressive Gains
Cryptocurrency-focused hedge funds have reported 46% gains in November, pushing their 2024 returns to 76%. This performance surpasses the broader hedge fund industry’s 10% gain for the year, according to Hedge Fund Research data. Bitcoin reached an all-time high of over $108,000 on December 17, contributing to the impressive returns of these hedge funds.
Riot Platform Secures Massive Funding
Riot Platform has secured a $594.4 million investment, marking one of the largest capital raises in the Bitcoin ecosystem this year.
NFT Market Shows Resilience
Despite crypto volatility, the NFT market has demonstrated strong performance. According to CryptoSlam data, total sales volume reached $302.2 million, showcasing the resilience of the NFT market.
Trader Loses Big in Pudgy Penguins Crypto Airdrop
An unlucky trader attempted to front-run the Pudgy Penguins crypto airdrop on December 17. While the Pudgy Penguins (PENGU) token surged over $3 billion in market cap just hours after debuting, the investor bought the coin at a ridiculous $14 trillion capitalization. Their initial $10,000 investment turned into less than $3 within minutes, according to on-chain data and community observers.
Michael Saylor Proposes Strategic Bitcoin Reserve
MicroStrategy founder Michael Saylor proposed establishing a strategic Bitcoin reserve, suggesting potential wealth generation of $16-81 trillion for the U.S. Treasury to offset national debt. Saylor also expressed his willingness to advise President-elect Donald Trump on crafting a digital assets policy for the U.S.
Tether Ventures into Artificial Intelligence
Tether, the $140 billion stablecoin issuer, announced plans to venture into artificial intelligence by Q1 2025. CEO Paolo Ardoino confirmed the news on X.
Cybersecurity Concerns and Network Developments
North Korean hackers stole $1.6 billion in cryptocurrency during 2024, according to Chainalysis. This is a significant increase from $660.5 million in 2023. Meanwhile, Pi Network reported major progress in KYC verification, with over 18 million pioneers completing the process as the project moves toward mainnet launch.
Major Protocol Updates
Ripple’s RLUSD stablecoin has gone live on major cryptocurrency exchanges following its December 16 announcement. The Avalanche Foundation unveiled its Avalanche9000 mainnet upgrade, promising over 90% reduction in deployment costs and C-Chain fees.
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