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Top Crypto News of the Week: Hamster Kombat, Crypto Losses, and AI Dominance – Bitcoin Price Update and Latest Cryptocurrency Developments

Top crypto stories of the week include Hamster Kombat, crypto losses, and AI taking over the world. – Bitcoin price now – cryptocurrency news

Important Points:

With 150 million users, Hamster Kombat is one of the fastest apps ever.

In the first half of 2024, crypto hacks cost $1.19 billion.

The case that Ripple has against the SEC might be over by July 31, 2024.

AI will still be a big deal in the crypto world all through the first half of 2024.

Fame for Hamster Kombat, an app that breaks records

A Telegram game called Hamster Kombat has achieved a remarkable milestone of 150 million users in record time, making it one of the fastest-growing apps in history. This achievement positions the game as a potential entry in the Guinness Book of Records, joining the ranks of similar fast-growing apps like Pokemon Go and Meta’s Threads.

Bringing together gaming and crypto

Hamster Kombat, a cryptocurrency exchange CEO simulator, has gained significant popularity. Players engage in virtual coin transactions in preparation for the upcoming July Token Generation Event (TGE). The game has seen a substantial increase in player engagement over the last three months, with players eagerly anticipating future airdrops based on their gameplay.

Attempting to set a Guinness World Record

Aside from its gaming success, Hamster Kombat’s YouTube channel aimed to set a Guinness World Record by gaining 10 million followers within a week. By the third week, the channel had amassed 22 million followers, surpassing MrBeast and becoming the largest YouTube channel globally.

Crypto losses in the first half of 2024: a security crisis

An Overview of the Losses

According to a report from CertiK, the cryptocurrency industry experienced significant security breaches in the first half of 2024, resulting in losses totaling $1.19 billion. Nearly half of these losses, approximately $498 million, were attributed to phishing attempts. Notably, hackers stole over $304 million from DMM Bitcoin in the largest breach, while BtcTurk experienced a significant event where $90 million was stolen from several hot wallets.

Various Security Breach Types

The $1.19 billion loss was attributed to weak access controls, hackable code, exit scams, honey pots, price manipulation, and compromises of private keys. To mitigate these vulnerabilities, CertiK’s report emphasizes the importance of enhancing security measures across the entire cryptocurrency industry.

Ripple vs. SEC: A Potential Ongoing Legal Battle Conclusively

Attorney Fred Rispoli suggested that the protracted legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) may conclude by July 31, 2024. While Federal Court Judge Annalisa Torres previously indicated that XRP could be deemed a security when sold to the public, the case remains ongoing. U.S. District Court Judge Amy Berman Jackson sided partly with the SEC on certain aspects, particularly regarding the direct sale of cryptocurrency tokens as securities.

Dominance of AI in the Crypto Sector

Insights from the Grayscale Report

The “Crypto Sectors in Q3 2024” report by Grayscale underscores the escalating significance of Artificial Intelligence (AI) in the cryptocurrency realm. AI has played a pivotal role in advancing smart contract platforms and utility sectors, indicating its crucial role in shaping the evolving landscape of the crypto industry.

In conclusion

The highlighted stories this week underscore the dynamic and evolving nature of the cryptocurrency sector. With attention-grabbing apps like Hamster Kombat achieving record-breaking milestones, the prevalence of significant security breaches, and ongoing legal disputes like the Ripple vs. SEC case, the industry continues to captivate a global audience. AI’s growing influence on the future trajectory of the cryptocurrency space further accentuates its pivotal role in driving innovation and growth.

FAQ

Q1: What is Hamster Kombat?
A1: Hamster Kombat is a popular Telegram-based game that simulates a cryptocurrency exchange CEO experience, amassing 150 million users in record time.

Q2: How much crypto was lost to hacks in H1 2024?
A2: The cryptocurrency sector incurred $1.19 billion in losses due to various security breaches in the first half of 2024.

Q3: When is the Ripple vs. SEC case expected to conclude?
A3: The Ripple vs. SEC case may reach a resolution by July 31, 2024.

Q4: What role does AI play in the crypto sector?
A4: AI plays a pivotal role in driving growth across smart contract platforms and utility sectors within the crypto industry.

Q5: How significant is the influence of AI in the cryptocurrency industry?
A5: AI’s influence is profound, enhancing operational capabilities and fostering growth across diverse crypto platforms, thereby serving as a critical component of the industry’s evolution.

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