FTX 2.0 - is Binance having a meltdown?

Hold onto your digital hats, crypto adventurers! Welcome to the wildest roller coaster ride in the financial universe - where numbers dance, tokens take flight, and FOMO and HODL become our daily mantras. Here are the events that you might have missed!

WHAT’S HAPPENING TODAY

• Rumoured Binance meltdown sends $BNB token price into resistance

• Privacy concerns surrounding the friend.tech application

• Tips to survive the bear market

• SBF pleads not guilty again - what is his fate?

Binance $BNB token plummets - FTX 2.0?

Twitter has been going nuts about the recent price action of Binance’s BNB coin. The $220 price has been heavily defended since the December low however it has been breached this week and punters are seriously concerned.

Speculators are concerned that Binance may be selling Bitcoin to prop up BNB in an effort to protect a BNB-backed loan.

Could BNB’s recent dip below support be a sign of a potential death spiral similar to what we saw with FTX and their FTT coin? Many people seem to think we could be in the early stages of a potential meltdown but only time will tell.

Privacy concerns follow friend.tech data breach

Just days after launching, the decentralised social media app friend.tech has suffered from a data breach that exposed 101,000 users’ sensitive information.

The breached data includes user’s Ethereum addresses and their associated Twitter usernames. But let’s get to the meat and potatoes - should you be concerned?

In our opinion, no. Whilst the data that was leaked is indeed sensitive, it’s worth noting that the potential issues for users are minimal. It does raise a question about the platform’s commitment to user privacy and security and definitely has users concerned.

Tips to survive the bear market!

Whether you think we’re in the middle of a bear market or not, it’s definitely not a bad idea to prepare for it if things get even worse. With Bitcoin’s price action feeling as limp as your grandad in the sack, crypto-thusiasts have had to find other ways to survive these troublesome times.

Here’s five things you can do to keep yourself occupied:

1. Find a purpose

If you want to survive the bear market you’re going to need to find a community, and in order to do that you’re going to need to find something to offer the community.

Whether you’re an artist, developer or trader, everyone has a skillset they can offer to their community. If you find the right community and put in the work during the bear market, when things turn around you’ll be riding off into the sunset with your bags packed with digital gold.

2. Stay optimistic

Nobody likes a negative Nancy.

There’s no point sitting around on X (formerly Twitter) whining about how much your portfolio is down for the week. Get off your butt and do something about it!

Stop checking your bags and focus on things outside of the number at the top of your screen. Make friends and build cool stuff.

3. Be consistent

You have to show up every day. Okay, maybe not EVERY day… But you need to stay involved in your community otherwise when the train leaves the station, you might not be on it.

If you stick it out through the tough times, you’ll be first in line when new alpha drops and can take advantage of being early. Some of the best opportunities come when everyone’s given up, don’t be that guy that misses out on generational wealth.

4. Reward participation

Make sure to let others know that they’re doing a good job and thank them for sticking around during the bear market. You don’t have to physically reward them but a nice message or a funny meme goes a long way.

They’ll remember you providing some much needed morale when everyone was down and you’ll be the king when the tides change.

5. Have fun with it

All of these tips are easy in theory, but they’re almost impossible if it feels like a chore. The best way to have fun is to do it with friends.

Enjoy the process and stick with it - don’t forget to smell the roses on the way to the moon!

SBF pleads not guilty again: what’s next for the former FTX CEO?

FTX's founder, Sam Bankman-Fried (SBF), has reappeared in court, maintaining his innocence against charges of fraud and money laundering tied to his crypto empire's downfall. The Southern District of New York courthouse hosted this new hearing, triggered by a fresh indictment that accuses SBF of misusing customer funds for personal expenses and political donations.

These allegations originated from a prior December indictment, now expanded to include campaign finance charges due to treaty obligations with SBF's base in the Bahamas. The updated indictment details a range of alleged fund misuses, from property acquisitions to political contributions.

Magistrate Judge Sarah Neburn presented each charge during the hearing, marking SBF's first court appearance post the cancellation of his bail earlier this month.

Concurrently, SBF's attorney, Christian Everdell, argued that restricted access to discovery documents violated SBF's Sixth Amendment rights. The defense stressed SBF's need for internet-enabled laptops to review extensive records for building a robust defense. SBF's request for five weeks of non-detention collaboration with his legal team remains in dispute, with the defense emphasizing the importance of effective communication and analysis in mounting his defense.

MOTD (Meme Of The Day)

– blurtl