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Crypto spot and futures master trader, crypto data analyst, pear to pear trader, #Tech exchange
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How my friend lost $50,000 USDT on binance.
About a month ago, my friend was trying to withdraw USDT worth $50,000 from his Binance spot wallet to his business partner’s Bybit wallet , his business partner provided him with a wallet address of BEP20 network.
In the process of withdrawing/transferring the $50,000 worth of USDT my friend mistakenly tapped on opBNB network instead of BEP20 network and proceeded with the withdrawal.
The USDT never reflected on my friend business partner’s Bybit wallet till date.
Lesson: Always verify and confirm wallet addresses and its corresponding networks before proceeding with withdrawal
About a month ago, my friend was trying to withdraw USDT worth $50,000 from his Binance spot wallet to his business partner’s Bybit wallet , his business partner provided him with a wallet address of BEP20 network.
In the process of withdrawing/transferring the $50,000 worth of USDT my friend mistakenly tapped on opBNB network instead of BEP20 network and proceeded with the withdrawal.
The USDT never reflected on my friend business partner’s Bybit wallet till date.
Lesson: Always verify and confirm wallet addresses and its corresponding networks before proceeding with withdrawal
Yesterday, Binance announced it would remove several cryptocurrencies, including Gifto (GFT). Instead of panicking, the Gifto team made a daring move — they created an additional 1.2 billion tokens, effectively doubling the supply. 🎉
But that's not all! They then sold those tokens on exchanges, causing GFT’s price to plummet by 38%. Because, apparently, getting delisted from one of the biggest exchanges wasn’t enough drama for one day.
Rumor has it, the proceeds from the token sale went straight into their pockets, so the nearly 50% price drop doesn’t seem to bother them at all. Classic!
But that's not all! They then sold those tokens on exchanges, causing GFT’s price to plummet by 38%. Because, apparently, getting delisted from one of the biggest exchanges wasn’t enough drama for one day.
Rumor has it, the proceeds from the token sale went straight into their pockets, so the nearly 50% price drop doesn’t seem to bother them at all. Classic!
The relationship between political events and cryptocurrency markets can be quite complex. The correlation between Trump’s win/lose and crypto prices isn't straightforward, but there are a few points that need to be considered
1. Market Sentiment: Political events can significantly influence market sentiment. If Trump were to lose, it might create uncertainty among investors, leading them to pull back on riskier assets like cryptocurrencies, causing prices to drop.
2. Regulatory Environment: Trump's administration had a generally favorable stance towards cryptocurrencies compared to some other political figures. If he wins, investors might feel more confident about the regulatory landscape, potentially leading to a rise in crypto prices.
3. Economic Policies: Trump's economic policies, such as tax cuts or stimulus measures, can impact the broader economy and, by extension, the crypto market. If investors believe that his policies will lead to economic growth, they might be more inclined to invest in cryptocurrencies.
Overall, while there can be correlations, they depend on various factors, including market sentiment and regulatory changes rather than a direct cause-and-effect relationship.
1. Market Sentiment: Political events can significantly influence market sentiment. If Trump were to lose, it might create uncertainty among investors, leading them to pull back on riskier assets like cryptocurrencies, causing prices to drop.
2. Regulatory Environment: Trump's administration had a generally favorable stance towards cryptocurrencies compared to some other political figures. If he wins, investors might feel more confident about the regulatory landscape, potentially leading to a rise in crypto prices.
3. Economic Policies: Trump's economic policies, such as tax cuts or stimulus measures, can impact the broader economy and, by extension, the crypto market. If investors believe that his policies will lead to economic growth, they might be more inclined to invest in cryptocurrencies.
Overall, while there can be correlations, they depend on various factors, including market sentiment and regulatory changes rather than a direct cause-and-effect relationship.