Bitcoin crashes as SEC starts court proceedings against Binance, Crypto influencer receives 1,5 million dollars for ‘nothing’ and Pepe keeps falling

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Last Updated on 4 March 2024 by CryptoTips.eu

Bitcoin and other major crypto coins fell sharply yesterday evening as it became clear that the American stock exchange watchdog, the SEC, would start proceedings against Binance and it’s CEO, Changpeng Zhao. BNB, the coin of the Binance platform, fell by 9% when the news became known.

Just as the chares brought against XRP, the US regulator says Binance made unregistered offers and sales of the BNB (BNB) and BUSD tokens. The suit alleges that CEO ChangPeng Zhao is being sued as a “controlling person,” who ‘flagrantly’ disrespected the US law.

The SEC suit claims that:

Defendants have enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk. Defendants have engaged in multiple unregistered offers and sales of crypto asset securities and other investment schemes.

Bitcoin fell down to $25,500k when the news broke yesterday evening, its lowest point since March. At the time of writing Bitcoin trades at $25,700.

The stock price of Coinbase also crashed on the American stock exchange due to the news. This is because it is expected that the SEC will also file a complaint against the largest American platform in a few weeks or months.

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Nothingman

In other news Pauly0x, a well-known influencer on Crypto Twitter came up with a stunt to receive some $1.5 million worth of Ethereum while Pepe, the ultimate memecoin of the past month, seems to be heading to 0.

Pauly0x, a well-known crypto influencer with about 80,000 followers on Twitter, has probably heard of the American rock band Pearl Jam. The band’s third album called Vitalogy had a song called “nothingman” which may have given Pauly0x an idea.

Given how quickly a new idea in the crypto space attracts money, he asked his followers two weeks ago to send Ethereum to the address yougetnothing.eth.

Even though the title of the wallet is clear with “you get nothing”, many apparently sent money to Pauly0x, probably hoping to get something in return.

To date, he has received $1.5 million dollars, proving once again the power of the internet. However, some of his followers found it less funny as they really expected to get some sort of return for their cash.

Pepe to 0

Holders of Pepe, the ultimate memecoin of the month of May 2023, are clearly still trying to pump the coin, but it is visible in the charts that unless something drastic happens, Pepe is (probably) on its way to 0.

The memecoin, based on a cartoon character that is considered a symbol of the “alt-right” in the United States, turned many early investors into millionaires, but fell just as quickly.

Pepe broke the record of the crypto coins fastest to reach a market cap of one billion dollars. It will probably go to zero just as fast.

As has been said several times, be careful with memecoins, because they are very volatile.

denisismagilov / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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