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Bitcoin Mining Firm NFN8 Files for Bankruptcy Protection Due to Fire and Leasing Pressure, Currently Seeking Asset Sale

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**Bitcoin Mining Firm NFN8 Files for Chapter 11 Bankruptcy, Seeks Full Asset Sale** Bitcoin mining company NFN8 filed for Chapter 11 bankruptcy protection on Feb. 2, 2026, per a court filing submitted to a Texas court on Feb. 9. The firm cited three core drivers for the move: a facility fire, unsustainable lease obligations, and ongoing legal disputes. NFN8 is seeking to sell all its assets during the restructuring process. It has secured $2.75 million in Debtor-in-Possession (DIP) financing from Twelve Bridge Capital to fund operations amid the sale. Key bankruptcy triggers include: - A fire at its main Crystal City, Texas, leasing facility between late 2025 and New Year’s Day 2026, cutting mining capacity and revenue by 50%. - Unsustainable lease payments tied to a sale-leaseback model (involving 250+ counterparties), worsened by a record-low hash price and profit squeeze post-Bitcoin halving. - Ongoing legal arbitration over default, fraud, and securities violations, plus a pending $3.2 million tax claim from the IRS.
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Farcaster co-founder Varun Srinivasan announced joining the stablecoin chain Tempo

On February 9th, Varun Srinivasan—co-founder of Farcaster—announced via social media that he has joined the Tempo team and will focus on stablecoin research and development.

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Backpack Founder: Team Token Allocation Only Unlocks After Company IPO, Preventing Token Dumping to Retail Investors

On February 9, Backpack founder Armani Ferrante took to social media to share: Backpack’s tokenomics revolves around a core principle: no insider dumping to retail. No founder, executive, employee, or venture capitalist should profit from tokens before the product hits “escape velocity.” For Backpack, “escape velocity” is defined as a U.S. initial public offering (IPO). The listing could happen soon, take time, or never materialize—but the team is pushing hard for it. Every time Backpack expands to a new region (EU, Japan, U.S.) or launches a new product (prediction markets, stock trading, card services), it’s a growth opportunity. Tokens act as fuel—just like the points system did in past seasons—to keep igniting new markets. For this to work, there’s a hard rule: the growth value from new token releases must always outweigh the dilution they cause. Here’s how it breaks down: Founders, executives, team members, and VCs won’t get direct token allocations. All “team allocati

2 minutes ago

US Crypto Stocks Experience Broad Decline at Market Open, MSTR Down 6.59%, BMNR Down 3.47%

According to Bitget market data on February 9, U.S. stocks opened lower: - Dow Jones Industrial Average: -0.14% - S&P 500: -0.24% - Nasdaq Composite: -0.34% Crypto-related stocks posted a broad decline, with key moves including: - Coinbase (COIN): -3.13% - Circle (CRCL): -1.31% - MicroStrategy (MSTR): -6.59% - Bullish (BLSH): +2.73% - Bitmine (BMNR): -3.47% - SharpLink Gaming (SBET): -2.7% - Bit Digital (BTBT): -2.2% - ETHZilla (ETHZ): -1.45% - ALT5 Sigma (ALTS): -4.12% - American Bitcoin (ABTC): -4.58% - Kindly MD (NAKA): +2.08% - Solana Co (HSDT): -6.62%

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Glassnode: Bitcoin Rebound's Sustainability Hinges on Spot Demand Recovery, Current Market Structure Resembles May 2022

Glassnode reported on social media Wednesday (Feb. 9) that Bitcoin rebounded to $69,000 following a sharp downward correction. The broader market remains in a defensive posture—spot, derivatives, and on-chain metrics all signal caution, with the rebound’s sustainability hinging on a recovery in spot demand. Off-chain metrics are stabilizing, though market confidence remains muted. Spot and ETF metrics are bouncing back from recent lows, while futures and options positioning remains defensive—reflecting traders’ cautious stance and persistently soft risk appetite. On-chain metrics are mixed: underlying network activity has fundamentally strengthened, but fund flows and profit/loss (P&L) conditions continue to soften. This suggests that while network participation has improved, market demand remains lackluster and profit potential is constrained. At Bitcoin’s $70,000 price level, total market unrealized losses stood at roughly 16% of its market capitalization. Current market vol

2 minutes ago

A Whale Address Conducted 2 "Buy the Dip, Sell the Rip" ETH Transactions in the Past 7 Days, Resulting in a $370,000 Loss

Feb 9 — Per Lookonchain monitoring, trader 0x8062 executed two ETH trades over the past 7 days, both being buy-high-sell-low moves. Details: - Bought 2,132 ETH at $2,294, sold at $2,195 → Loss: $211,681 - Bought 2,233 ETH at $2,095, sold at $2,023 → Loss: $160,911

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CertiK: In 2025, there were 72 incidents of "Supply Chain Attacks," representing a 75% increase compared to the previous year, with Europe being the hardest-hit region

**February 9th (CertiK Analysis) — 2025 SimpSwap Attacks Surge Sharply** CertiK’s latest analysis reveals a steep rise in 2025 “SimpSwap Attack” incidents: 72 confirmed cases, a 75% year-over-year jump. Financial losses topped $40.9 million, up 44% from the prior year. Experts warn this figure likely understates the true impact, as many cases go unreported and are sealed by confidentiality agreements. Europe has become a major hotspot, driving over 40% of global incidents—with France leading in case counts. Violence has escalated dramatically: physical attacks surged by 250%. High-profile cases include kidnappings of crypto holders (including entrepreneurs and their families) in France, Austria, and the UAE.

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