As reported, the blade was used once for sawing some MDF (and it was in the right way round). The cut wandered and so my friend was trying to steer it back into line. Sideways rubbing led to the overheating you can see, which is hardly surprising on a thin kerf blade.
But why should the overheating be confined to two opposed spots, rather than a ring ? Is there some mounting-induced warp that I've not noticed ? Runout (by eye) seems negligible.