As a ‘last resort’ option, Meta CEO Mark Zuckerberg has announced that his company will be slashing 11,000 employees from its workforce. That’s 13% of the company. In a blog post shared with employees on Wednesday, Zuckerberg said Meta was taking steps to become “leaner” and more efficient, but regrets that he now must lay...Read More
Binance’s CEO said the world’s largest cryptocurrency exchange increased its Secure Asset Fund for Users (SAFU) to $1 billion again. This comes as a result of the recent market plunge, and its purpose is to grant customers maximum protection in case of another possible negative event. Changpeng Zhao (CZ) tweeted that his trading venue topped...Read More
Amid the major crypto exchange FTX’s liquidity crisis, two companies closely tied to it – including Alameda Research and FTX Ventures – appear to be inaccessible on their websites. Alameda‘s site has gone private, while FTX Ventures’ site appears to be down entirely. Both have been inaccessible since Tuesday. Alameda is a trading desk launched...Read More
Binance, the world’s largest crypto exchange, has backed out of its agreement to purchase FTX just one day after signing an agreement to rescue the company on Tuesday. Binance said its decision was made in light of a review of FTX’s handling of customer deposits, alongside alleged US agency investigations against the firm. The announcement,...Read More
A few months earlier, FTX CEO SBF said several “third-tier” crypto exchanges were insolvent but yet to be exposed. This was when several crypto lending platforms suffered massive financial contagion following Three Arrows Capital’s (3AC) fallout as a result of Terra’s spectacular collapse. His comments, obviously, did not age well now that his empire appears...Read More
(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) I have no words… JK! I actually have a few thousand for y’all. I asked a question on Twitter...Read More
United States financial regulators have reportedly launched a probe into FTX – one of the world’s largest crypto exchanges that is now unable to process customer withdrawals. The investigators intend to examine whether FTX properly managed customer deposits, alongside its relationship with CEO Sam Bankman-Fried’s other crypto projects. Probed by SEC and CFTC As reported...Read More
Solana’s Epoch 370 is set to end in a little under 24 hours, and with it will come the unlocking of over 47 million SOL tokens by validators. This massive token unlock is coming at a time of significant market tumult, not just for Solana but for the entire crypto space following the FTX collapse....Read More
Binance, the world’s largest crypto exchange, is reportedly ready to back out of a deal to rescue FTX only a day after announcing its buyout deal. A review of FTX’s financials has apparently led Binance to “strongly lean against completing the transaction,” a person familiar with the matter told CoinDesk. FTX and Binance announced the...Read More
Amid the chaotic meltdown, asset movement from Circle to FTX surfaced. It was also reported that Alameda could be the second-largest issuer of Tether. CEO of USDC issuer, Jeremy Allaire, assured the community that Circle has no material exposure to the troubled firms. Tether’s chief technology officer Paolo Ardoino also spoke on the matter. Circle’s...Read More
Have you heard of Uniglo yet? This hot new project is grabbing investors’ attention with its ingenuity, ease of use, and smart action: Uniglo’s latest announcement that all remaining tokens leftover from the launch are to be burned has been met with great enthusiasm by holders. This is unsurprising, as typically mass-burn events create major...Read More
Changpeng Zhao – the CEO of the world’s leading cryptocurrency exchange Binance – outlined two vital lessons following the saga between his company and FTX. In his view, crypto exchanges should not use their own tokens as collateral, and individuals should never borrow money to run a crypto enterprise. In a recent tweet, Binance’s executive...Read More
In the summer of 2021, BitMEX provided a demonstration of a working Bitcoin Proof of Reserves and Proof of Liabilities system. Today we provide another snapshot, as per our Bitcoin reserves on 8th Nov 2022. Overview A basic overview of the results of the exercise is provided below: Reserves Liabilities Snapshot time 8 Nov...Read More
From SBF rescuing insolvent crypto companies left and right just months earlier to his empire in a near-doom state needing a bailout, there appears no light at the end of the tunnel as the current crypto market depression intensifies. Many experts commented that the current crypto winter would separate the chaff from the wheat. No...Read More
The year 2022 is not lesser than a roller coaster ride which was experienced by most crypto assets. Additionally, the advancement of the Ripple vs SEC lawsuit also is agonising for the XRPArmy, as the agency is trying numerous ways to drag the case longer. Meanwhile, the possibility of Ripple losing the case is emerging,...Read More
Coinbase CEO Brian Armstrong argued on Tuesday that his exchange isn’t vulnerable to the sort of fallout suffered by FTX this week. He said the “event” surrounding FTX appears to stem from risky business practices that Coinbase does not engage in. Coinbase’s Business Model Armstrong began by expressing sympathy for everyone involved in the FTX...Read More
The leading Japanese mobile phone operator – NTT Docomo – joined forces with Accenture to invest between 500 and 600 billion yen (up to $4 billion) in the next iteration of Internet technology – Web3. The partners will also provide training courses for those interested in the field, including business leaders and engineers. Entering the...Read More
