Headlines
▌SBF: FTX Reached an Agreement With Binance to Obtain Strategic Investment From Binance
FTX founder SBF tweeted that things are back to square one, and the first and last investor in FTX is the same: we have reached an agreement with Binance on a strategic investment in FTX.
Cryptocurrency
▌CZ: Binance Never Used BNB as Collateral and Never Took on Debt
CZ said on its social platform that two lessons can be learned from this FTX incident: 1. Do not use your own Tokens as collateral. 2. If you run a cryptocurrency business, don't borrow. Do not use capital efficiently so as to ensure you have a large amount of reserves. Additionally, Binance has never used BNB as collateral and has never taken on debt.
▌Sandbox CEO: The Success of OMA3 Will Depend on the User Experience of the Metaverse
According to The Sandbox co-founder Sebastien Borget and Dacoco co-founder and CEO Sarojini McKenna, since the launch of the Open Metaverse Alliance (OMA3), 50 members have signed up for the nonprofit. When OMA3 opened on November 1st, founding board members Animoca Brands, Dapper Labs, Voxels, Unstoppable Domains, Sandbox, Decentraland, and more were already on board.
▌Meta Is Preparing to Start Mass Layoffs This Week
Meta plans to start mass layoffs this week in what could be the largest round of layoffs in a recent series of layoffs at tech companies, according to people familiar with the matter. The layoffs are expected to affect thousands of employees, and an announcement is planned as soon as Wednesday, the people said. The company has told employees to cancel non-essential travel starting this week, the people said. Meta reported more than 87,000 employees as of the end of September.
▌Opinion: Bitcoin Is Less Volatile Than Stocks Again During Fed Rate Hike
The Federal Reserve roiled markets last week, with Bitcoin reacting less than stocks. The S&P 500 was even more volatile than Bitcoin, and about half an hour after the Fed press release, the S&P 500 peaked at 0.7%, but ended the day down 2.3%. Meanwhile, Bitcoin peaked as it rose 1.3% following the Fed press release, before finally falling 1.5%.