Morning Post - November 9

headlines

▌ SBF: FTX reached an agreement with Binance to obtain strategic investment from Binance

FTX founder SBF tweeted that things are back to the original point, and the first and last investor of FTX is the same: we have reached an agreement with Binance on FTX's strategic investment.

cryptocurrency

▌CZ: Binance has never used BNB as collateral, and has never taken on debt

CZ said on his social platform that two lessons can be learned from this FTX incident: 1. Do not use the Token you created as collateral. 2. If you run a cryptocurrency business, don’t take out loans. Don't use capital efficiently. Keep a large reserve fund.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 Open Metaverse Alliance (OMA3) launched, 50 members have registered with the nonprofit. When OMA3 kicked off on November 1, founding board members Animoca Brands, Dapper Labs, Voxels, Unstoppable Domains, Sandbox, Decentraland, and more had joined.

▌Informed sources: Meta is preparing to start large-scale layoffs this week

According to people familiar with the matter, Meta plans to start a large-scale layoff this week, which may be the largest in a series of recent technology layoffs. The layoffs are expected to affect thousands of employees and an announcement is planned for 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 that it had more than 87,000 employees at the end of September.

▌Opinion: Bitcoin Proves Less Volatility Than Stocks Again During Fed Rate Hike

The Federal Reserve roiled markets last week, with bitcoin reacting less than stocks. The volatility of the S&P 500 even outpaced that of Bitcoin, which peaked at 0.7% about half an hour after the release of the Fed press release, but ended the day down 2.3%. Bitcoin, meanwhile, peaked with a 1.3% gain following the Fed press release before eventually falling 1.5%.