💨 Binance backs out of acquisition of FTX

💨 Binance backs out of acquisition of FTX 💀 Zuckerberg plans to lay off thousands of employees, blames himself for Meta’s missteps 🎈 ETH is now officially a deflationary asset

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💨 Binance backs out of acquisition of FTX

💀 Zuckerberg plans to lay off thousands of employees, blames himself for Meta’s missteps

🎈 ETH is now officially a deflationary asset

Binance backs out of acquisition of FTX

Just a bit after Binance announced that it was looking to acquire competitor FTX, the company has now pulled out of the deal. According to a statement from Binance, there were just too many issues that they couldn't help with.

We're not sure what kind of due diligence process Binance was doing, but we're guessing that Binance has some kind of internal process for these things. Either way, it's a sad turn of events.

"Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said in a statement.

CZ, for his part, seemed pretty optimistic about the deal when it was first announced, but later a letter was sent to Binance employees that the deal was not yet finalized. Now Binance has officially announced that the deal is off.

Had the deal gone through, it would have merged the two biggest centralized crypto exchanges in existence. Just as of last week, Binance was processing almost $50 billion worth of trading volume while FTX was processing $4 billion. That's about a quarter of the total crypto trading volume. Binance was also the early investor in FTX, so the relation between the two companies goes back a bit.

And although this deal would have been very beneficial for Binance, the company has decided to back out of it. It's unclear what the future holds for either company at this time, hopefully, they can both pull through.

Zuckerberg plans to lay off thousands of employees, blames himself for Meta’s missteps

Zucc's latest plan to lay off employees has the internet shook. Meta's CEO Mark Zuckerberg told hundreds of executives that the company would begin layoffs soon, according to The Wall Street Journal.

Zuckerberg reportedly blamed himself for the company's overstaffing and recent missteps, telling executives that he was responsible for the situation. A couple of days ago, The Wall Street Journal said that the tech giant planned to let go of thousands of employees.

At the end of September, Meta - which owns the largest social media websites Facebook and Instagram - reported 31,275 employees on its payroll. With these latest layoffs, it looks like Zucc is finally trimming the fat. The internet can't wait to see how this all plays out and memes already start to pop up.

Zuckerberg has been known to make some very controversial decisions, like investing in the Metaverse without even defining what it is first, the mistake that cost him $10 billion this year. Here's hoping that other execs can talk some sense into Zucc and help him avoid any more costly blunders. But we'll just have to wait and see. One can only wonder what will happen next at the world's largest social media company.

ETH is now officially a deflationary asset

Not everything is doom and gloom in the crypto-sphere. In fact, something pretty amazing just happened. Ethereum, the second largest cryptocurrency by market capitalization, just turned deflationary.

What does this mean? It means that the supply of Ethereum is now shrinking, rather than growing. This is a big deal, because it's not something that happens often (if ever) in the world of cryptocurrency.

Why is this happening? The main reason is because Ethereum recently transitioned from proof-of-work to proof-of-stake. This change meant that Ethereum miners were no longer creating new ETH tokens.

As a result, the total supply of ETH has been slowly shrinking, and is now down by over 400 ETH ($400,000+). This is good news for ETH holders and DeFi connoisseurs alike, as it means that the value of their tokens is likely to go up over time. So, if you're holding any ETH, you can rest assured knowing that it's only going to become more valuable in the future. If the Merge never took place, ETH's total supply would have increased by approximately 650,000 ETH ($762 million) with an inflation rate close to 3.6%.

For the moment, the rate at which Ethereum is deflationary is quite low, at 0.001% annually. But, given the current climate of fear and uncertainty in the crypto-market, this is a pretty big deal. At least people that kept asking "wen Vitalik is going to stop minting" can shut up for once. Hopefully, this trend will continue and Ethereum will become even more deflationary over time.