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Crypto Exchange Platform Binance Walks Away From FTX Deal, Cites Issues Beyond Its Control

By
Ojukwu Emmanuel
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0

World’s Largest Cryptocurrency exchange platform Binance recently disclosed that it has opted out of acquiring its formidable rival FTX, due to issues beyond its control.

This is coming two days after Binance signed a letter of intent to acquire the crypto exchange platform with the intention to help cover the firm’s liquidity crunch, amongst other reasons.

Binance disclosed that it backed out of the deal after it reviewed the company’s finances, structure, and books, noting that the firm is currently under investigations by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) which has deterred them from proceeding with the deal.

Binance said in a statement made on Twitter, “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.

“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of [FTX].

“Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.”

According to reports, Binance is the first investor that backed FTX, but as the latter grew in popularity, their relationship became shaky.

The two executives have on several occasions thrown tantrums at each other, which saw the relationship hit an all-time low earlier this month after Binance founder Zhao disclosed that his company was selling its holdings of FTT, the native token of FTX exchange, that it had received as part of an exit from the firm last year.

On the other hand, the CEO of FTX Bankman-Fried has told investors that the company is facing a shortfall of up to $8 billion (€8 billion) from withdrawal requests and needs emergency funding.

The company needs about $4 billion to remain solvent and is attempting to raise rescue financing in the form of debt, equity, or a combination of the two, according to reports.

Due to Binance’s decision to back out of the deal, FTX Trading is reportedly experiencing a liquidity crisis. Cryptocurrencies across the board are taking a massive hit with Bitcoin reaching a yearly low. Bitcoin plunged below the $16,000 mark on Thursday with other altcoins following suit.

Following this crisis rocking FTX, its rivals are also benefiting from it. Robinhood Markets Inc. has seen its biggest crypto inflows ever in the last two days, which was disclosed by the company’s Chief Executive Officer Vlad Tenev. Also, Binance and Coinbase Global Inc. have seen large inflows.

Binance Calls Off Deal to Acquire FTX, Further Plummeting Crypto Market

By
Samuel Nwite
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0

Hours after its proposal to acquire FTX, one of the world’s largest crypto exchanges by volume, Binance, has announced that it is backing out of the deal.

The decision was reached after new findings were made about FTX’s state of finance, which revealed that it’s far worse than Binance had thought. Sources had told CoinDesk that FTX’s loan commitments raised concerns among Binance’s top brass. Binance also found out that FTX has “mishandled customer funds” leading to “alleged U.S. agency investigations.”

Binance had on Tuesday signed a letter of intent to acquire FTX, a rival crypto exchange with financial trouble, in a move that appeared more like a bailout.

But a statement issued Wednesday, Binance said that the plan has crumbled and it would no longer proceed with the deal.

“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.

“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of [FTX],” Binance said in a tweet.

“Every time a major player in an industry fails, retail consumers will suffer,” Binance continued. “We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.”

The development has added further pressure on the troubled crypto market, erasing more than $200 billion from investors’ wallets as bitcoin plummets as much as $16,500 as at Wednesday afternoon.

FTX CEO Bankman-Fried scrambled to raise fund from venture capitalists and other investors before going to Binance. He told investors that the exchange faces liquidity shortfall of up to $8 billion and needs emergency funding to meet withdrawal requests.

Binance CEO Changpeng Zhao tweeted yesterday that FTX “going down is not good for anyone in the industry.”

The resulting degeneration of crypto crash upholds his statement. With bitcoin and altcoins swinging down, 13% on Tuesday and 15% on Wednesday, the market’s turmoil is expected to deepen.

One of Silicon Valley’s most prominent VC firms, Sequoia Capital, has marked down its $213.5 million FTX investment to $0.

Crypto cheerleaders are now concerned that after this, institutional investors would never bet another dime on crypto. With blames being thrown around regarding what went wrong, experts believe that the crypto industry would have come off better if it’s regulated.

The full statement from Binance

“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.

In the beginning, 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.

Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.

As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralization, the ecosystem will grow stronger.”

Key Facts to Keep in Mind When looking for a Good Online Casino Platform

By
TI Partners
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0

According to the latest news, you can use thousands of online casino platforms for your gambler’s activities. But note that these online casino platforms are not the same and will not offer you the same services. You should sacrifice some time to learn a few things about these online gambling sites like situs slot gacorgampangmaxwin. Learn about internet security and the quality of the games offered to find the best site. If you are playing these slot games for fun, you must consider games with high-quality graphics. Slot games offered on a reliable site are the best because of the wide selection of different advantages, such as themes and bonuses. Consider reading this article to get the best online gambling sites.

Choose a reputable site 

The reputation of the online slot gaming site is the main thing you should look at if you want the best. Look at the customers’ reviews and other review sites to compare the reputation of different online gambling sites. When you read these reviews, you can determine the quality of the services you will get from a periocular site. If you think an online slot game like situs slot online is the best for you, it is important to know more about what other gamblers are saying about the platforms providing the games. Take the past customers’ comments into account, since you will find more information about the site.

What type of games do they offer? 

After doing the above research, you will have a list of the best online betting platforms. But you still need to do more research because you want to get the best that will fit your preferences. The online slot machine site should provide a large selection of slot games. This is important because you will want to try different games before you settle for the best. This is good for those who have yet to decide which games they want to play. But if you know the type of games you want, you should go to a gambling site that offers these specific games.

Know your budget 

When choosing online slot machine platforms such as situs slot gacor gampang maxwin, you should consider your budget. To win money from playing different slot games, you need to deposit cash that you will use to place your bet. Knowing the minimum amount you can deposit and use when playing these games is important. Compare this with the type of budget you have. Ask if you can afford the amount used in placing bets and how long you can use the site according to your budget.

Payment methods 

Since you want to deposit and withdraw money into and out of your account, you must consider the site’s banking options. They have to provide the best ways of withdrawing and depositing money into your account. It is important to get a site that uses your favorite banking methods. In this case, you should work with a secured online gambling platform.

Try different options before you settle for the best online slot machine platform. Settling for the right platforms should be your biggest priority. Your experience and level of skills can help you choose the best platform that will benefit you in so many ways. Consider these points when choosing the best online slot machine platforms like situs slot online.

How to Spot An Incompetent Leader — Thomas C. Premuzic

By
Tiamiyu Ismail
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0

Consider the economic impact of avoiding a toxic worker is two times higher than that of hiring a star performer — Thomas C. Premuzic

Leadership is often thought of as the pillar of entrepreneurship. It is believed that the success of a business enterprise depends on the quality of its leadership. Therefore, it is often said that any business led by an incompetent person is liable to a premature death. However this is usually preceded by common symptoms such as toxic culture, underperformance, leakages and shrinkages etc.

In his article, How to spot an incompetent leader, published in Harvard Business Review, Thomas Chamorro Premuzic identified the characteristics and impacts of incompetent leadership. His argument stems from his declarative statement that one who wishes to understand the early failure signals of a business must seek it in the leadership strength of the business. According to him:

“If you want to understand why some companies have a toxic culture, underperform relative to their potential and eventually collapse, look no further than the quality of their leadership teams.”

Premuzic defined the essence of incompetent leadership as a function of the detrimental effects a leader has on their surbodinates or followers, or organization. According to him, incompetent leaders result in anxious, alienated worriers who practice counterproductive work behaviour and spread toxicity throughout the firm, whereas competent leaders often inspire great confidence, engagement and high performance and productivity.

“Incompetent leaders are the main reason for low level of employee engagement and prevalent high level of passive job seeking and self-employment” Premuzic said. He added ”consider that the economic impact of avoiding a toxic worker is two times higher than that of hiring a star performer”.

Incompetent leadership is often a corollary to psychological and social disorder. On the personal psychological level, Premuzic stressed a tendency of the individual to overestimate the depth of their knowledge and capacity, a variation between confidence and competence which often result in crisis and arrogance in the actual test of responsibility.
According to him, arrogance is very central to the anatomy of incompetent leadership.C

“Confidence is beneficial only when in sync with your competence” Premuzic noted. There is greater tendency among people to overestimate their capacity even more than underestimate it. However, this is more entrenched in incompetent leaders. He further stressed, a great deal of researches have shown that people who are really bad at something rate their skill as highly as people who are really good at something. “This is mainly due to lack of self-awareness” he said. What this means is that we cannot realistically rely on those in power to measure their own capabilities.

There is also a gender variation to this as men generally tend to be more overconfident (and arrogant) than women. “This is partly for biological reasons — gender differences in impulsivity, dominance, and aggressiveness appear in all cultures and from a very early age — but also for cultural reasons” Premuzic noted. In some cultures, the tendency to consider men as breadwinner and women as caregiver of the family often inform the  recruitment of more men than women into leadership position. The attempt to correct this belief through gender-equality actions equally gives rise to biases or a tendency to overlook competence in women.

Premuzic argues, whether a culture is good or bad, it is the product of the values and behaviours of our leaders. The best way to create a positive one is to stop unethical people from rising to power. He therefore charges those responsible for recruiting and examining leadership candidates to improve their ability to distinguish between confidence and competence. He said:

“Overconfidence is the natural result of privilege. If the future of leadership were more meritocratic, and managers select leaders on the basis of their talents and potentials rather than Machiavellian, self-promotion, reckless risk-taking or narcissistic delusion, we would not just end up with more women leaders but also with better men leaders”

It is said, despite available scientifically valid assessment tools to predict and avoid managerial and leadership incompetence, most employers take the traditional way with certain biases in mind in their selection of leaders. But interestingly, spotting an incompetent leader could stem from simply asking the leader if they are incompetent or narcissistic. This simple approach is often effective because “people with these tendencies, including narcissistic individuals, are typically uninterested in portraying themselves in humble ways” the writer said.

“When you are able to put thousands of leaders through the same self-report questionnaires, and you link their responses to their leadership style, performance, and effectiveness, you can identify the key patterns of self-presentation that characterize good and bad leaders”.

According to Premuzic, the problem is not that we lack the means to spot incompetence, but that we more often choose to be seduced by it. “This means we have only ourselves to blame for our self-destructive leadership choices” he said. “Instead of promoting people on the basis of their charisma, overconfidence, and narcissism, we must put in charge people with actual competence, humility, and integrity. The issue is not that these traits are difficult to measure, but that we appear to not want them as much as we say” he concluded.

Big Eyes Presale Nears Completion As Memecoin Plans to Overtake Top NFT Platforms – The Sandbox and Enjin Coin

By
TI Partners
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0

Big Eyes (BIG) has continuously drawn members from competition projects, especially the memecoin communities. Since the platform supports NFT trade, its protocol has become popular among users in the NFT sector. The developers plan to make Big Eyes (BIG) take over as the leading NFT platform in the cryptocurrency market. Here’s a brief review of Big Eyes (BIG) and how it compares against top NFT projects, the Sandbox (SAND) and Enjin Coin (ENJ).

The Sandbox (SAND) The Mobile Game Franchise

The Sandbox refers to the game development company famous for its mobile game franchise, the Sandbox. The franchise started in 2011 and is a popular gaming software among ardent gamers.

The Sandbox (SAND) launched to bring mainstream gaming into the crypto space while attracting gaming enthusiasts and non-gamers on the many blockchains to its platform. There are several game choices for users; each is a play-to-earn software, and not all of them are free to enter.

The Sandbox (SAND) exists on the Ethereum blockchain, with access to DApps and other DeFi tools to make gaming a worthwhile experience for its users. The Sandbox (SAND) features an NFT marketplace where users can mint NFTs and sell or exchange them. Such NFTs are useful in gaming modes, mainly as avatars.

SAND is the platform’s native token, and it serves as network fuel and is used for staking to provide security for the platform. You can get SAND on CoinGecko for $0.830.

Enjin Coin (ENJ) The Ethereum Based Token

Enjin Coin (ENJ) is often classified as a gaming platform but also falls in the NFT token class, given the extensive usage of NFTs. Enjin Coin plans to make gaming as user-friendly as possible with its robust policies.

Enjin Coin (ENJ) is an Ethereum-based token, and like other tokens dependent on the Ethereum network, the coin benefits from the diverse applications available on Ethereum. Enjin Coin promises a faster response rate to user transactions, significantly improving Ethereum’s current transaction processing speed.

The Enjin Coin (ENJ) protocol also features several games and an NFT marketplace for NFT creation, minting, and trading. The platform also enables users to transfer game rewards from one game to another, thus increasing the chances of levelling up and increasing the demand for ENJ.

NFTs and the regular token can be defined under the same standard, ERC-1155. This makes it easy for community members to trade NFTs and native tokens.

ENJ sells for $425 on CoinMarketCap.

big eye

Big Eyes (BIG) The New Meme Coin

As the Big Eyes (BIG) Presale concludes, users all over the Crypto space eagerly anticipate the token’s release. The presale is in its sixth stage, raising almost $9.5 million in about two months.

The Big Eyes (BIG) platform presents a memecoin with provisions for sustainability in the coming years. The NFT club, Sushi Crew, will soon be active on the forum, providing users with ready-made NFTs and allowing them to create customized tokens. In addition, all transactions on Sushi Crew will not be free of charge. This is the developers’ effort to reduce the high gas fees often associated with Ethereum’s network.

In preparation for launch, Big Eyes (BIG) is already listed in the top cryptocurrency charts worldwide. The token will be more accessible to a broader range of users since most use the charts for market analysis. The platform supports smart contracts, as Solidity has completed the smart contract integration. CoinSniper has also verified the entire Big Eyes team, contributing to the token’s popularity.

Apart from profits, Big Eyes (BIG) is keen on helping the ecosystem conserve its species. The coin will fund ocean-related charities, especially those concerned with preserving marine fish life. The funds from such projects will come from a unique wallet for such events.

Big Eyes (BIG) presale is drawing nearer to its launch date; join the event to get your tokens before they rise in value.

To claim the bonus tokens, just use the code: BUYEYES563

 

Big Eyes Coin (BIG)

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

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