Tech

Binance withdraws from FTX purchase, Bitcoin price falls

Published

1 year ago

November 10, 2022

Rick D'Andrea

Binance has scrapped its letter of intent to buy rival crypto exchange FTX, sending the price of Bitcoin into a freefall.

The cryptocurrency dropped as much as 14 per cent, within minutes of the Binance-FTX news being revealed.

A spokesperson for Binance said in a statement: “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.com.”

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 https://t.co/FQ3MIG381f.
— Binance (@binance) November 9, 2022

FTX had been struggling with a surge in withdrawals that caused a “liquidity crunch”.

Concerns about FTX’s financial health reportedly triggered $6 billion worth of withdrawals in just three days.

This pressure came about due to Binance CEO Changpeng Zhao tweeting that Binance would sell its holdings of FTX’s digital token, known as FTT.

The token has lost over 70 per cent of its value since the start of the week.

FTX has also warned users not to withdraw monies at this stage, and are recommending people not make deposits.

Tech

AI in the modern economy

Published

14 hours ago

December 8, 2023

ticker NEWS

Unraveling the impact of AI: unprecedented economic growth or unforeseen challenges on the horizon?

In an era dominated by technological advancements, AI is spearheading a revolution in the modern economy, providing innovation, enhancing efficiency, and transforming industries.

But is the development of AI bringing positive change, or are there challenges we haven’t seen coming?

Denver Naidoo, CTO and co-founder of AI workforce provider Zeligate explores the ups and downs of AI in the modern economy.

Tech

Rising cybercrime spurs push for stronger cybersecurity measures

Published

14 hours ago

December 8, 2023

ticker NEWS

Increased cybercrime reports highlight urgent need for threat detection and response tools

In a concerning trend, cybercrime reports have witnessed a sharp increase that has signalled a growing concern in the digital landscape, particularly within businesses.

The surge in reports emphasises the pressing need for organisations and individuals alike to adopt and deploy real-time threat detection and response tools more promptly, as the battle against evolving online threats intensifies.

David Peterson from Confluent talks in-depth on the subject of Cybersecurity and how businesses can take a more proactive strategy and preempt cybercrime.

Tech

AMD unveils advanced chips with lighting AI training speed

Published

2 days ago

December 7, 2023

ticker NEWS

Advanced Micro Devices (AMD) has launched a series of cutting-edge chips designed to supercharge the speed of artificial intelligence (AI) training.

With an emphasis on faster processing and improved efficiency, these new chips are set to redefine the capabilities of AI-driven applications across various industries.

The latest AMD chips boast an innovative architecture that significantly enhances the performance of AI training tasks, ranging from machine learning algorithms to neural network simulations.

This development addresses a critical need in the rapidly evolving field of AI, where speed and efficiency are paramount for handling complex computations and accelerating breakthroughs in research and development.

These chips are poised to revolutionise the landscape of AI-powered technologies, offering a competitive edge to businesses and researchers alike.

The enhanced processing power enables quicker training of AI models, unlocking the potential for more sophisticated applications such as advanced image recognition, natural language processing, and autonomous systems. As industries continue to embrace AI, the release of these chips underscores AMD’s commitment to pushing the boundaries of technology.

In the race to dominate the AI hardware market, AMD’s latest release positions the company as a formidable player alongside industry giants. As demand for faster and more efficient AI solutions grows, the impact of these chips on the development and deployment of AI applications is expected to be substantial.

The unveiling of these advanced chips not only marks a significant milestone for AMD but also signals a new era in the evolution of AI technologies.