The most high-profile events from last week in the field of affiliate marketing in one place. Here and now! Enjoy reading!
The FTX Collapse
On November 10, the collapse of the second largest FTX crypto exchange occurred, according to numerous reports, the exchange was unable to return at least $1 billion of its customers' funds.
Sources claimed that these funds were part of $10 billion in client funds that FTX founder Sam Bankman-Fried secretly transferred to Alameda Research, a hedge fund he owns.
The 30-year-old Bankman-Fried was a prominent contributor to the Democratic Party, his net worth was once $17 billion, and he had goals to shape how the world, especially politicians in Washington, DC, see cryptocurrency.
But the FTX digital currency, FTT, collapsed within a few days. Investors, in particular Binance, the largest cryptocurrency exchange, have learned that Almeda stores most assets in FTT, which makes the company vulnerable to fluctuations in the value of the currency. Changpeng Zhao of Binance, a crypto star in his own right, announced that his company will liquidate its FTT, which will eventually lead to a drop in the price of the token. FTX announced its bankruptcy on Friday, and Bankman-Fried resigned.
In an interview published by Bloomberg on Saturday, US Treasury Secretary Janet Yellen said that the fiasco confirmed her opinion that the cryptocurrency needs “very careful regulation.”
“It shows the weakness of this whole sector,” Yellen said. She noted that clients' assets are divided on regulated exchanges, saying: “The idea that you could use the deposits of exchange clients and lend them to a separate enterprise that you control to make risky investments with borrowed funds would be unacceptable.”
Yellen also said, “At least it's not deeply integrated with our banking sector and at the moment does not pose broader threats to financial stability.”
Now the entire crypto market is under attack, including concerns about the placement of affiliate offers. Coinbase, Binance, ByBit, and others are under attack and may soon be checked by market regulators.
Gate.io on the Verge of Bankruptcy
Gate.io is among the twenty most popular platforms for cryptocurrency trading. Gate also offers profitable affiliate offers to attract traffic to its platform. This week Crypto.com confessed that they "accidentally" sent 320,000 ETH to the Gate.io exchange wallet exactly when Gate io was auditing its reserves.
After Gate.io conducted an audit of reserves, the exchange sent 320,000 ETH back to Crypto. com. According to one version, 320,000 ETH were certified as a reserve of the exchange, and then this money was sent back, which indicates a hole in the budget for $300-$400 million. According to another version, the audit was conducted earlier than these suspicious transfers between exchanges occurred — on October 19
CZ also spoke out on the topic: "If an exchange has to move large amounts of cryptocurrency before or after they show their wallet addresses, this is a clear sign of problems. Stay away from it"
An obvious conclusion and advice that everyone should learn for themselves: do not keep money on exchanges!
Instagram Launches Content Calendar
After several weeks of testing the new post-planning feature on the app, Instagram is all set to make post-planning on the app available to all professional accounts.
Any user with a professional account will be able to plan regular publications, reels, and videos 75 days ahead.There is now an opportunity to plan Instagram posts using the Creator Studio platform, but this news will simplify the planning process, and also include the ability to schedule videos.
You can already schedule the release of Reels by opening the "Advanced Settings" tab and selecting "schedule this publication", where you can then select the date and time.
Testing the message scheduling function has been going on for the last few weeks, and the official launch started today. At the moment, this feature is only available for professional accounts, and there are no details yet about the planned implementation for personal accounts.
Reduction of Gambling Advertising At The World Cup
The French gambling regulator l'Autorité Nationale des Jeux (ANJ), reported that several gambling operators and advertising companies in the country have committed to reducing the number of advertisements shown during the World Cup in the country.
The parties involved were required to sign four charters, committing to reduce the number of broadcast advertisements from four to three per commercial break. These agreements apply to advertising on television, advertising banners and billboards, radio, and digital media. It is believed that too much gambling advertising has appeared in France.
One of the charters prescribes that gambling advertising should not be placed near schools or gambling treatment centers, while the fourth provides for several responsible conditions for gambling, including a ban on gambling advertising aimed at minors and vulnerable people. Also, advertising banners at public transport stations will be significantly reduced
“After Euro 2020, ANGE initiated an ambitious action plan to mitigate the content of gambling advertising and the advertising pressure to which the audience is exposed. A few days before the start of the World Cup, the signing of these charters in the spirit of joint regulation is a strong signal from all interested players to promote responsible advertising," said ANJ President Isabelle Falk-Pierrotin.
California Rejected a Proposal To Regulate Sports Betting
The midterm elections in the United States led to the rejection of California's proposals on sports betting. In the USA, the midterm elections in the USA have ended, in addition to electing candidates for the next two years. Among the issues put to the vote were two questions regarding sports betting from California.
Both votes were in favor of legalizing sports betting in the state, but with different measures: Proposition 26 would have legalized sports betting on tribal lands and horse racing with a 10% tax for the state derived from profits. Proposition 27 would legalize online sports betting and charge operators $100 million for a five-year license plus a $10 million renewal fee.
According to iGaming Business: “The failures of both proposals are a major setback in the expansion of sports betting in the United States, which has increased dramatically in the years since the Supreme Court's decision in Murphy v. NCAA overturned the Professional and Amateur Sports Protection Act of 1992 (PASPA), allowing sports betting to spread throughout the country.”
Elon Musk Fired 50% of Employees
As reported by Reuters, Twitter has reduced the number of employees by 50% — the last layoffs occurred in the departments for protection from disinformation (about 15% of employees were cut).
However, it is quite difficult to understand the real state of affairs in the company now. NBC, for example, states that most of the dismissed employees just worked in the department for the moderation of "fakes".
Considering that Musk previously wanted to lay off 75% of the staff, the massive influx of Twitter employees to the labor exchanges is just beginning. Some of them are not going to put up with the large-scale transformation of the company from a billionaire and have already filed a lawsuit.
As reported by The Verge, one Twitter employee wrote: “Elon has shown that his only priority in dealing with Twitter users is their monetization. I don't believe he cares about human rights defenders. Dissidents, our users in regions that cannot be monetized, and all the other users who have turned Twitter into the global city square that you all have been building for so long and that we all love.”
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