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November 10, 2022, 10:30 PM
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memeorandum
WeSmirchTop News
| Sam Bankman-Fried / @sbf_ftx: |
[Thread] FTX CEO Sam Bankman-Fried apologizes, says he “fucked up” and his priority is “doing right by users”, plans to raise funds and close Alameda, and more — 1) I'm sorry. That's the biggest thing. I fucked up, and should have done better.
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The Block, Axios, CoinDesk, Poker.org, The Block, Reuters, Blockworks, On my Om, Protocol, CoinDesk, Wall Street Journal, Wall Street Journal, VICE, Forkast, Crypto Briefing, Mashable, PC Gamer, SlashGear, Crunchbase News, CNN, Watcher Guru, CoinDesk, Financial Times, Cointelegraph, Fortune, and CNBC
Tweets: @halocrypto, @brian_armstrong, @handlerrich, @sbf_ftx, @sbf_ftx, @jespow, @genesistrading, @sbf_ftx, @autismcapital, @stoolpresidente, @sbf_ftx, @binance, @cz_binance, @sbf_ftx, @zebulgar, @sbf_ftx, @grdecter, @autismcapital, @tier10k, @jerallaire, @p3b7_, @sbf_ftx, @doombergt, @ercwl, @levie, @teo_leibowitz, @loganbartlett, @dogetoshi, @ianthetechie, @wassielawyer, @noahpinion, @hsakatrades, @cryptohayes, @marionawfal, @ryansadams, @cobie, @danprimack, @felixsalmon, @sbf_ftx, @twobitidiot, @zachxbt, @moorehn, @sbf_ftx, @sbf_ftx, @henrytheeth, @tree_of_alpha, and @barryfried1
| Wall Street Journal: |
Source: SBF told investors that Alameda owes FTX ~$10B and FTX extended loans to Alameda using customer funds, describing the decision as a poor judgment call — FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion
More:
Wall Street Journal, Reuters, Sequoia Capital, CNBC, CoinDesk, Ed Zitron's Where's Your Ed At, Slate, Bloomberg, CoinDesk, CoinDesk, Reuters, Fortune, Financial Times, crypto.news, CNN, The Daily Hodl, ETH Daily, Financial Times, Watcher Guru, and Cointelegraph
Tweets: @paoloardoino, @cz_binance, @tier10k, @reptomemmer, @unusual_whales, @deitaone, @aeyakovenko, @paoloardoino, @autismcapital, @danielsloeb1, @ercwl, @zhusu, @deitaone, and @tier10k
| Nikhilesh De / CoinDesk: |
FTX US tells users to close out positions as it may halt trading in days, hours after SBF said FTX US is “100% liquid”; some Tron-linked tokens can be withdrawn — Sam Bankman-Fried said the FTX US entity's users would be able to withdraw all their funds.
More:
The Block, Bloomberg, Axios, Bloomberg, Blockworks, New York Times, Cointelegraph, The Daily Hodl, SlashGear, Decrypt, Buy Bitcoin/Ethereum, Watcher Guru, and CNBC
Tweets: @justinsuntron, @genesistrading, @justinsuntron, @ftx_official, @tackettzane, @ftx_official, @sbf_ftx, @ftx_official, @lawmaster, @dogetoshi, @ftx_official, @tree_of_alpha, @statelayer, @defiyst, @dogetoshi, @cigawrettepacks, @iamdcinvestor, @simondixontwitt, @dogetoshi, @ki_young_ju, @fiskantes, and @justinsuntron
| Tracy Wang / CoinDesk: |
Current and former FTX and Alameda staffers say the Bahamian operation SBF ran with housemates is full of conflicts of interest, nepotism, and lack of oversight — “The whole operation was run by a gang of kids in the Bahamas,” a person familiar with the matter told CoinDesk on condition of anonymity.
More:
New York Times and Noahpinion
Tweets: @sbf_ftx, @hsakatrades, @astro__magic, @adamscochran, @coindesk, @emergemarkets, and @brianroemmele
| Reuters: |
Sources detail FTX's rise and fall: Changpeng Zhao's ~$100M investment in 2019, the souring Binance relationship, Alameda's series of losses in 2022, and more — On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message.
More:
Bloomberg, The Block, The Information, The Verge, CoinDesk, Forbes, Cryptonews, and New York Times
Tweets: @cz_binance, @gainzy222, @snarkyzk, @wublockchain, @hsakatrades, and @cobie
| Kate Clark / The Information: |
Sources: SBF invested $500M+ in Paradigm, Altimeter, Multicoin, and other VCs, including committing $200M to Sequoia; Pitchbook shows he committed $300M to K5 — FTX founder Sam Bankman-Fried was not only a tireless fundraiser from venture capital firms including Paradigm and Sequoia Capital …
More:
Axios, Reuters, and CoinDesk
Tweets: @kateclarktweets, @edzitron, @longshorttrader, @gwestr, @msuiche, @brianbrackeen, @valuehao, @derekmyoung, and @jetjocko
| Nikhilesh De / CoinDesk: |
BlockFi pauses withdrawals and asks users not to deposit to its wallet or interest accounts, saying it can't operate normally amid “lack of clarity” around FTX — BlockFi had made a deal with FTX earlier this year. — Crypto Lender BlockFi said it could not conduct business … | Oliver Knight / CoinDesk: |
More:
Reuters, Bitcoin News, Watcher Guru, and Crypto Daily
Tweets: @whale_alert, @tier10k, @pentosh1, and @whale_alert
| Dan Primack / Axios: |
More:
Moneycontrol, Protocol, Financial Times, Insider, TechCrunch, CNBC, Fortune, and The Guardian
| Alex Heath / The Verge: |
Sources: Twitter's chief privacy officer, CISO, and chief compliance officer have resigned; legal now asks engineers to “self-certify” compliance with FTC rules — Twitter's privacy and security teams are in turmoil after Elon Musk's changes to the service bypassed its standard data governance processes.
More:
Platformer, BBC, Tech Policy Press, Slate, Protocol, The Information, The Register, Reuters, Politico, TechCrunch, NBC News, SlashGear, Forbes, IGN, New York Times, MobileSyrup, and Dark Reading
| Washington Post: |
Twitter employees are concerned by the rapid rollout of features without the security reviews required by the FTC's consent decree reached with Twitter in May — Yoel Roth had become the public face of Twitter's efforts to reassure users and advertisers the service would not become a ‘free-for-all’
More:
Techdirt, CNBC, USA Today, The Guardian, Reuters, Newser, The Hill, TechCrunch, Cybersecurity Dive, and Bloomberg
| Bloomberg: |
Twitter's head of Trust & Safety Yoel Roth resigned on November 10; sources: head of ad sales Robin Wheeler also resigned, but Elon Musk convinced her to stay — Elon Musk, in his first address to Twitter Inc. employees since purchasing the company for $44 billion …
More:
Bloomberg, Silicon Valley Business …, The Hill, TechCrunch, Android Headlines, The Verge, SlashGear, and 9to5Mac
Tweets: @robinw, @kurtwagner8, @caseynewton, @sarahfrier, @sarafischer, @jessicalessin, and @evacide
| Erin Woo / The Information: |
Sources: at an all-hands, Elon Musk told staff that Twitter may have a “net negative cash flow” of billions in 2023 and “bankruptcy is not out of the question” — Elon Musk told Twitter employees on Thursday the company may have a “net negative cash flow of several billion dollars” …
More:
Bloomberg, Los Angeles Times, Insider, Deadline, SiliconANGLE, and MobileSyrup
Tweets: @parismartineau, @zoeschiffer, @sacca, @mikeisaac, @oneunderscore__, and @zoeschiffer
| The Verge: |
Elon Musk says Twitter will not survive “without significant subscription revenue” and that the company needs roughly half of revenue to come from subscriptions — Elon Musk has sent his first email to Twitter employees, warning them to prepare for a “dire” economy and putting an immediate end to remote work.
More:
New York Times, Bloomberg, Gizmodo, Big Technology, The Hill, Ars Technica, and CNBC. Tweets: @kantrowitz
| Kurt Wagner / Bloomberg: |
In his first email to Twitter staff, Elon Musk warns of “difficult times ahead” and bans remote work, saying employees must be in the office 40+ hours per week — New Twitter Inc. owner Elon Musk emailed his workers for the first time late Wednesday to prepare them for …
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CNET, Windows Central, Financial Times, Barron's Online, New York Post, The Hill, CNBC, Observer, The Economic Times, The Verge, BGR, Associated Press, Wall Street Journal, Insider, Financial Times, Engadget, Watcher Guru, Quartz, BBC, and The Week
Tweets: @zoeschiffer, @mikeisaac, @techemails, @kurtwagner8, @gergelyorosz, @dril, @sarahfrier, and @louiseridley
| Sara Fischer / @sarafischer: |
More:
Axios, Vox, Adweek, Observer, The Information, and BuzzFeed News
Tweets: @mshannahmurphy, @nandoodles, @justinhendrix, and @oneunderscore__
| Wall Street Journal: |
Sources: Amazon started a monthslong cost-cutting review of its unprofitable businesses, like its devices unit, which had a $5B+ operating loss in recent years — Review takes a close look at devices unit, which includes Alexa and has had an annual operating loss of $5 billion in some recent years, documents show
More:
Reuters, Financial Times, The Information, Insider, SlashGear, and TechRadar
| Kif Leswing / CNBC: |
Apple plans to launch Emergency SOS with Satellite in November and pay $450M to US companies enabling the texting feature, with the majority going to Globalstar — - Apple said Thursday that it will spend $450 million with U.S. companies including Globalstar to enable its new emergency satellite texting feature.
More:
Apple, Wccftech, iMore, SiliconANGLE, MacRumors, and MobileSyrup
| Kyle Wiggers / TechCrunch: |
After Twitter labels select accounts as “Official”, Elon Musk says he “killed it” and an executive says the label “is still going out” as part of the new Blue — Update: Well, that was fast. The grey checks have begun to disappear following a tweet … | Taylor Hatmaker / TechCrunch: |
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