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November 8, 2022, 10:00 PM
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memeorandum
WeSmirchTop News
| Changpeng Zhao / @cz_binance: |
Binance CEO Changpeng Zhao says the company signed a non-binding letter of intent to acquire FTX.com and help cover its liquidity crunch, pending due diligence — This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
More:
Semafor, New York Times, coinbase.com, CoinDesk, Financial Times, Bloomberg, Bloomberg, CoinDesk, The Block, Wall Street Journal, Ed Zitron's Where's Your Ed At, Decrypt, CNBC, Australian Financial Review, TheStreet, Blockworks, TechCrunch, Cointelegraph, Forbes, Watcher Guru, SlashGear, Forkast, The Information, The Good Contributor, BullRun Forever, Reuters, Web3 with TPan, BTC Times, Fortune, The Daily Hodl, Neowin, BetaKit, Bitcoin News, ZyCrypto, CryptoSlate, Washington Post, Mashable, CoinGape, Axios, Finbold, and NewsBTC
Tweets: @sbf_ftx, @shaanvp, @cz_binance, @cz_binance, @sbf_ftx, @ericnewcomer, @sbf_ftx, @thestalwart, @sbf_ftx, @wassielawyer, @fintwit_news, @danprimack, @lizrhoffman, @arthur_0x, @robinwigg, @ftx_official, @chrisfralic, @hsakatrades, @danprimack, @sbf_ftx, @lizrhoffman, @tuurdemeester, @sbf_ftx, @robinwigg, @carnage4life, @hodlkryptonite, @cryptohayes, @lizrhoffman, @algodtrading, @spreekaway, @marketsmeowmeow, @hodlkryptonite, @cobie, @cobie, @ranjanxroy, @tier10k, @autismcapital, @evan_lorenz, @stackhodler, @elliotrades, @asvanevik, @cryptoharry_, @bondhack, @coffeebreak_yt, @odell, @lex_node, @stoolpresidente, @matthewstoller, @bongcapital, @biancoresearch, @arpitrage, @matthewstoller, @peter_tl, @fintechfrank, @byzgeneral, @paul_griffiths, @shaanvp, @buccocapital, @cobie, @tomgara, @tracyalloway, @iamdcinvestor, @cryptodonalt, @tensaicapital, and @cz_binance
| Angus Berwick / Reuters: |
In a message to staff, FTX CEO Sam Bankman-Fried says withdrawals on FTX.com are “effectively paused” after FTX saw ~$6B of net withdrawals in 72 hours — Crypto exchange FTX saw around $6 billion of withdrawals in the 72 hours before Tuesday morning, according to a message …
More:
The Block, Newcomer, Watcher Guru, CNBC, CoinDesk, TechCrunch, and The Block
Tweets: @cz_binance, @sbf_ftx, @thecryptodaddi, and @emilyjnicolle
| Sam Reynolds / CoinDesk: |
FTX's FTT token drops below $5, down ~80% in the past 24 hours, as crypto investors fear possible contagion from the collapse of FTX-linked Alameda Research — The FTT price has declined nearly 14% over the past 24 hours, with Solana's SOL and Serum's SRM taking losses along with bigger cryptocurrencies like bitcoin and ether.
More:
BitDAO, NBC News, Decrypt, Watcher Guru, Bloomberg, The Block, Politico, and CryptoSlate
Tweets: @cz_binance, @benbybit, @starokg, @carolinecapital, @cryptomanran, @sbf_ftx, @vetlelunde, @alex_valaitis, @lookonchain, @milesdeutscher, @cz_binance, @claritytoast, @wublockchain, @asvanevik, @wublockchain, @sheldon_sniper, @dogetoshi, @garyblack00, @emperorbtc, @mikeburgersburg, @milesdeutscher, @thecryptolark, @fintechfrank, @inmortalcrypto, @algodtrading, @bull_bnb, @wizardofsoho, @kacjons, @cryptodonalt, @enjoyoor, @0xboccaccio, @cobie, and @cumberlandsays
| Tanaya Macheel / CNBC: |
Coin Metrics: on November 8, bitcoin fell 12.6% to $18,203 and briefly hit $17,300.80, its lowest level since November 2020; ether dropped 18.2% to $1,311.50 — FTX token plunges as Binance steps in to buy the crypto exchange's non-U.S. unit: CNBC Crypto World
More:
Bloomberg, The Economic Times, Reuters, TheStreet, The Block, Inside Bitcoins, Decrypt, CoinDesk, CryptoSlate, and Blockworks
| Daniel Kuhn / CoinDesk: |
How Binance exacerbated a bank run on FTX before offering to acquire the company, and why the potential deal represents a meteoric fall for Sam Bankman-Fried — Binance, after exacerbating a bank run on rival crypto exchange FTX, offered to buy out the jewel in SBF's crown. — By Daniel KuhnLayer 2
More:
The Information, Bloomberg, CryptoSlate, CNBC, Blockworks, CoinGape, Fortune, Watcher Guru, xuanling11's Free Newsletter, Decrypt, Wccftech, NewsBTC, and TheStreet. Tweets: @lucasnuzzi
| Matt Levine / Bloomberg: |
Questions about FTX's “liquidity crunch” and Binance's offer to buy the smaller exchange, likely for a fraction of its valuation of tens of billions of dollars — CZ vs. SBF — I kind of can't believe this worked? Here are Bloomberg's Philip Lagerkranser and Joanna Ossinger this morning:
More:
TechCrunch, Insider, AMC Theatres, and Ars Technica
| Casey Newton / Platformer: |
Sources: Elon Musk pitched charging most or all Twitter users for a subscription; internal estimates show Blue could lose the company ~$6/user/month in the US — Will he go through with it? PLUS: Botched layoffs, how the new Blue could lose money, and more
More:
Compact Magazine, Techdirt, Mashable, CNBC, Insider, and Social Media Today
| Jay Peters / The Verge: |
Twitter plans to label select accounts “Official” when the new Blue launches; not all previously verified accounts will get the label, which won't be for sale — Twitter is rolling out another type of check mark to help distinguish accounts that users actually need to know are real.
More:
Mercury News, CNN, Livemint, The Guardian, Reuters, Engadget, XDA Developers, CNET, 9to5Mac, Android Central, Digital Trends, iPhone in Canada Blog, CNBC, Comic Book, and SlashGear
| Wall Street Journal: |
Sources: Mark Zuckerberg told Meta staff that layoffs begin on November 9, he is accountable for missteps, and his overoptimism about growth led to overstaffing — Meta Platforms Inc. will begin laying off employees on Wednesday morning, Chief Executive Mark Zuckerberg told hundreds of executives on Tuesday.
More:
SiliconANGLE, Silicon Valley Business …, PYMNTS.com, Insider, Platformer, The Guardian, Fortune, CNN, Protocol, 9to5Mac, Reuters, Neowin, Livemint, The Block, and The Information
| Stephanie Bodoni / Bloomberg: |
The European Commission opens an in-depth investigation into Microsoft's proposed $69B Activision Blizzard acquisition and sets a March 23 decision deadline — Microsoft Corp.'s proposed $69 billion takeover of games developer Activision Blizzard Inc. faces an in-depth European Union probe …
More:
European Commission, The Verge, Reuters, Washington Post, Wall Street Journal, SlashGear, CNN, TechCrunch, OnMSFT.com, Engadget, BigTechWire, FOSS Patents, and Game Rant
Tweets: @tomwarren, @leadergrev, @charlieintel, @shannon_liao, @andyplaytonic, and @charlieintel
| Thomas Germain / Gizmodo: |
Research suggests Apple collects data about iPhone usage even when the iPhone Analytics setting to “disable the sharing of Device Analytics altogether” is off — For all of Apple's talk about how private your iPhone is, the company vacuums up a lot of data about you. iPhones … | Lauren Forristal / TechCrunch: |
Disney hit 235.7M global streaming subscribers in its Q4, above Netflix's 223.1M in its Q3; Disney+ had 164.2M subscribers, Hulu had 47.2M, and ESPN+ had 24.3M — Disney reported results for the final quarter of its 2022 fiscal year today, revealing a total of 164.2 million Disney+ global subscribers …
More:
The Walt Disney Company, CBS News, PYMNTS.com, Thurrott, Los Angeles Times, The Verge, The Information, The Hollywood Reporter, Reuters, Agence France-Presse, Adweek, CNN, Benzinga, New York Times, BBC, Axios, The Wrap, Yahoo Finance, Wall Street Journal, Wall Street Journal, Associated Press, MarketWatch, IndieWire, Deadline, Light Reading, Financial Times, Bloomberg, IGN, CNBC, Variety, CNBC, and The Streamable
| Umar Shakir / The Verge: |
Zoom releases Mail and Calendar clients in beta as part of its Zoom One interface, announces an AI-powered Zoom Virtual Agent chatbot coming in 2023, and more — Available as a beta release, the Outlook-like Mail and Calendar will slot neatly into the company's new unified Zoom …
More:
Zoom Blog, Zoom Blog, BigTechWire, SiliconANGLE, PCWorld, Neowin, Engadget, and BGR
Tweets: @zoom and @newsynick
| Kollen Post / The Block: |
The SEC wins its lawsuit arguing that decentralized publishing platform LBRY's token is subject to regulatory oversight, in a blow to crypto token issuance — - A New Hampshire district court has ruled against decentralized publishing platform LBRY in a legal battle with the SEC.
More:
CoinDesk, SEC.gov, Reuters, The Information, Reclaim The Net, Reuters, and FX Empire
Tweets: @attorneyjeremy1, @lex_node, @johnedeaton1, @lbrycom, @lbrycom, @jeremykauffman, @drnicka, and @lex_node
| Mark Gurman / Bloomberg: |
Sources: turnover has hindered Apple's search for a new head of product design, leaving few obvious candidates for a department still in Jony Ive's shadow — Turnover at Apple Inc. has hindered efforts to replace the head of product design, leaving a gaping hole at the helm of a prominent team that's …
More:
MacRumors and Patently Apple
| Lawrence Abrams / BleepingComputer: |
Microsoft releases 68 security fixes, including patches for six actively exploited Windows zero-day flaws and 11 vulnerabilities classified as Critical — Today is Microsoft's November 2022 Patch Tuesday, and with it comes fixes for six actively exploited Windows vulnerabilities and a total of 68 flaws.| Jon Keegan / The Markup: |
A look at data brokers selling “comprehensive” profiles of potential voters to campaigns, including phone geolocation data gleaned from real-time auctions — Before you got in line on Election Day, the emerging and largely unregulated political tracking industry was able to trace your movements| Kollen Post / The Block: |
The US Treasury's Office of Foreign Asset Control adds a designation to Tornado Cash that ties the crypto mixer to North Korea's nuclear weapons program — - The Treasury has re-designated Tornado Cash, tying the decentralized crypto mixer to North Korea's nuclear weapons program.| Takashi Mochizuki / Bloomberg: |
Nintendo reports Q2 operating profit of ~$809M, up from ~$685M YoY, thanks to a weakened yen, and cuts its fiscal year Switch sales forecast by 10% to 19M — Nintendo Co. shares fell as much as 6% on Wednesday after the company cut its fiscal-year forecast for Switch console sales by 10% to 19 million.
More:
Nintendo Investor Relations, The Verge, Reuters, GamingBolt, and Kotaku
Tweets: @6d6f636869, @6d6f636869, @6d6f636869, and @andresegers
| Ingrid Lunden / TechCrunch: |
NYC-based Laika, which offers companies an automated security compliance service, raised a $50M Series C led by Fin Capital, bringing its total funding to $98M — Compliance with privacy and security frameworks like SOC 2, HIPAA and GDPR has become a central component not just of how … | Financial Times: |
Analysis: corporate diplomacy in China let Apple evade the tech crackdown and profit more than local tech giants, but exposes the company to supply chain shocks — The most profitable tech company operating in China is not a homegrown internet giant such as Alibaba or Tencent, but California-based Apple.| Divya Balji / Bloomberg: |
Coinbase's stock closes down 10.78% and Robinhood Markets closes down 19.04% as the Binance-FTX deal spotlights the challenges facing the $1T crypto industry — Robinhood Markets Inc. tumbled by the most in more than a year after Binance Holdings Ltd. agreed to acquire Sam Bankman-Fried's …
More:
Decrypt, The Block, and CryptoPotato
Tweets: @brian_armstrong, @brian_armstrong, @brian_armstrong, and @brian_armstrong
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