November 8, 2022, 1:25 PM

Top News

Binance CEO Changpeng Zhao says the company signed a non-binding LOI to fully acquire 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 and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
More: Bloomberg, New York Times, The Block, The Information, SiliconANGLE, The Verge, Forbes, Wall Street Journal, Blockworks, Tech Monitor, Finbold, CoinDesk, Protocol, The Economic Times, Wall Street Journal, CoinDesk, TechCrunch, Finextra, Semafor, Decrypt, Forbes, Crypto Daily, Fortune, Financial Times, Slashdot, Cointelegraph, Axios, Reuters, CoinGape, CNBC, Ethereum World News, Crypto Briefing, CryptoPotato, CryptoSlate, CryptoGlobe, Monkey Business, Trustnodes, and Web3 is going just great
Tweets: @sbf_ftx, @cz_binance, @sbf_ftx, @sbf_ftx, @chrisfralic, @shaanvp, @robinwigg, @ftx_official, @robinwigg, @hsakatrades, @wassielawyer, @thestalwart, @lizrhoffman, @sbf_ftx, @danprimack, @carnage4life, @algodtrading, @odell, @mattzeitlin, @gladstein, @elliotrades, @cryptoharry_, @dougboneparth, @tracyalloway, @autismcapital, @crypto_chase, @cobie, @nouriel, @litcapital, @shaanvp, @monkeycharts, @sbf_ftx, @timccopeland, @aridavidpaul, @tylercowen, @founderflori, @founderflori, @johnedeaton1, @simondixontwitt, @altcoinpsycho, @cryptohayes, @to, @hodlkryptonite, @hodlkryptonite, @hodlkryptonite, @noahpinion, @lex_node, @0xopaque, @marionawfal, @tomgara, @jillrgunter, @cz_binance, @lhm1, @wassielawyer, @benedictevans, @tier10k, @lawmaster, @autismcapital, @bongcapital, @nkulw, @evgenygaevoy, @thestalwart, @danprimack, @austen, @marionawfal, @abetrade, @olimpiocrypto, @0xhamz, @realmeetkevin, @aridavidpaul, @cryptodonalt, @dylanleclair_, @tensaicapital, @lizrhoffman, @claritytoast, @litcapital, @felixsalmon, @dylanleclair_, @mayazi, @mayazi, @zachweinberg, @epro, @evan_lorenz, @evan_lorenz, @sbf_ftx, @219_eth, @aeyakovenko, @solanaspaces, @pitdesi, @bcbacker, @coldbloodshill, @arpitrage, @peter_tl, @saylor, @paul_griffiths, @levynews, @paul_griffiths, @ericnewcomer, @ljkawa, @claritytoast, @raoulgmi, @bondhack, @lizrhoffman, @ashcryptoreal, @crypto_bitlord7, @marionawfal, @scottmelker, @ericnewcomer, @thinkingusd, @cobie, @dogetoshi, @haralabob, @cobie, @matthewstoller, @buccocapital, @dancow, @buccocapital, @danprimack, @canteringclark, @alistairmilne, @croesus_btc, @asvanevik, @coinmamba, @stoolpresidente, @cryptocapo_, @zachweinberg, @edzitron, @biancoresearch, @pkafka, @jaypinho, @marketsmeowmeow, @edzitron, @hsakatrades, @claritytoast, @tuurdemeester, @ericnewcomer, @seyitaylor, @coffeebreak_yt, @matthewstoller, @tphillips, @lessin, @byzgeneral, @hosseeb, @autismcapital, @stackhodler, @dominic_w, @wublockchain, @hsakatrades, @mrjasonchoi, @aeyakovenko, @adamscochran, @kadhim, @spreekaway, @tuurdemeester, @fiskantes, @silvermanjacob, @elliotrades, @autismcapital, @alexhern, @arthur_0x, @cobie, @thinkingusd, @macnbtc, @allnick, @iamdcinvestor, @ashcryptoreal, @otteroooo, @alex, @carnage4life, @carnage4life, @westcoastbill, @stockmktnewz, @nope_its_lily, @cz_binance, @alex, @carnage4life, @jvillalobos, @zerohedge, @ben_mckenzie, @alex, @tracyalloway, @joonian, @loganbartlett, and @bondhack
Sam Reynolds / CoinDesk:
FTX's FTT drops 45%+ to under $10 as investors fear possible contagion from the collapse of FTX-linked Alameda  —  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.
Andrew Rummer / The Block:
FTX CEO Sam Bankman-Fried says “FTX is fine” as Binance begins selling FTX's FTT token; an Alameda balance sheet leaked on November 2 showed $8B in liabilities  —  - FTX CEO Sam Bankman-Fried insisted his crypto exchange is “fine” after rival Binance announced it would start selling its holdings of FTX's FTT token.
Angus Berwick / Reuters:
In a message to staff, FTX CEO Sam Bankman-Fried says withdrawals on are “effectively paused” after FTX saw $6B in 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 …
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
Alex Heath / The Verge:
Financial Times:
Analysis: Apple's corporate diplomacy in Beijing helped it evade crackdowns and kept its profits above China's tech giants but exposes it 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.
Takashi Mochizuki / Bloomberg:
Nintendo reports Q2 operating profit of ~$809M, up from ~$685M YoY, and cuts its fiscal year Switch sales forecast by 10% to 19M; a weakened yen boosts results  —  Nintendo Co. cut its fiscal-year forecast for Switch console sales by 10% to 19 million after reporting earnings in line with expectations.
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 …
Jane Lanhee Lee / Reuters:
Nvidia offers Chinese customers the A800 GPU, which the company says meets US export control rules, as an alternative to the A100 that the US banned for export  —  U.S. chip maker Nvidia Corp (NVDA.O) said on Monday it is offering a new advanced chip in China that meets recent export control rules aimed …
Joseph Menn / Washington Post:
An investigation shows TrustCor Systems, used by Chrome, Safari, and Firefox as a root certificate authority, has ties to US intelligence and law enforcement  —  TrustCor Systems vouches for the legitimacy of websites.  But its physical address is a UPS Store in Toronto.
Financial Times:
Sources: responding to a slowing economy and ad market, ByteDance overhauls TikTok's US operations, moving general manager Sandie Hawkins to TikTok Shop  —  Chinese-owned social platform makes sweeping leadership changes in its largest market  —  TikTok's US operations are undergoing …
Connie Loizos / TechCrunch:
Q&A with outgoing Y Combinator President Geoff Ralston on his decision to leave the accelerator, its investing capital sources, the market slowdown, and more  —  Last week at Web Summit, we were asked to interview outgoing Y Combinator President Geoff Ralston about the past, present, and future of the popular accelerator program.
Oliver Knight / CoinDesk:
The US DOJ seized 50,676 bitcoins in November 2021, now worth ~$1B, from James Zhong, who pled guilty to wire fraud for taking the coins from Silk Road in 2012  —  The bitcoins, obtained in in 2012, were valued at $3.36 billion when discovered in November; now they're worth $1.04 billion.

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Richard Lawler / The Verge: