November 8, 2022, 12:55 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, The Block, Tech Monitor, Wall Street Journal, Finbold, CoinDesk, Protocol, The Economic Times, New York Times, Wall Street Journal, CoinDesk, TechCrunch, Decrypt, Fortune, Slashdot, Financial Times, Cointelegraph, Axios, Reuters, CNBC, CoinGape, Ethereum World News, Crypto Briefing, CryptoPotato, CryptoSlate, Semafor, CryptoGlobe, Trustnodes, Web3 is going just great, Protos, and Nikkei Asia
Tweets: @sbf_ftx, @cz_binance, @sbf_ftx, @sbf_ftx, @chrisfralic, @shaanvp, @robinwigg, @ftx_official, @hsakatrades, @wassielawyer, @thestalwart, @sbf_ftx, @danprimack, @carnage4life, @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, @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, @sbf_ftx, @alex, @carnage4life, @jvillalobos, @zerohedge, @ben_mckenzie, @alex, @tracyalloway, @joonian, @loganbartlett, and @bondhack
Sam Reynolds / CoinDesk:
FTX's FTT drops 20%+ to around $16 as investors fear possible contagion from the collapse of FTX-linked Alameda; Nansen shows FTX outflows reached $450M+  —  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.
Yogita Khatri / The Block:
On-chain data from Ethereum, Tron, and Solana: FTX appears to have stopped processing withdrawal requests, starting at 6:37am ET for ether  —  - Crypto exchange FTX seems to have stopped processing withdrawal requests, according to on-chain data.  — The last outgoing transaction …
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.
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
Jonathan Vanian / CNBC:
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.
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 …
Financial Times:
Sources: responding to a slowing economy and weakening ad market, ByteDance overhauls TikTok's US operations, including demoting general manager Sandie Hawkins  —  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: