Techmeme
November 9, 2022, 10:40 AM

Top 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.
Joshua Oliver / Financial Times:
Memo: Binance CEO Changpeng Zhao says FTX's near collapse “severely” shook confidence in the crypto industry, offers some deal details, and halts FTT sales  —  Changpeng Zhao tells employees that the bailout of its chief rival is ‘not a win’  —  The near collapse of FTX has …
Shaurya Malwa / CoinDesk:
In the wake of FTX's dramatic fall, Binance, Gate.io, KuCoin, Poloniex, Bitget, Huobi, and OKX pledge to release their Merkle tree reserve certificates  —  Over seven crypto exchanges will publish proof of their reserve holdings in the next month.  —  Crypto exchanges are now scrambling …
Daniel Kuhn / CoinDesk:
Helen Partz / Cointelegraph:
Meta:
Mark Zuckerberg says Meta plans to lay off 13% of its staff, or 11,000+ employees, and will cut discretionary spending and extend its hiring freeze through Q1  —  Mark Zuckerberg just shared the following with Meta employees:  —  Today I'm sharing some of the most difficult changes we've made in Meta's history.
Tanaya Macheel / CNBC:
Solana crashes 30%+ to ~$18; bitcoin falls ~10% to ~$17,600 and briefly hit $17,300 on November 8, its lowest since November 2020; ether drops 15% to ~$1,250  —  FTX token plunges as Binance steps in to buy the crypto exchange's non-U.S. unit: CNBC Crypto World
Jay Peters / The Verge:
Twitter begins labeling select accounts “Official” as part of its Blue update; 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.
Frederic Lardinois / TechCrunch:
IBM announces its Osprey quantum processor with 433 qubits, up from 127 qubits in the 2021 Eagle processor, and plans to hit 4,000 qubits by 2025  —  IBM wants to scale up its quantum computers to over 4,000 qubits by 2025 — but we're not quite there yet.  For now, we have to make do with …
Dylan Martin / The Register:
Intel announces a new Xeon CPU family and updated data center GPUs, both part of the Max Series lineup, set to arrive in early 2023  —  x86 giant goes all-in with high-bandwidth memory  —  Intel's latest plan to ward off rivals from high-performance computing workloads involves a CPU …
Rebecca Elliott / Wall Street Journal:
Filings: after taking over Twitter, Elon Musk sold 19.5M Tesla shares, worth almost $4B, between November 4-8; Musk retains a roughly 14% stake in Tesla  —  The sale of 19.5 million shares this month in the electric-vehicle maker follows sales in April and August

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