Techmeme
November 9, 2022, 11:23 AM

Top News

Ian Allison / CoinDesk:
Source: after looking at FTX's data and loan commitments, Binance is highly likely to scrap its acquisition; FTX was turned down by Coinbase, OKX, and others  —  Backing out would be one more stunning development in the collapse of Sam Bankman-Fried's crypto empire.
Tanaya Macheel / CNBC:
Major coins are plummeting: Solana crashes 40%+ to under $17, bitcoin drops 10%+ to ~$17,100, its lowest since November 2020, and ether drops 20%+ to ~$1,150  —  FTX token plunges as Binance steps in to buy the crypto exchange's non-U.S. unit: CNBC Crypto World
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 …
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.
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 …
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.
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 …
Nilay Patel / The Verge:
An interview with CEO Dylan Field on scaling Figma, selling the company to Adobe, retaining autonomy, WebGL, making VR Figma for the metaverse, AGI, and more  —  We also talk about AI and VR — but we know why you're here. … Dylan Field is the co-founder and CEO of Figma …
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 …
Financial Times:
Sources: TikTok cut its 2022 revenue target from $12B-$14.5B to ~$10B in September, as some staff complain of overspending on salaries, social events, and more  —  Fast-growing social platform cuts ambitious goals by 20% as some staff complain of lavish spending

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