November 9, 2022, 3:40 PM

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 ~$17,000, 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
Sources: the SEC and CFTC are investigating over handling customer funds and its relationship with other parts of Sam Bankman-Fried's empire  —  US financial regulators are investigating whether beleaguered crypto-exchange properly handled customer funds …
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 …
Kyle Wiggers / TechCrunch:
After rolling out Twitter's “Official” label to select high-profile accounts, Elon Musk says he “killed it” in a reply to YouTuber MKBHD  —  Update: Well, that was fast.  The grey checks have begun to disappear following a tweet from Twitter CEO Elon Musk implying …
Becky Peterson / The Information:
Report: Twitter filed to register with the US Treasury to process payments; source: Twitter is working on a product that accepts cryptocurrencies including DOGE  —  Twitter is taking steps to launch a payment processing product that could put it into competition with PayPal.
Sara Fischer / @sarafischer:
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.
Shaurya Malwa / CoinDesk:
In the wake of FTX's dramatic fall, Binance,, KuCoin, Poloniex, Bitget, Huobi, and OKX pledge to release their Merkle tree reserve certificates  —  Nine prominent exchanges said they will publish proof-of-their-reserve holdings in the next month.  —  Crypto exchanges are now scrambling …
Tom Maloney / Bloomberg:
Sam Bankman-Fried's estimated $15.6B fortune has been eviscerated in days by the demise of FTX and Alameda, dropping to ~$1B, the largest one-day collapse ever  —  Just weeks ago, Sam Bankman-Fried was considered crypto's version of John Pierpont Morgan, willing to throw around his massive fortune to save the industry.
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 …
Rebecca Elliott / Wall Street Journal:
Filings: after buying Twitter for $44B, Elon Musk sold 19.5M Tesla shares, worth almost $4B, from November 4 to 8, leaving him with a roughly 14% stake  —  The sale of 19.5 million shares this month in the electric-vehicle maker follows sales in April and August
Ernesto Van der Sar / TorrentFreak:
Italian court upholds a ban against Cloudflare resolving DNS queries for three torrent sites, after Cloudflare appealed that the ban would impact users globally  —  The Court of Rome has confirmed that Cloudflare must block three torrent sites through its public DNS resolver.
Muyao Shen / Bloomberg:
DeFi Llama: the total value locked in DeFi has dropped by 12%+ in the past day, after hovering around $50B to $60B since June 2022 and $180B+ in December 2021  —  Decentralized finance is feeling the pain of Binance's proposed takeover of, with investors yanking cash from projects …
More: Blockworks and CoinDesk

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