Techmeme
November 9, 2022, 11:00 PM

Top News

Wall Street Journal:
Binance abandons its rescue acquisition offer for FTX after reviewing FTX's finances, saying “the issues are beyond our control or ability to help”  —  Crypto exchange's decision comes as it conducts due diligence on FTX  —  Sam Bankman-Fried in Talks to Raise More Funding
Bloomberg:
Sources: the SEC and the CFTC are investigating whether FTX.com mishandled customer funds and FTX's relationship with other parts of Sam Bankman-Fried's empire  —  US financial regulators are investigating whether beleaguered crypto-exchange FTX.com properly handled customer funds …
Tanaya Macheel / CNBC:
Major coins are plummeting: bitcoin drops 14%+ to below $16,000, a new low since November 2020, ether drops 17%+ to ~$1,100, and Solana crashes 40%+ to ~$13  —  FTX token plunges as Binance steps in to buy the crypto exchange's non-U.S. unit: CNBC Crypto World
Joshua Oliver / Financial Times:
Dan Primack / Axios:
Sequoia tells investors it is marking down its FTX investment, totaling $213.5M across two funds, to zero dollars, saying it “ran a rigorous diligence process”  —  - Its $150 million of exposure to both FTX and FTX.US in its third global growth fund represents less than 3% of that fund's total capital commitment.
Tom Maloney / Bloomberg:
Sam Bankman-Fried's estimated $15.6B fortune may have been annihilated to ~$1B by the demise of FTX and Alameda, the largest one-day drop for a billionaire yet  —  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.
Shaurya Malwa / CoinDesk:
After FTX's dramatic fall, Binance, Gate.io, KuCoin, Poloniex, Bitget, Huobi, OKX, Deribit, and Bybit pledge to publish their Merkle tree reserve certificates  —  Nine prominent exchanges said they will publish proof-of-their-reserve holdings in the next month.
Kyle Wiggers / TechCrunch:
Taylor Hatmaker / TechCrunch:
Fake Twitter accounts of athletes and other celebrities, some now suspended, are spreading fake announcements and chaos as paid Blue checkmarks become available  —  Elon Musk's mercurial leadership and half-baked product plans are already creating fertile ground for confusion on Twitter.
Sara Fischer / @sarafischer:
Meta:
Mark Zuckerberg says Meta plans to lay off ~13% of its staff, or 11,000+ employees, and cut discretionary spending and extend its hiring freeze through Q1 2023  —  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.
Tom Warren / The Verge:
Microsoft begins to roll out iCloud Photos integration in Windows 11 through an update to the built-in Windows Photos app  —  Microsoft is starting to roll out iCloud Photos integration into Windows 11.  A new update to the Photos app in Windows 11 is now available, which will include …
Mark Gurman / Bloomberg:
Apple limits AirDrop in China on iOS to a 10-minute window for non-contacts after its use in protests; Apple will change the default globally in the coming year  —  Apple Inc. has limited the AirDrop wireless file-sharing feature on iPhones in China after the mechanism was used by protesters to spread images to other iPhone owners.
Frederic Lardinois / TechCrunch:
IBM unveils its Osprey quantum processor with 433 qubits, up from 127 in its 2021 Eagle processor, and plans to hit 4,000+ with its Kookaburra processor in 2025  —  IBM wants to scale up its quantum computers to over 4,000 qubits by 2025 — but we're not quite there yet.

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Dylan Martin / The Register:
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