Techmeme
November 10, 2022, 10:32 AM

Top News

@sbf_ftx:
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 leaves FTX with uncertain future as it faces multibillion-dollar shortfall  —  Sam Bankman-Fried in Talks to Raise More Funding
Reuters:
Sources detail FTX's rise and fall: CZ's ~$100M investment in 2019, deteriorating relationship with Binance, significant losses at Alameda in 2022, and more  —  On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message.
Oliver Knight / CoinDesk:
Tether freezes FTX's $46M in USDT on the Tron blockchain at the request of law enforcement while investigations occur  —  Tether received the request to freeze assets while an investigation occurs.  —  Stablecoin issuer Tether has frozen $46 million of USDT held on the Tron blockchain …
Bryce Elder / Financial Times:
As FTX faces bankruptcy, an attempt to untangle its extremely complex corporate structure, which could pose a problem for liquidators and law enforcement  —  Relationship status: it's complicated  —  With crypto exchange FTX short $8bn and hurtling towards bankruptcy …
Dan Primack / Axios:
Sequoia tells partners the firm marked down its FTX investment of $213.5M across two funds to $0, saying it “ran a rigorous diligence process” before investing  —  - 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.
Gillian Tan / Bloomberg:
Source: citing an $8B shortfall, Sam Bankman-Fried told investors that FTX needs a cash injection or the company will need to file for bankruptcy  —  Sam Bankman-Fried told FTX.com investors on Wednesday that without a cash injection the company would need to file for bankruptcy …
Tanaya Macheel / CNBC:
Major coins are plummeting: Solana crashes 30%+ to ~$14, bitcoin drops 14%+ to below $17,000, a new low since November 2020, and ether drops 17%+ to ~$1,200  —  FTX token plunges as Binance steps in to buy the crypto exchange's non-U.S. unit: CNBC Crypto World
Shaurya Malwa / CoinDesk:
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.
Kyle Wiggers / TechCrunch:
Kurt Wagner / Bloomberg:
In his first email to Twitter staff, Elon Musk warns of “difficult times ahead” and ends remote work policies, saying employees should be in 40+ hours per week  —  New Twitter Inc. owner Elon Musk emailed his workers for the first time late Wednesday to prepare them for …
Mark Gurman / Bloomberg:
Apple limits iOS' AirDrop in China for receiving files from non-contacts to 10 minutes after its use in protests, and plans to change the global default in 2023  —  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.
Kif Leswing / CNBC:
Apple plans to launch Emergency SOS with Satellite in November and invest $450M in US companies to support the infrastructure, with most going to Globalstar  —  - Apple said Thursday that it will spend $450 million with U.S. companies including Globalstar to enable its new emergency satellite texting feature.
Gian M. Volpicelli / Wired:
Law enforcement officers specializing in cryptocurrency investigations are leaving government agencies to join companies like Binance, Coinbase, and Chainalysis  —  Hunting down crypto criminals is a dying art as law enforcement officers jump in-house.  —  In the course of a decade …

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Sara Fischer / @sarafischer: