Techmeme
November 10, 2022, 7:05 AM

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 leaves FTX with uncertain future as it faces multibillion-dollar shortfall  —  Sam Bankman-Fried in Talks to Raise More Funding
More: Sequoia Capital, CoinDesk, Bloomberg, New York Times, Decrypt, The Block, CoinDesk, CoinDesk, Reuters, Reuters, CNBC, Deadline, Cointelegraph, Whitespace, Trustnodes, Coinspeaker, CryptoPotato, Ethereum World News, Blockworks, crypto.news, BBC, Crypto Daily, Protocol, Watcher Guru, CoinJournal, CryptoSlate, MediaNama, Bloomberg, Reuters, Coinpedia Fintech News, CoinGape, DealStreetAsia, Financial Times, and Silicon Canals
Tanaya Macheel / CNBC:
Major coins are plummeting: Solana crashes 40%+ 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
Dan Primack / Axios:
Sequoia tells investors 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.
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.
Gillian Tan / Bloomberg:
Source: Sam Bankman-Fried told investors that FTX needs a cash injection or the company would need to file for bankruptcy due to a shortfall of up to $8B  —  Sam Bankman-Fried told FTX.com investors on Wednesday that without a cash injection the company would need to file for bankruptcy …
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 …
Shaurya Malwa / CoinDesk:
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.
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.
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 …
Sara Fischer / @sarafischer:
[Thread] Elon Musk tells advertisers in a Spaces chat that Twitter plans to improve ad relevance, he will pay to verify brands if they don't want to, and more  —  1/ Live tweeting @elonmusk Twitter spaces w advertisers: Q: What's biggest learning so far? —"The overarching goal here is, how can we make Twitter a force for good in civilization?" —"We want to be in rigorous pursuit of the truth, to be somewhat in the business of truth"
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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