Techmeme
November 10, 2022, 9:00 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
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
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.
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 …
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 …
Callan Quinn / The Block:
Binance shares addresses for its wallets and details its holdings: 475K BTC, 4.8M ETH, 17.6B USDT, 21.7B BUSD, 601M USDC, 58M BNB, and a $1B SAFU fund  —  - Binance has released the addresses of its hot and cold wallets.  — It provided a snapshot of its current holdings.
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 …
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.
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"
Cameron Thompson / CoinDesk:
OpenSea plans to continue to enforce NFT royalties on its platform, after X2Y2, Magic Eden, and LooksRare altered their NFT royalty structures  —  “The world is otherwise burning, but we decided this couldn't wait,” a representative from OpenSea told CoinDesk.
Tweets: @opensea
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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Frederic Lardinois / TechCrunch: