Techmeme
November 10, 2022, 3:01 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 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 …
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.
Joshua Oliver / Financial Times:
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
Tom Maloney / Bloomberg:
Shaurya Malwa / CoinDesk:
Kyle Wiggers / TechCrunch:
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.
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:
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.
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.

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Frederic Lardinois / TechCrunch: