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November 10, 2022, 6:30 PM
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memeorandum
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| Sam Bankman-Fried / @sbf_ftx: |
[Thread] FTX CEO Sam Bankman-Fried apologizes, says he “fucked up” and his priority is “doing right by users”, plans to raise funds and close Alameda, and more — 1) I'm sorry. That's the biggest thing. I fucked up, and should have done better.
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Axios, CoinDesk, CoinDesk, The Block, Crunchbase News, Bloomberg, Reuters, PYMNTS.com, On my Om, Wall Street Journal, TechCrunch, New York Post, Gizmodo, CoinDesk, Cointelegraph, Wall Street Journal, VICE, CNBC, The Economic Times, PC Gamer, VICE, Decrypt, Blockworks, Bitcoin News, and CoinDesk
Tweets: @halocrypto, @brian_armstrong, @handlerrich, @sbf_ftx, @sbf_ftx, @genesistrading, @binance, @stoolpresidente, @sbf_ftx, @autismcapital, @zebulgar, @sbf_ftx, @sbf_ftx, @cz_binance, @tier10k, @grdecter, @autismcapital, @sbf_ftx, @p3b7_, @jerallaire, @cryptohayes, @sbf_ftx, @doombergt, @ercwl, @levie, @teo_leibowitz, @ianthetechie, @loganbartlett, @dogetoshi, @wassielawyer, @autismcapital, @noahpinion, @hsakatrades, @marionawfal, @ryansadams, @fintechfrank, @cobie, @danprimack, @molly0xfff, @felixsalmon, @temurdur, @sbf_ftx, @nkulw, @twobitidiot, and @sbf_ftx
| Wall Street Journal: |
Source: SBF told investors that Alameda owes FTX ~$10B and FTX extended loans to Alameda using customer funds, describing the decision as a poor judgment call — FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion| Nikhilesh De / CoinDesk: |
FTX US tells users to close out positions as it may halt trading in days, hours after SBF said FTX US is “100% liquid”; some Tron-linked tokens can be withdrawn — Sam Bankman-Fried said the FTX US entity's users would be able to withdraw all their funds.
More:
Axios, Bloomberg, New York Times, Decrypt, Bloomberg, CoinDesk, Cointelegraph, Buy Bitcoin/Ethereum, Tech Xplore, The Block, and Crypto Briefing
| Reuters: |
Sources detail FTX's rise and fall: Changpeng Zhao's ~$100M investment in 2019, the souring Binance relationship, Alameda's series of losses in 2022, and more — On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message.
More:
The Block, The Information, The Information, Bloomberg, CryptoSlate, Vox, Decrypt, Bloomberg, and Associated Press
Tweets: @cz_binance, @snarkyzk, and @wublockchain
| Bryce Elder / Financial Times: |
Untangling FTX's extremely complex corporate structure, which could pose a problem for liquidators and law enforcement, as the crypto exchange faces bankruptcy — Relationship status: it's complicated — With crypto exchange FTX short $8bn and hurtling towards bankruptcy … | Oliver Knight / CoinDesk: |
Tether freezes FTX's $46M in USDT on the Tron blockchain at the request of law enforcement while an investigation occurs — The stablecoin lost its $1 peg earlier on Thursday. — Stablecoin issuer Tether has frozen $46 million of USDT held on the Tron blockchain by failing crypto exchange FTX following …
More:
Reuters, Crypto Daily, and Blockworks
Tweets: @whale_alert, @tier10k, @pentosh1, and @whale_alert
| Callan Quinn / The Block: |
Binance shares the addresses for its wallets and a snapshot of 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.| Dan Primack / Axios: |
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Insider, TechCrunch, CNBC, Fortune, San Francisco Business Journal, Dot Esports, and The Guardian
Tweets: @sequoia, @thestalwart, @firstadopter, @ashleevance, @dsquareddigest, @lmatsakis, @taylorlorenz, and @pythianism
| Alex Heath / The Verge: |
Sources: Twitter's chief privacy officer, CISO, and chief compliance officer have resigned; legal now asks engineers to “self-certify” compliance with FTC rules — Twitter's privacy and security teams are in turmoil after Elon Musk's changes to the service bypassed its standard data governance processes.| Washington Post: |
Twitter employees are concerned by the rapid rollout of features without the security reviews required by the FTC's consent decree reached with Twitter in May — Yoel Roth had become the public face of Twitter's efforts to reassure users and advertisers the service would not become a ‘free-for-all’
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Techdirt, TechCrunch, Cybersecurity Dive, Ars Technica, The Hill, Protocol, CNBC, PCMag, Deadline, and iMore
Tweets: @b_fung and @emilygorcenski
| Erin Woo / The Information: |
Sources: at an all-hands, Elon Musk told staff that Twitter may have a “net negative cash flow” of billions in 2023 and “bankruptcy is not out of the question” — Elon Musk told Twitter employees on Thursday the company may have a “net negative cash flow of several billion dollars” …
More:
Insider, 9to5Mac, Engadget, Bloomberg, Reuters, The Week, and MobileSyrup
Tweets: @zoeschiffer, @parismartineau, @mikeisaac, @oneunderscore__, @oneunderscore__, @fmanjoo, @zoeschiffer, @matt_levine, @stevekovach, @normative, @owswills, @megawatts55, @peterawolf, @abrahamjoseph, @lisamccray, @wongmjane, @joshuatopolsky, @amir, @thorntonmcenery, @erinkwoo, @ideafaktory, @ivanthek, @green_footballs, @decloet, @metaltxt, @pkafka, @kfury, @oalexanderdk, @lib_crusher, @phil_lewis_, @tvietor08, @marypcbuk, @samfbiddle, @i_zzzzzz, @fmanjoo, @darth, @rmac18, @marypcbuk, @martinsfp, and @pkafka
| Kurt Wagner / Bloomberg: |
In his first email to Twitter staff, Elon Musk warns of “difficult times ahead” and bans remote work, saying employees must be in the office 40+ hours per week — New Twitter Inc. owner Elon Musk emailed his workers for the first time late Wednesday to prepare them for …
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The Economic Times, Wall Street Journal, Associated Press, Insider, SlashGear, iPhone in Canada Blog, Toronto Star, Australian Financial Review, Financial Times, BBC, CNBC, USA Today, and Variety
Tweets: @mikeisaac, @gergelyorosz, @techemails, @dril, @sarahfrier, @mmasnick, @jonrog1, @bobsaietta, @louiseridley, @mmasnick, @dbreunig, @obrien, @tomcoates, @derektmead, and @bbcrosatkins
| The Verge: |
Elon Musk says Twitter will not survive “without significant subscription revenue” and that the company needs roughly half of revenue to come from subscriptions — Elon Musk has sent his first email to Twitter employees, warning them to prepare for a “dire” economy and putting an immediate end to remote work.
More:
New York Times, Bloomberg, CNBC, and Ars Technica
Tweets: @joshuatopolsky, @sarahfrier, and @kantrowitz
| Kif Leswing / CNBC: |
Apple plans to launch Emergency SOS with Satellite in November and pay $450M to US companies enabling the texting feature, with the majority 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.
More:
Apple, Computerworld, PCMag, MobileSyrup, Wccftech, Digital Trends, ZDNet, CNET, Philip Elmer‑DeWitt, and MacRumors
| Wall Street Journal: |
Sources: Amazon started a monthslong cost-cutting review of its unprofitable businesses, like its devices unit, which had a $5B+ operating loss in recent years — Review takes a close look at devices unit, which includes Alexa and has had an annual operating loss of $5 billion in some recent years, documents show
More:
PYMNTS.com, Insider, CNN, The Verge, SiliconANGLE, Financial Times, Fortune, and Investing.com
Tweets: @sebasaherrera, @_katya_long, @priyasideas, @shiraovide, @firstadopter, and @producercities
| Sarah Perez / TechCrunch: |
Google Play expands its third-party billing pilot to the US, Brazil, and South Africa, with Bumble joining Spotify as one of the pilot testers — Google today announced it's expanding its user choice billing pilot, which allows Android app developers to use other payment systems besides Google's own.| 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.
More:
9to5Mac, Macworld, MacRumors, AppleInsider, The Verge, and Insider
Tweets: @therealjoshye and @zeyiyang
| Kyle Wiggers / TechCrunch: |
After Twitter labels select accounts as “Official”, Elon Musk says he “killed it” and an executive says the label “is still going out” as part of the new Blue — Update: Well, that was fast. The grey checks have begun to disappear following a tweet …
More:
Washington Post, The Daily Dot, BleepingComputer, Insider, BGR, SlashGear, and iPhone in Canada Blog
Tweets: @elonmusk, @mcuban, @waemd, @jasonschreier, @esthercrawford, @esthercrawford, @elonmusk, @esqueer_, @mmasnick, @dangeredwolf, @mkbhd, @mattbinder, @fascinated, @alexvtunzelmann, @enichan, and @mds
| Taylor Hatmaker / TechCrunch: |
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TechCrunch, The Verge, PCMag, CNN, Insider, The Verge, VICE, Gizmodo, Livemint, Techdirt, Axios, The Week, Fortune, SlashGear, Variety, and Forbes
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