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November 10, 2022, 8:10 PM
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memeorandum
WeSmirchTop News
| 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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Reuters, Axios, CoinDesk, Blockworks, Protocol, The Block, The Verge, On my Om, Crunchbase News, Bloomberg, PYMNTS.com, Wall Street Journal, VICE, Wall Street Journal, Watcher Guru, Bitcoinist.com, Cointelegraph, Gizmodo, Crypto Adventure, PC Gamer, CNN, TechCrunch, CoinDesk, CNBC, New York Post, VICE, CoinDesk, New York Times, and CoinDesk
Tweets: @halocrypto, @brian_armstrong, @handlerrich, @sbf_ftx, @sbf_ftx, @genesistrading, @jespow, @sbf_ftx, @stoolpresidente, @binance, @autismcapital, @sbf_ftx, @cz_binance, @sbf_ftx, @zebulgar, @tier10k, @grdecter, @autismcapital, @jerallaire, @sbf_ftx, @p3b7_, @sbf_ftx, @doombergt, @ercwl, @levie, @teo_leibowitz, @ianthetechie, @loganbartlett, @dogetoshi, @cryptohayes, @wassielawyer, @noahpinion, @hsakatrades, @marionawfal, @ryansadams, @cobie, @danprimack, @autismcapital, @felixsalmon, @sbf_ftx, @twobitidiot, @zachxbt, @henrytheeth, @sbf_ftx, @goodalexander, @sbf_ftx, @tree_of_alpha, @barryfried1, @bongcapital, and @jungleincxrp
| 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
More:
Reuters, Wall Street Journal, Sequoia Capital, Reuters, CNBC, CoinDesk, CoinDesk, Reuters, Ed Zitron's Where's Your Ed At, Bloomberg, Blockworks, New York Times, CNN, Watcher Guru, Financial Times, Cointelegraph, Fortune, Financial Times, The Verge, and CryptoSlate
Tweets: @paoloardoino, @cz_binance, @tier10k, @reptomemmer, @unusual_whales, @deitaone, @aeyakovenko, @paoloardoino, @autismcapital, @danielsloeb1, @ercwl, @zhusu, @deitaone, @tier10k, @0xfoobar, and @punk6529
| 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positions as it may halt trading in days, hours after SBF said FTX US is “100% liquid”; some Tron-linked tokens can be withdrawn — Sam Bankman-Fried said the FTX US entity's users would be able to withdraw all their funds.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:
The Block, Bloomberg, Bloomberg, Axios, Bloomberg, Decrypt, New York Times, Watcher Guru, Cointelegraph, Buy Bitcoin/Ethereum, CoinDesk, Decrypt, and Cointelegraph
| 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, New York Times, CoinDesk, Bloomberg, The Information, Forbes, The Information, Cryptonews, CryptoSlate, Vox, Bloomberg, and Gizmodo
Tweets: @cz_binance, @gainzy222, @snarkyzk, @wublockchain, @hsakatrades, @cobie, @permequity, @tree_of_alpha, and @felixsalmon
| 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 …
Tweets: @bondhack
| Kate Clark / The Information: |
Sources: SBF invested $500M+ in Paradigm, Altimeter, Multicoin, and other VCs, including committing $200M to Sequoia; Pitchbook shows he committed $300M to K5 — FTX founder Sam Bankman-Fried was not only a tireless fundraiser from venture capital firms including Paradigm and Sequoia Capital …
More:
Axios
| Oliver Knight / CoinDesk: |
More:
Reuters, Crypto Daily, Watcher Guru, and crypto.news
Tweets: @whale_alert, @tier10k, @pentosh1, and @whale_alert
| Dan Primack / Axios: |
More:
Protocol, Financial Times, Moneycontrol, Insider, TechCrunch, Bitcoin News, Fortune, CNBC, Dot Esports, The Guardian, The Information, and Wall Street Journal
Tweets: @sequoia, @thestalwart, @firstadopter, @ashleevance, @dsquareddigest, @lmatsakis, @taylorlorenz, @eliotwb, and @tarunchitra
| 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.
More:
Platformer, Tech Policy Press, Protocol, The Information, Reuters, Politico, The Record, IGN, New York Times, TechCrunch, MobileSyrup, Dark Reading, Forbes, The Register, and NBC News
| 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’
More:
Techdirt, The Guardian, CNBC, TechCrunch, Cybersecurity Dive, Ars Technica, Protocol, The Hill, iMore, Reuters, Deadline, and Bloomberg. Tweets: @b_fung
| Bloomberg: |
Source: Twitter's head of Trust & Safety Yoel Roth and head of ad sales Robin Wheeler resigned on November 10 — Elon Musk, in his first address to Twitter Inc. employees since purchasing the company for $44 billion, said that bankruptcy was a possibility if it doesn't start generating more cash …
More:
TechCrunch, The Hill, San Francisco Business Journal, 9to5Mac, The Verge, and SiliconANGLE
Tweets: @caseynewton, @kurtwagner8, @sarahfrier, @evacide, @jessicalessin, and @sarafischer
| 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, Bloomberg, Deadline, and MobileSyrup
Tweets: @parismartineau, @zoeschiffer, @sacca, @oneunderscore__, @mikeisaac, @zoeschiffer, and @amir
| 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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CNET, Fortune, New York Post, The Hill, The Economic Times, Wall Street Journal, Associated Press, Engadget, CNBC, Quartz, Watcher Guru, The Week, Insider, Financial Times, BBC, SlashGear, iPhone in Canada Blog, Toronto Star, Variety, Neowin, Australian Financial Review, and The Verge
Tweets: @zoeschiffer, @mikeisaac, @techemails, @gergelyorosz, @dril, @kurtwagner8, @chrischirp, @chrischirp, @sarahfrier, @louiseridley, and @acthomasca
| 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, Gizmodo, Big Technology, The Hill, Ars Technica, and CNBC. Tweets: @kantrowitz
| Sara Fischer / @sarafischer: |
More:
Axios, Vox, The Information, Adweek, Engadget, and BuzzFeed News
Tweets: @mshannahmurphy, @nandoodles, @justinhendrix, @sarafischer, and @oneunderscore__
| 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, Wccftech, MobileSyrup, MacRumors, and Computerworld
| 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, Social Media Today, Accidental Philosophy, BGR, Insider, SlashGear, and iPhone in Canada Blog
Tweets: @jasonschreier, @mcuban, @waemd, @esthercrawford, @esthercrawford, @elonmusk, @esqueer_, @mmasnick, @dangeredwolf, @mattbinder, @mkbhd, @alexvtunzelmann, @enichan, @fascinated, @mds, @caseynewton, and @levie
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