November 10, 2022, 5:40 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, Bloomberg, New York Times, CoinDesk, CoinDesk, Reuters, CNBC, Decrypt, The Block, Reuters, CoinDesk, The Block, Bloomberg, Trustnodes, Whitespace, Crypto Daily, Blockworks,, Watcher Guru, CoinJournal, Protocol, MediaNama, Coinpedia Fintech News, Forkast, Reuters, Reuters, The Crypto Basic, Cryptonews, DealStreetAsia, Bitwise Investments, Micky, Silicon Canals, The Information, NullTX, Australian Financial Review, and Hacker Noon
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.
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  —  Nov 10 (Reuters) - (This story contains language some readers may find offensive in paragraph 2)
Sources: the SEC and the CFTC are investigating whether 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 properly handled customer funds …
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 investors on Wednesday that without a cash injection the company would need to file for bankruptcy …
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.
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.
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"
James Vincent / The Verge:
Washington Post:
A look at Birdwatch, soon to be renamed Community Notes, as Twitter scales back professional debunkings: 194 people submitted notes posted in the past month  —  In private chats, a cadre of volunteers is shaping a new approach to misinformation — one Elon Musk has endorsed as he scales back on professional debunkings

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Frederic Lardinois / TechCrunch: