Techmeme
November 11, 2022, 6:45 AM

Top News

Sam Bankman-Fried / @sbf_ftx:
Nikhilesh De / CoinDesk:
Financial Times:
A look at Sam Bankman-Fried's rise and fall in DC: becoming the face of crypto regulation, proposing bills, and testifying to Congress before FTX collapsed  —  Sam Bankman-Fried sought digital asset legislation and donated heavily to Democrats  —  In less than four years …
Tracy Wang / CoinDesk:
Current and former FTX and Alameda staff describe rampant conflicts of interest, nepotism, and a lack of oversight while SBF ran the companies with housemates  —  “The whole operation was run by a gang of kids in the Bahamas,” a person familiar with the matter told CoinDesk on condition of anonymity.
Nikhilesh De / CoinDesk:
BlockFi pauses withdrawals and asks users not to deposit to its wallet or interest accounts, saying it can't operate normally amid “lack of clarity” around FTX  —  BlockFi had made a deal with FTX earlier this year.  —  Crypto Lender BlockFi said it could not conduct business …
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
Lydia Beyoud / Bloomberg:
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.
Bloomberg:
Twitter's head of Trust & Safety Yoel Roth resigned on November 10; sources: head of ad sales Robin Wheeler also resigned, but Elon Musk convinced her to stay  —  Elon Musk, in his first address to Twitter Inc. employees since purchasing the company for $44 billion …
Elizabeth Lopatto / The Verge:
Twitter reactivates its gray “Official” badge for select high-profile accounts, after a wave of impersonators bought blue checks  —  Okay, so Twitter broke its own verification system by making the blue check — previously a signal that the account had provided information …
Taylor Hatmaker / TechCrunch:
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” …
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.

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