November 11, 2022, 2:30 PM

Top News

MacKenzie Sigalos / CNBC:
FTX, FTX US, and Alameda file for Chapter 11 bankruptcy in the US; Sam Bankman-Fried resigns as CEO  —  - Sam Bankman-Fried's cryptocurrency exchange FTX has filed for bankruptcy.  — Alameda Research and approximately 130 additional affiliated companies are part of the voluntary proceedings.
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 …
Zane Tackett / @tackettzane:
[Thread] FTX's former Institutional Sales head looks at its balance sheet and options, including bankruptcy or issuing a token, and their pros and cons  —  1/I obviously have 0 say at this point, but hey, interested to hear others' thoughts: Two options: A) bankruptcy B) token [THESE ARE NOT CONCRETE NUMBERS] Liabilities: -8.8bn Liquid assets: 900m Less liquid: 2.037bn Illiquid: 3.2bn liquid hole: -7.9bn illiquid hole: -2.66bn
Wall Street Journal:
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 …
Washington Post:
Internal note: Twitter has temporarily disabled sign-ups for Twitter Blue to “help address impersonation issues” affecting brands, politicians, and celebrities  —  Twitter accounts impersonating celebrities and politicians spread on the site after the company rolled out paid check marks.
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.
New York Times:
Interviews with 36 current and former Twitter employees detail the excruciating chaos during Elon Musk's first two weeks in charge  —  Mr. Musk ordered immediate layoffs, fired executives by email, laid down product deadlines and has transformed the company.  —  SAN FRANCISCO — Elon Musk had a demand.
Erin Woo / The Information:
Adi Robertson / The Verge:
Meta Quest Pro review: improved controllers but irredeemably bad software and feels like it was launched without plan or purpose, highlighting VR's drawbacks  —  Meta's $1,499 headset is better at showcasing VR's weaknesses than its new strengths. … Mark Zuckerberg is betting the entire future of his company on the metaverse.
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 …

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