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November 10, 2022, 2:30 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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Tweets: @sbf_ftx, @sbf_ftx, @sbf_ftx, @sbf_ftx, @ercwl, @levie, @grdecter, @sbf_ftx, @danprimack, @marionawfal, @teo_leibowitz, @dogetoshi, @danielsloeb1, @jessicalessin, @cobie, @jessicalessin, @jeuasommenulle, @senatebanking, @mikeisaac, @rmfifthcircuit, @ashleevance, @ryansadams, @felixsalmon, @levie, @levie, @bneiluj, @alex_kirshner, @d1nomite, @bobloukas, @sayssimonson, @farokh, @hbomberguy, @alexhern, @fmanjoo, @sbf_ftx, @el33th4xor, @coindesk, @coindesk, @debdrens, @alexhern, @fmanjoo, @excelhumor, @kathryntewson, @jason_koebler, @macrocrg, @ronwhammond, @smtuffy, @bigblackjacobin, @sgbarbour, @smtuffy, and @twobitidiot
| 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, Wall Street Journal, CoinDesk, Decrypt, Bloomberg, AppleInsider, Bloomberg, and CryptoPotato
Tweets: @wublockchain, @silvermanjacob, @hashoshi4, and @lopezlinette
| 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
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Reuters, The Verge, Bloomberg, The Block, The Block, CoinDesk, PYMNTS.com, Decrypt, The Guardian, The Block, CryptoSlate, Financial Times, and Wccftech
Tweets: @deitaone, @deitaone, @0xfoobar, @adamscochran, @tier10k, @tier10k, @ivanthek, @chainlinkgod, @chainlinkgod, and @mayazi
| Bryce Elder / Financial Times: |
As FTX faces bankruptcy, an attempt to untangle its extremely complex corporate structure, which could pose a problem for liquidators and law enforcement — 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 investigations occur — 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 a request from law enforcement.
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Reuters, Blockworks, The Block, Cointelegraph, The Block, Ethereum World News, Bitcoin News, and Crypto Briefing
Tweets: @whale_alert, @tier10k, @pentosh1, and @whale_alert
| Dan Primack / Axios: |
Sequoia tells partners 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.| Callan Quinn / The Block: |
Binance shares addresses for its wallets and details 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.
More:
Binance Blog and CoinDesk
Tweets: @cz_binance, @sonofthesunbtc, @thecoffeeblock, and @stevenkelly49
| Gillian Tan / Bloomberg: |
Source: citing an $8B shortfall, Sam Bankman-Fried told investors that FTX needs a cash injection or the company will need to file for bankruptcy — Sam Bankman-Fried told FTX.com investors on Wednesday that without a cash injection the company would need to file for bankruptcy …
More:
Wall Street Journal, CoinDesk, and Insider
Tweets: @tier10k, @reptomemmer, @cz_binance, @aeyakovenko, @jerallaire, @zhusu, and @ercwl
| Wall Street Journal: |
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Whitespace, The i Paper, Reuters, Reuters, CNBC, Blockworks, Decrypt, PYMNTS.com, CoinDesk, Cointelegraph, Bloomberg, The Block, CNN, wavWRLD's wavLETTER, AltFi, Bitcoin News, Reuters, and TIME
Tweets: @binance, @justinsuntron, @cz_binance, @halocrypto, @cobie, @cz_binance, @jespow, @genesistrading, @binance, @zebulgar, @stoolpresidente, @sbf_ftx, @tier10k, @hsakatrades, @paoloardoino, @tier10k, @cz_binance, @astro__magic, @jespow, @firstadopter, @autismcapital, @1markmoss, @doombergt, @ianthetechie, @iamdcinvestor, @wassielawyer, @fintechfrank, @cobie, @hsakatrades, @p3b7_, @cryptohayes, @cmsintern, @adamscochran, @binance, @goodalexander, @ldrogen, @camirusso, @cobie, @rajgokal, @deitaone, @henrytheeth, @danprimack, and @asvanevik
| 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.
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Washington Post, Tech Policy Press, Techdirt, PCMag, NBC News, TechCrunch, International Business Times, CNN, Engadget, Bloomberg, AppleInsider, Reuters, Forbes, Politico, DataBreachToday.com, and City A.M.
Tweets: @leakissner, @caseynewton, @cat_zakrzewski, @mmasnick, @thezedwards, @mariannefogarty, @reckless, @caseynewton, @alexeheath, @caseynewton, @riana_crypto, @alexeheath, @riana_crypto, @cat_zakrzewski, @oneunderscore__, @josephmenn, @jonquilynhill, @popehat, @carnage4life, @chadloder, @tomcoates, @hypatiadotca, @tomcoates, @chadloder, @reckless, @evacide, @dellcam, @mmasnick, @caterina, @alexstamos, @alexstamos, @riana_crypto, @tindenli, @mmasnick, @sherman4949, @caseynewton, and @ronbrownstein
| 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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New York Times, Ars Technica, USA Today, The Verge, Thurrott, TheStreet, New York Post, TechCrunch, MobileSyrup, Newser, Tech Xplore, BBC, and CNBC
Tweets: @gergelyorosz, @sh4na, @chrischirp, @sarahfrier, @louiseridley, @eevee, and @techemails
| 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:
Bloomberg, Ars Technica, and WRAL TechWire
| 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.
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Apple, PCMag, ZDNet, CNET, Macworld, Tom's Guide, BigTechWire, Cult of Mac, iPhone in Canada Blog, TechSpot, TechRadar, TechCrunch, Mashable, 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
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Insider, SiliconANGLE, Financial Times, Fortune, and Bloomberg
Tweets: @ben11kehoe, @quinnypig, and @tcarmody
| 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.
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9to5Mac, Insider, Thurrott, Gizmodo, The Verge, MacDailyNews, TechCrunch, and iPhone in Canada Blog
Tweets: @zeyiyang and @therealjoshye
| 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.
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Ars Technica, The Verge, The Verge, TechCrunch, The Week, Bloomberg, Forbes, AppleInsider News, Fortune, MobileSyrup, Insider, Polygon, Destructoid, Android Headlines, NBC News, GameSpot, and Wired
Tweets: @elonmusk, @jsrailton, @joonlee, @tmz, @vxunderground, @misterratt, @twitchparody, @chadloder, @asawinstanley, @patblanchfield, @b_fung, @alkapdc, @andr6wmale, @lancestorm, @rmac18, @danprimack, @almostmedia, @tomwarren, @mcuban, and @mcuban
| Kyle Wiggers / TechCrunch: |
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Washington Post, Insider, NBC News, MobileSyrup, iMore, Mashable, Variety, Kotaku, and Gizchina
Tweets: @elonmusk, @waemd, @esthercrawford, @esthercrawford, @mcuban, @jasonschreier, @elonmusk, @esqueer_, @mmasnick, @dangeredwolf, @mkbhd, @fascinated, @mattbinder, @alexvtunzelmann, @enichan, @mds, @raykump, @levie, and @caseynewton
| Bloomberg: |
Foxconn reports Q3 revenue up 24% YoY to ~$54.8B, net income up 5% YoY to ~$1.2B but below estimates, and warns consumer electronics revenue will fall in Q4 — Hon Hai Precision Industry Co., maker of most of the world's iPhones, warned consumer electronics revenue will fall this quarter …
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Reuters, AppleInsider, South China Morning Post, Wccftech, and MacDailyNews
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