Techmeme
November 10, 2022, 1:15 PM

Top News

@sbf_ftx:
Reuters:
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  —  On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message.
Wall Street Journal:
Source: SBF told an investor that Alameda owes FTX ~$10B and FTX extended loans to Alameda using customer funds, describing the decision as poor judgment  —  FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion
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 …
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
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.
Gillian Tan / Bloomberg:
Alex Heath / The Verge:
Sources: Twitter's chief privacy officer, CISO, and chief compliance officer have resigned; engineers are now asked 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.
Kurt Wagner / Bloomberg:
In his first email to Twitter staff, Elon Musk warns of “difficult times ahead” and ends remote work policies, saying employees should be in 40+ hours per week  —  New Twitter Inc. owner Elon Musk emailed his workers for the first time late Wednesday to prepare them for …
The Verge:
Kif Leswing / CNBC:
Apple plans to launch Emergency SOS with Satellite in November and invest $450M in US companies to support the infrastructure, with most 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.
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.
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.
Kyle Wiggers / TechCrunch:

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