November 12, 2022, 12:50 AM

Top News

MacKenzie Sigalos / CNBC:
FTX, FTX US, Alameda Research, and ~130 affiliated companies file for Chapter 11 bankruptcy in the US; Sam Bankman-Fried resigns as CEO but stays on to assist  —  - Sam Bankman-Fried's cryptocurrency exchange FTX has filed for bankruptcy.  — Alameda Research and approximately 130 …
FTX US general counsel says he is investigating “abnormalities with wallet movements” after $380M+ in crypto left FTX and FTX US wallets on November 11  —  FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.
Angus Berwick / Reuters:
Sources: spreadsheets shown by SBF to FTX's regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for  —  At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.
Zane Tackett / @tackettzane:
Washington Post:
Internal note: Twitter temporarily disabled signing up 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.
Elizabeth Lopatto / The Verge:
Twitter reactivates its gray “Official” badge for select brands and outlets, after a wave of impersonations, hoaxing, and other chaos by purchased blue checks  —  Okay, so Twitter broke its own verification system by making the blue check — previously a signal that the account …
New York Times:
An internal Twitter log shows that more than 140,000 accounts had signed up for the new Twitter Blue as of November 10  —  The social media service, which is undergoing changes from its new owner Elon Musk, has descended into a messy swirl of spoof messages and parody accounts.
New York Times:
Interviews with 36 current and former Twitter employees and people close to the company detail the excruciating fallout of 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.
Meta tells staff the company plans to exit its Portal business, wind down smartwatch projects, and says 46% of its 11K job cuts were in tech vs. 54% in business  —  Meta Platforms (META.O) told employees on Friday that 54% of the 11,000 jobs it cut earlier this week were business roles and the rest were in technology.
Sage D. Young / CoinDesk: shares its wallet addresses with Nansen to create a dashboard of ~$3B in assets, showing ~20% are in Shiba Inu, more than ETH's ~17%; ~30% are in BTC  —  As large crypto exchanges push to prepare “proof-of-reserves” audits, an initial effort reveals just how much of's reserves …
Financial Times:
A look at Sam Bankman-Fried's rise and fall in DC: becoming the face of crypto, backing a digital commodity bill, and testifying before congressional committees  —  Sam Bankman-Fried sought digital asset legislation and donated heavily to Democrats  —  In less than four years …
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.

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Louise Matsakis / Semafor: