November 16, 2022, 5:30 PM

Top News

Sources reveal FTX and Alameda's dubious financial practices, like showing investors some of the same assets on their books despite claiming separate operations  —  As customers withdrew billions of dollars from crypto exchange FTX one frantic Sunday this month, founder Sam Bankman-Fried worked …
Wall Street Journal:
Former employees detail the chaos after FTX's collapse: mass resignations, learning news from Twitter and the media, equity compensation evaporating, and more  —  Many say they learned of crypto exchange's deteriorating situation through media and lost access to their funds  —  How FTX Went Bankrupt: What Went Wrong
Milky Eggs:
Everything we know about FTX's collapse: losses likely exceed $15B, trades became increasingly risky, SBF was erratic, rash, and relied on stimulants, and more  —  If you want to read a poorly researched fluff piece about Sam Bankman-Fried, feel free to go to the New York Times (PDF).
Sidhartha Shukla / Bloomberg:
Washington Post:
Elon Musk emails Twitter employees an ultimatum: commit to a new “hardcore” Twitter by 5pm ET on November 17 or leave with three months severance  —  It comes as Musk's first major feature, Twitter Blue Verified, was halted while the company probes issues that arose from its launch.
Casey Newton / @caseynewton:
Nelson Wang / CoinDesk:
Genesis' crypto lending unit, which had $2.8B in Q3 2022 active loans, halts redemptions and new loan originations; trading and custody services are unaffected  —  The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022.
Oliver Knight / CoinDesk:
Audit by JS Held: Terraform Labs and Luna Foundation Guard tried to defend the UST stablecoin in May 2022 by spending $613M and $2.8B in crypto, respectively  —  Terraform Labs founder Do Kwon dismissed similarities with the collapse of FTX.  —  Luna Foundation Guard (LFG) …
Despite CEO Kris Marszalek's assurances, customers worry about the exchange's solvency;'s CRO token has fallen nearly 40% in the past week  —  - CEO Kris Marszalek has taken to Twitter, YouTube and the airwaves to try to reassure customers that their deposits …
Colin Wilhelm / The Block:
The US House Financial Services Committee plans to hold a hearing in December on FTX's collapse and invites Sam Bankman-Fried, Alameda, Binance, and others  —  - The House Financial Services Committee will hold a hearing on FTX in December.  — In a joint statement announcing the hearing …
Ashley Capoot / CNBC:
Cisco reports Q1 revenue up 6% YoY to $13.6B, vs. $13.3B est., including Secure, Agile Networks up 12% YoY to $6.68B, and increases its FY 2023 revenue guidance  —  - Cisco reported fiscal first-quarter results on Wednesday that beat analysts' estimates on top and bottom lines.
Claire Woodcock / VICE:
Some public libraries in the US and Canada are using open-source software MUSICat to offer their own music streaming services and boost their local music scenes  —  It's not Spotify, but some cities now host music platforms with their own local flavor.  —  Claire Woodcock

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This is a Techmeme archive page. It shows how the site appeared at 5:30 PM ET, November 16, 2022.

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