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November 10, 2022, 9:25 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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The Block, Axios, CoinDesk, Poker.org, Reuters, Blockworks, The Block, Protocol, On my Om, Wall Street Journal, CoinDesk, Crunchbase News, VICE, Wall Street Journal, Mashable, SlashGear, Bloomberg, Watcher Guru, Bitcoinist.com, PC Gamer, CNN, PYMNTS.com, Financial Times, CoinDesk, Crypto Adventure, Cointelegraph, Fortune, and CNBC
Tweets: @halocrypto, @brian_armstrong, @handlerrich, @sbf_ftx, @sbf_ftx, @genesistrading, @jespow, @sbf_ftx, @stoolpresidente, @autismcapital, @binance, @sbf_ftx, @cz_binance, @sbf_ftx, @zebulgar, @sbf_ftx, @tier10k, @grdecter, @autismcapital, @jerallaire, @p3b7_, @sbf_ftx, @doombergt, @ercwl, @levie, @teo_leibowitz, @ianthetechie, @loganbartlett, @dogetoshi, @wassielawyer, @noahpinion, @cryptohayes, @hsakatrades, @marionawfal, @ryansadams, @cobie, @moorehn, @danprimack, @felixsalmon, @sbf_ftx, @twobitidiot, @zachxbt, @sbf_ftx, @henrytheeth, and @sbf_ftx
| 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
More:
CNBC, Wall Street Journal, Reuters, Sequoia Capital, CoinDesk, Ed Zitron's Where's Your Ed At, Bloomberg, CoinDesk, CoinDesk, Reuters, Fortune, Financial Times, crypto.news, The Daily Hodl, CNN, ETH Daily, Watcher Guru, Financial Times, Blockworks, and Cointelegraph
Tweets: @paoloardoino, @cz_binance, @tier10k, @reptomemmer, @unusual_whales, @deitaone, @aeyakovenko, @paoloardoino, @autismcapital, @danielsloeb1, @ercwl, @zhusu, @deitaone, and @tier10k
| 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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Platformer, Tech Policy Press, Protocol, The Information, Reuters, Politico, SlashGear, TechCrunch, NBC News, Forbes, IGN, New York Times, MobileSyrup, The Record, and Dark Reading
| Nikhilesh De / CoinDesk: |
FTX US tells users to close out positions as it may halt trading in days, hours after SBF said FTX US is “100% liquid”; some Tron-linked tokens can be withdrawn — Sam Bankman-Fried said the FTX US entity's users would be able to withdraw all their funds.
More:
The Block, Bloomberg, Axios, Bloomberg, Decrypt, Cointelegraph, New York Times, The Daily Hodl, SlashGear, Watcher Guru, and Buy Bitcoin/Ethereum
Tweets: @justinsuntron, @genesistrading, @justinsuntron, @ftx_official, @tackettzane, @ftx_official, @sbf_ftx, @ftx_official, @lawmaster, @dogetoshi, @ftx_official, @tree_of_alpha, @cigawrettepacks, @iamdcinvestor, @simondixontwitt, @statelayer, @defiyst, @fiskantes, @dogetoshi, @dogetoshi, @ki_young_ju, and @justinsuntron
| Tracy Wang / CoinDesk: |
Current and former FTX and Alameda staffers say the Bahamian operation SBF ran with housemates is full of conflicts of interest, nepotism, and lack of oversight — “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.
More:
New York Times. Tweets: @sbf_ftx, @hsakatrades, @astro__magic, @adamscochran, @emergemarkets, @brianroemmele, and @coindesk
| 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:
Bloomberg, The Information, The Block, The Verge, CoinDesk, Forbes, Cryptonews, and The Information
Tweets: @cz_binance, @gainzy222, @snarkyzk, @wublockchain, @hsakatrades, and @cobie
| Erin Woo / The Information: |
Sources: at an all-hands, Elon Musk told staff that Twitter may have a “net negative cash flow” of billions in 2023 and “bankruptcy is not out of the question” — Elon Musk told Twitter employees on Thursday the company may have a “net negative cash flow of several billion dollars” …
More:
Deadline, Bloomberg, and MobileSyrup
Tweets: @parismartineau, @zoeschiffer, @sacca, @mikeisaac, @oneunderscore__, and @zoeschiffer
| Washington Post: |
Twitter employees are concerned by the rapid rollout of features without the security reviews required by the FTC's consent decree reached with Twitter in May — Yoel Roth had become the public face of Twitter's efforts to reassure users and advertisers the service would not become a ‘free-for-all’
More:
Techdirt, CNBC, USA Today, The Guardian, TechCrunch, Cybersecurity Dive, Newser, Ars Technica, The Hill, Reuters, Bloomberg, and Deadline
| Bloomberg: |
Source: Twitter's head of Trust & Safety Yoel Roth and head of ad sales Robin Wheeler resigned on November 10 — Elon Musk, in his first address to Twitter Inc. employees since purchasing the company for $44 billion, said that bankruptcy was a possibility if it doesn't start generating more cash …
More:
Financial Times, TechCrunch, The Hill, Insider, Silicon Valley Business …, The Verge, 9to5Mac, Android Headlines, SlashGear, and SiliconANGLE
Tweets: @caseynewton, @kurtwagner8, @sarahfrier, @evacide, @sarafischer, and @jessicalessin
| 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:
New York Times, Bloomberg, Gizmodo, Big Technology, The Hill, Ars Technica, and CNBC. Tweets: @kantrowitz
| Kate Clark / The Information: |
Sources: SBF invested $500M+ in Paradigm, Altimeter, Multicoin, and other VCs, including committing $200M to Sequoia; Pitchbook shows he committed $300M to K5 — FTX founder Sam Bankman-Fried was not only a tireless fundraiser from venture capital firms including Paradigm and Sequoia Capital …
More:
Axios, Reuters, and CoinDesk
Tweets: @kateclarktweets, @edzitron, @longshorttrader, @gwestr, @msuiche, @brianbrackeen, @valuehao, @derekmyoung, and @jetjocko
| 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 …
More:
CNET, Windows Central, Fortune, Barron's Online, New York Post, The Hill, The Economic Times, Wall Street Journal, CNBC, Engadget, BGR, Associated Press, Quartz, The Verge, Watcher Guru, Insider, Financial Times, BBC, and The Week
Tweets: @zoeschiffer, @mikeisaac, @techemails, @gergelyorosz, @dril, @sarahfrier, @louiseridley, @kurtwagner8, @chrischirp, and @chrischirp
| Bryce Elder / Financial Times: |
Untangling FTX's extremely complex corporate structure, which could pose a problem for liquidators and law enforcement, as the crypto exchange faces bankruptcy — Relationship status: it's complicated — With crypto exchange FTX short $8bn and hurtling towards bankruptcy … | Oliver Knight / CoinDesk: |
More:
Bitcoin News, Watcher Guru, Reuters, and Crypto Daily
Tweets: @whale_alert, @tier10k, @pentosh1, and @whale_alert
| Sarah Perez / TechCrunch: |
More:
Spotify, Android Developers Blog, Ars Technica, International Business Times, Neowin, CNBC, The Verge, and MacRumors. Tweets: @spotifynews
| Dan Primack / Axios: |
More:
Moneycontrol, Protocol, Financial Times, TechCrunch, Insider, CNBC, Bitcoin News, Fortune, and The Guardian
| Kyle Wiggers / TechCrunch: |
More:
The Daily Dot, BleepingComputer, Social Media Today, Accidental Philosophy, and Insider
Tweets: @jasonschreier, @mcuban, @waemd, @esthercrawford, @esthercrawford, @elonmusk, @esqueer_, @mmasnick, @dangeredwolf, @mattbinder, @alexvtunzelmann, @enichan, @mkbhd, @fascinated, and @mds
| Sara Fischer / @sarafischer: |
More:
Axios, Vox, Adweek, The Information, BuzzFeed News, and Engadget
Tweets: @mshannahmurphy, @nandoodles, @justinhendrix, @oneunderscore__, and @sarafischer
| Taylor Hatmaker / TechCrunch: |
| 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
More:
Reuters, Financial Times, The Information, SlashGear, Insider, TechRadar, and PYMNTS.com
| Tobias Mann / The Register: |
AMD announces its fourth-generation Epyc Genoa chips, based on the Zen 4 architecture, with up to 96 cores and DDR5, PCIe 5.0, and Compute Express Link support — Its also twice as fast as Milan, AMD execs claim — AMD's status as scrappy underdog trailing in Intel's wake has been upended.
More:
The Register, VideoCardz.com, Data Center Knowledge, ServeTheHome, SemiAnalysis, Club386, SemiAccurate, The Next Platform, and ExtremeTech. Thanks:@dylanonchips
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