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November 10, 2022, 2:30 PM
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memeorandum
WeSmirchTop News
| 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, New York Times, Axios, CoinDesk, The Verge, CoinDesk, The Economic Times, Decrypt, Blockworks, On my Om, Fortune, Bloomberg, CoinDesk, Reuters, VICE, Cointelegraph, Wall Street Journal, Bloomberg, CoinDesk, The Daily Hodl, Ethereum World News, TechCrunch, CNBC, The Block, Crypto Briefing, CryptoPotato, and Whitespace
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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