FTX CEO Sam Bankman-Fried quits as crypto exchange files for bankruptcy

TechCrunch Newsletter [TechCrunch logo]( [The Daily Crunch logo]( By [Christine Hall]( and [Haje Jan Kamps]( Friday, November 11, 2022 Hoooo boy. As Alex would say: This week has been a long year. You just know it has been a pretty wild ride when [Meta can lay off 13% of its staff](, and it isn’t even really in the top 10 of crazy things that happened. [Gmail no longer lets you use the old interface](, you retro-loving nerd, you. [Salesforce did a round of layoffs](, the DOJ [seized $3.36 billion worth]( of Silk Road crypto, Binance [said it would buy]( FTX, then [backed out](, causing Sequoia to [write off its entire FTX investment](. Theranos’s founder [Elizabeth Holmes will find out her lot next week](, while Peloton’s founder gave up on exercise equipment and [is selling rugs now](. Then there was [a wall of Twitter drama](, including utter chaos with [Twitter’s new “verified” system]( after it laid off half of its staff, before quickly [making moves to hire some of them back](. Oh, and we’re all[#RatVerified 4lyf]( now, I guess. May next week be slightly more chill for you. It will be for Haje, who’s buggering off to go do some scuba diving for a week, and possibly [trusting Apple with his life in the process](. As he left for the day, he could be overheard muttering, “I hope there’s a bit of internet left when I come back.” Take a breather, you can always implode with stress next week instead. — [Christine]( and [Haje](. [ image] Image Credits: Alex Wong / Getty Images The TechCrunch Top 3 - [Only the beginning, we fear](: If you’ve been following the whole FTX company drama, then no doubt you have a take on today’s big story that the crypto exchange founder and CEO Sam Bankman-Fried filed for Chapter 11 bankruptcy and also resigned his position. This comes after SBF thought there was a chance to save the company through other methods, like a tie-up with Binance and then some liquidity. This has been so much that [Jacquelyn]( said on CNBC this morning that everyone should put their crypto in their own private keys. - [All that back-and-forth is hurting our neck](: We fear that Twitter developers have spent much of their 84-hour workweek flipping the “official badge” switch on and off to appease Elon Musk’s constantly flip-flopping ideas.[Natasha L]( has more on what’s happening. - [Potato, potahto, let’s call the whole thing off (and on again)](: [Ivan]( has the best headline all week — “Have you tried turning it off and on again, Elon?” We’re still waiting for that answer. [We Set the Standard for Cloud Security]( Sponsored by [Orca Security]( [Our patented SideScanning™ technology enables you to collect data directly from your cloud workloads’ runtime block storage without agents. Deploy our platform in minutes to surface cloud risks without the coverage gaps and operational costs of traditional solutions.]( [See How it Works]( Startups and VC Our entire news team are flopped over in their respective sofas, slightly shell shocked after one of the wildest news weeks we’ve seen. You know, we’re so exhausted, we’re not even gonna write a proper intro. Here, make yourself a cup of tea and click through these. Or don’t. You’re the master of your own destiny. - Insuring the doggie: [Mike]( reports how [pet insurance startups chase the market]( as pet ownership booms among Gen Z and Millennials. - Sustaining the sustainable: [Mike]( also writes that Prediction Capital hits first close of €30 million for [new fund to back startups addressing UN SDGs](. - Last person out, turn off the lights: [Rita]( reports why digital sourcing platform [Fictiv stays in China, even when others are getting the hell out of dodge](. - Pass the chips: [Kate]( reports that SoftBank, NEC, Sony, Toyota and others team up for [Rapidus, Japan’s bid for next-gen chip domination](. - An apple a day: [Andrew]( reports that [Even Healthcare lands additional capital]( to advance primary care adoption in India. [Pitch Deck Teardown: Syneroid's $500K seed deck]( Stolen-vehicle recovery systems have been available for decades, but a lost pet has higher emotional stakes. According to Syneroid, a startup that makes smart tags, 10 million pets are lost each year in the United States, but “less than 30% are returned home.” After raising a $500,000 seed round, the company’s founders shared their 12-slide pitch deck with TechCrunch for a review. According to [Haje Jan Kamps](, “no information has been redacted or omitted.” Three more from the TC+ team: - Time to decentralize, maybe?: [Jacquelyn]( writes that Framework Ventures co-founder says [DeFi gives hope following FTX collapse](. - Who’s buying?:[As the economy shifts, what’s the best software customer?]( wonder [Anna]( and [Alex](. - VC is sexy, but you know what’s really hot? Revenues!: [Miguel Fernandez]( digs into [revenue-based financing, offering a new playbook for startup fundraising](. [TechCrunch+]( is our membership program that helps founders and startup teams get ahead of the pack.[You can sign up here](. Use code “DC” for a 15% discount on an annual subscription! [Read More]( [Pitch Deck Teardown: Syneroid's $500K seed deck image] Image Credits: GPC Smart Tags Big Tech Inc. [Brian]( visited [Amazon’s BOS27 robotics facility]( and not only watched cute robots line up, but also learned about the delivery giant’s plans for global domination. If you can’t tell by now, it involves robotics and how Amazon aims to improve the world of last-mile delivery. Need more entertainment? Here’s five more: - You don’t have to do that: DALL-E 2 is now a part of our lives, but it doesn’t have to be part of yours if you don’t want it to be. DeviantArt is one way for artists to [opt out of AI art generators](, [Kyle]( reports. - Taking care of business:[Thomson Reuters announced plans to acquire SurePrep](, a tax automation company, for $500 million,[Paul]( writes. - We’ve got our eye on you: In light of some tweets and team departures, the European Union’s data protection watchdog [has some new questions for Elon Musk](,[Natasha L]( reports. - We need all the laughs we can get right now: This couldn’t come at a better time.[Chris Rock will be the first to perform live on Netflix](, [Lauren]( writes. - Some good earnings news: [Jaclyn]( has a look into luxury electric vehicle maker Polestar’s third-quarter earnings, which show a[doubling of revenue and narrowed losses](. [Read more stories on TechCrunch.com]( Newest Jobs from Crunchboard - [Server Systems Analyst at Administration South (Toppenish, WA, USA)]( - [Digital Marketing Manager at YogaRenew (New York, NY, USA)]( - [Senior Software Engineer - Java at Veeva (Columbus, OH, USA)]( - [IT Data Architect at Veeva (Columbus, OH, USA)]( - [Market Systems Software Developer at Lower Colorado River Authority (Austin, TX, USA)]( [See more jobs on CrunchBoard]( [Post your tech jobs]( and reach millions of TechCrunch readers for only $200 per month. [Facebook]( [Twitter]( [Youtube]( [Instagram]( [Flipboard]( [View this email online in your browser]( [Privacy Policy]( | [Terms of Service]( | [Unsubscribe]( © 2022 Yahoo. All rights reserved. 110 5th St, San Francisco, CA 94103