FTX CEO Sam Bankman-Fried Resigns As Crypto Exchange Files For Bankruptcy

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Hooo boy. As Alex would say: This week has been a long year. You just know it’s been a pretty crazy ride when Meta can lay off 13% of its staff, and it’s not even really in the top 10 of crazy things that have happened.

Gmail no longer lets you use the old interface, you who love retro. Salesforce carried out a series of layoffs, the DOJ seized $3.36 billion worth of Silk Road crypto, Binance said it would buy FTX, then pulled out, forcing Sequoia to cancel its entire FTX investment . Theranos founder Elizabeth Holmes will find out her fate next week, while the Peloton founder has given up on exercise equipment and is now selling mats. Then there was a wall of drama on Twitter, including total chaos with Twitter’s new “verified” system after it fired half of its staff, before moving quickly to rehire some. Oh, and we’re all #RatVerified 4lyf now, I guess.

May next week be slightly more cold for you. It will be for Haje, who is going scuba diving for a week, and maybe trusting Apple with her life in the process. As he left for the day, he could be heard muttering, “Hope there’s some internet left when I get back.”

Take a break, you can always implode with stress next week instead. — Christina and haje.

TechCrunch’s top 3

  • This is just the beginning, we fear: If you’ve been following all the FTX corporate drama, then you no doubt have an idea of ​​today’s big story that the crypto exchange’s founder and CEO, Sam Bankman-Fried, filed the Chapter 11 balance sheet and also resigned from his position. It comes after SBF thought there was a chance to save the company through other methods, such as a Binance tie-up and then cash. It was so much that Jacqueline said on CNBC this morning that everyone should put their crypto into their own private key.
  • All this back and forth hurts our necks: We’re concerned that Twitter’s devs have spent much of their 84-hour workweek flipping the “official badge” switch on and off to appease Elon Musk’s constantly flirtatious ideas. Natasha L has more on what is happening.
  • Potato, potahto, let’s stop everything (and start again): Ivan has the best headline all week – “Have you tried turning it off and on again, Elon?” We are still awaiting this response.

Startups and VCs

Our entire news team collapsed on their respective couches in mild shock after one of the craziest weeks of news we’ve seen. You know, we’re so exhausted, we’re not even going to write a real intro. Here, make yourself a cup of tea and click on it. Or not. You are the master of your own destiny.

Pitch Deck Teardown: Syneroid’s $500,000 seed deck

Picture credits: GPC Smart Tags (Opens in a new window)

Stolen vehicle recovery systems have been around 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 sent home.”

After raising a $500,000 seed round, the company founders shared their 12-slide presentation with TechCrunch for review. According Haje Jan Kamps“No information has been redacted or omitted.”

Three others from the TC+ team:

Tech Crunch+ is our membership program that helps founders and startup teams get a head start. You can register here. Use code “DC” to get 15% off an annual subscription!

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 world domination. If you can’t tell now, it involves robotics and how Amazon aims to improve the world of last-mile delivery.

Need more entertainment? Here are five more:

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