FTX CEO Sam Bankman-Fried steps down as crypto exchange files for bankruptcy • TechCrunch

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

Gmail doesn’t let you use the old interface anymore, you retro nerd. Salesforce went on a round of layoffs, the Justice Department seized $3.36 billion worth of Silk Road crypto, Binance said it would buy FTX and then backed out, prompting Sequoia to write off its entire investment in FTX. Theranos founder Elizabeth Holmes will find out her fate next week, while the Peloton founder gave up fitness equipment and is now selling carpets. Then there was a wall of drama on Twitter, including utter chaos with Twitter’s new “verified” system after it fired half its staff, before quickly moving to hire some of them back. Oh, and we’re all #RatVerified 4lyf now, I guess.

It could be next week slightly more composure for you. It will be for Haje, who wants to go scuba diving for a week, and possibly trust Apple with his life in the process. As he left for the day, he was heard muttering, “I hope there’s some internet left when I get back.”

Take a breath, you can always explode with stress next week. — Christine and Hey.

The TechCrunch Top 3

  • Only the beginning, we fear: If you’ve been following the whole FTX drama, then you’ve no doubt had a point of view on today’s big story that the cryptocurrency exchange’s founder and CEO Sam Bankman-Fried has filed for Chapter 11 bankruptcy and also resigned from his position. This comes after SBF felt there was an opportunity to save the company through other methods, such as a tie-up with Binance and then some liquidity. That was so much Jacqueline told CNBC this morning that everyone should put encryption on their own private keys.
  • All this back and forth hurts our throats: We’re afraid Twitter developers have spent much of their 84-hour workweeks flipping the “official signal” switch on and off to appease Elon Musk’s ever-flipping ideas. Natasha L has more on what’s going on.
  • Potato, drink, let’s close it (again): Ivan has the best headline all week — “Have you tried turning it off and on again, Elon?” We are still waiting for that response.

Startups and VCs

Our entire news team slumps onto their respective couches, slightly shell-shocked after one of the wildest news weeks we’ve seen. You know, we’re so exhausted we won’t even write a proper introduction. Here, make a cup of tea and click on them. Or not. You are the master of your destiny.

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

Image Credits: GPC smart tags (opens in new window)

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 every year in the United States, but “less than 30% are rehomed.”

After raising a $500,000 round, the company’s founders shared their 12-slide pitch deck with TechCrunch for a review. According Haje Jan Kamps“no information has been deleted or omitted.”

Three more from the TC+ team:

TechCrunch+ is our membership program that helps founders and startup teams get ahead. You can register here. Use code ‘DC’ for 15% off an annual subscription!

Big Tech Inc.

Brian visited Amazon’s BOS27 robotics facility and not only watched cute robots lined up, but also learned about the delivery giant’s plans for global dominance. 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 are five more:

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