Understandably, FTX is dominating the headlines in crypto circles right now. But it's important not to lose sight of what's happening on Twitter.
Editor’s Note: Goodbye, Crypto Twitter?
Connor Sefton writes…
Understandably, FTX is dominating the headlines in crypto circles right now. But it’s important not to lose sight of what’s happening on Twitter.
Elon Musk recently issued a brutal ultimatum to the remaining staff on the social network: Go “hardcore” and work harder, longer hours, or quit and take a three-month severance.
Many have decided to leave — including Twitter’s head of crypto, Tess Rennerson. How can a tech giant become a hub for Web 3 and digital assets without anyone steering the ship?
The latest flurry of layoffs comes just weeks after Twitter informally plunged 50% of its workforce into a brutal round of layoffs.
But here’s the real danger: This mass exodus of talent has fueled fears that the social network is now critically underfunded. And if there is a catastrophic failure, those left behind may lack the technical know-how to bring the site back online.
An insider recently claimed that there is a 50% chance of a major outage during the World Cup – and a 90% chance of something going wrong that everyday users will notice.
Some Twitter users have already started sharing links to their profiles on Instagram, Facebook and LinkedIn – apparently the microblogging site is preparing to explode any day now.
And if the worst happens, it could be devastating for high-profile crypto influencers who have spent years amassing millions of followers — and sharing their vision of how the market is looking.
If Twitter Dies, Where Will CryptoTwitter Go? Is there a place where enthusiasts can have as big a platform — a place where their posts can be shared alongside those who don’t really care about Bitcoin, NFTs or Web3?
Global Town Square is on fire. And unless Musk manages to pull his $44 billion investment back from the brink of oblivion, the adoption of cryptocurrencies could have disastrous consequences — and show the public what it’s all about.
FTX owes $3.1 billion to the top 50 creditors.
FTX owes $3.1 billion to its 50 largest creditors. They were re-identified in documents filed Saturday — and the largest creditor is out of pocket by $226 million. Genesis has confirmed it is caught up in crypto contagion, with $174 million of funds locked up in its FTX trading account. That’s consistent with a court document that shows the third largest creditor is owed $174,273,628. There are a few reasons why the true identity of creditors is not publicly known. A motion has been filed to keep this information confidential so that rival crypto firms cannot take advantage. But there’s a bigger problem: FTX’s old management has been accused of failing to keep “proper books and records” — meaning it’s unclear who owes what.
Question mark over the missing $300 million 🧐
With each passing day, new bombshells are emerging about what was going on inside FTX. The Wall Street Journal is reporting that $420.69 million was raised from big-name investors in October 2021 — but $300 million went to Sam Bankman Fried. As the paper notes, such cashouts “are popular because they allow founders to earn profits before investors.” At the time, SBF described it as a return because it spent $2.1 billion to buy Binance’s 15% stake in FTX. John Ray, who is now picking up the pieces at FTX, has criticized how the exchange was managed – “the concentration of control in a very small group of inexperienced, unsophisticated and potentially compromised individuals.” in hand”.
Twitter’s Head of Crypto Resigns 🚨
The head of Twitter’s cryptocurrency unit has left the social network, as the crisis engulfing the company worsens. Tess Reinerson confirmed her departure with a greeting emoji, which Twitter employees continue to use whenever they resign. He’s not the only one out the door. Last week, Elon Musk gave remaining workers an ultimatum: commit to a “hard” culture that includes long hours, or quit and pay three months of severance. Some estimates suggest that hundreds more have decided not to stay at the company — and now there are real concerns that Twitter could collapse, with remaining staff lacking the technical know-how to fix potentially fatal bugs. .
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