Coinbase’s stock closes down 10.78% and Robinhood Markets closes down 19.04% as the Binance-FTX deal spotlights the challenges facing the $1T crypto industry (Divya Balji/Bloomberg)

Bailey Lipschultz / Bloomberg:
Coinbase’s stock closed down 9.54%, Robinhood closed down 13.76%, and MicroStrategy closed down 19.58%, amid a meltdown in crypto markets  —  Shares of Robinhood Markets Inc. and Coinbase Global Inc. took another beating Wednesday as the meltdown in crypto markets rattled investors amid doubts …

Andrew Rummer / The Block:
FTX’s Sam Bankman-Fried insists the exchange is “fine” after Binance begins selling FTX’s FTT; a recently leaked Alameda balance sheet showed $8B in liabilities  —  – FTX CEO Sam Bankman-Fried insisted his crypto exchange is “fine” after rival Binance announced it would start selling its holdings of FTX’s FTT token.

Helen Partz / Cointelegraph:
Hours after announcing an emergency deal with Binance, FTX CEO Sam Bankman-Fried deletes a Twitter thread saying the exchange and assets were “fine”  —  Sam Bankman-Fried has deleted a Twitter thread where he tried to assure customers that FTX and the assets on the platform were “fine.”

Daniel Kuhn / CoinDesk:
How Binance exacerbated a bank run on FTX before offering to acquire the company, and why the potential deal represents a meteoric fall for Sam Bankman-Fried  —  Binance, after exacerbating a bank run on rival crypto exchange FTX, offered to buy out the jewel in SBF’s crown.  —  By Daniel KuhnLayer 2

CNBC:
Sam Bankman-Fried agrees voluntarily to be extradited to the US, where he faces criminal and civil charges including conspiracy, fraud, and money laundering  —  – Sam Bankman-Fried is set to fly to the U.S., where he faces multiple criminal charges tied to the collapse of his crypto exchange FTX.

Divya Balji / Bloomberg:
Chamath Palihapitiya plans to shutter two SPACs, the $1.15B Social Capital Hedosophia VI and $460M Social Capital IV, after failing to find acquisition targets  —  Chamath Palihapitiya said he is winding down two special purpose acquisition companies, including his largest ever …