Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection. The move comes just over two weeks after BlockFi suspended all platform activity, including withdrawals, in the wake of crypto exchange FTX's implosion. "Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual," the company said in an FAQ. Withdrawals remain paused.

"BlockFi’s chapter 11 cases will enable BlockFi to stabilize its business and provide BlockFi with the opportunity to consummate a reorganization that maximizes value for all stakeholders," BlockFi said. "The court-supervised restructuring process is transparent and encourages dialogue between all stakeholders."

As with many other players in the industry, BlockFi faced an uncertain future after several crypto companies crumbled in the spring, taking the prices of many cryptocurrencies down with them. Soon after, FTX agreed to prop up BlockFi with a $400 million credit line. The agreement also gave FTX the option to buy BlockFi for up to $240 million. As The New York Times notes, that meant the companies had close financial ties and FTX's collapse into bankruptcy has had a knock-on effect on BlockFi.

“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the company,” Mark Renzi of Berkeley Research Group, BlockFi's financial advisor, said in a statement. “From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector. BlockFi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders.”

BlockFi says that, as part of its restructuring, it will "focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities." However, it noted that recoveries from FTX are likely to be delayed, given that company's bankruptcy process. In addition, BlockFi says it has $256.9 million in cash on hand, which should provide “sufficient liquidity to support certain operations during the restructuring process," such as paying employee wages and continuing benefits.

In a court filing, BlockFi estimated it had more than 100,000 creditors and consolidated liabilities of between $1 billion and $10 billion. Among the listed creditors are FTX (to which it owes $275 million in loan repayments) and the Securities and Exchange Commission, which it owes $30 million.

Earlier this year, BlockFi agreed to pay $100 million to settle charges from the SEC and 32 states. The SEC claimed that BlockFi offered interest accounts without registering them under the Securities Act. The agency also found that the company made "false and misleading" claims related to the level of risk in its lending activity and loan portfolio.

Filing for Chapter 11 bankruptcy protection doesn't inherently mean a company is done for. The process allows a struggling business to keep trading while it restructures and looks for ways to pay back creditors. However, bankruptcy isn't easy to come back from, and BlockFi is just the latest in a long line of dominoes to fall in the precarious crypto industry.

Microsoft's $69 billion purchase of Activision Blizzard is facing scrutiny from antitrust investigators in several countries. In the US, for instance, the Federal Trade Commission (FTC) started looking into the acquisition shortly after it was announced. Now, the FTC is reportedly ready to take action and will likely file an antitrust lawsuit to block Microsoft's massive purchase, according to Politico. Microsoft failed to convince the FTC staff reviewing the deal with its arguments, Politico's sources said, but the agency's commissioners have yet to vote on filing a complaint or to meet with lawyers. 

While a lawsuit is not 100 percent guaranteed yet, the commission is reportedly done with the biggest parts of the investigation, including with the depositions of the Microsoft chief Satya Nadella and Activision CEO Bobby Kotick. If the FTC ultimately decides to file a lawsuit, it could do so as soon as next month. The publication says the commission will likely file the case in its own in-house administrative court, since it doesn't have to bring it to federal court first to seek a temporary injunction. Seeing as other regulators are also looking into the acquisition, it wouldn't be able to go through (if it's ultimately allowed to do so) until sometime next year. 

In the UK, the Competition and Markets Authority (CMA) launched an in-depth investigation of the deal in September. And more recently, the European Commission announced that it will carry out a full-scale probe into Microsoft's purchase. Like these two European regulators, the FTC is concerned that the acquisition will give Microsoft an unfair advantage in the gaming sector and that it may significantly reduce competition in the market. 

Sony has been one of the loudest voices opposing the deal and has expressed concerns that Microsoft might make valuable IPs like Call of Duty an Xbox exclusive. Jim Ryan, Sony PlayStation's CEO, previously revealed that Microsoft only offered to keep Call of Duty available on PlayStation for three years after the current agreement ends. But Xbox chief Phil Spencer said more recently that the company is "not taking Call of Duty from PlayStation." In Microsoft's latest filing with the CMA, it argued that the acquisition won't give it an unfair advantage: Sony has more exclusive games than the Xbox, it said, and many of them are of "better quality."

The Federal Communications Commission didn't take long to start isolating voice providers that don't do enough to block robocalls. The regulator has cut off provider Global UC from other networks after allegedly failed to meet requirements for protecting against scam robocalls. Now that the company is no longer in the Robocall Mitigation Database, other carriers (including intermediaries) will have to stop accepting its traffic.

The FCC said in October that it planned to cut off Global UC and six other firms that didn't share their anti-robocall strategies despite warnings. The Commission required that all US-based carriers with IP-based networks use STIR/SHAKEN anti-spoofing measures by the end of June 2021, and told providers to start blocking companies outside of the Robocall Mitigation Database after September 28th of that year.

It's not certain when other offenders might face punishment. However, the FCC said it was still reviewing responses from firms that had been asked to show their strategies for limiting robocalls. Those that can provide concrete plans should avoid cutoffs.

The crackdown isn't guaranteed to reduce the volume of robocalls, particularly those originating outside the US. Even so, the FCC clearly hopes Global UC's fate will send a message to American companies hoping to skirt the rules. If they don't take action, they risk losing business as customers are forced to head elsewhere.

The president of the European Commission, the executive branch of the European Union, has confirmed there are multiple ongoing investigations into TikTok. The probes concern the transfer of EU citizens' data to China and targeted advertising aimed at minors. Investigators are seeking to ensure that TikTok meets General Data Protection Regulation (GDPR) requirements.

“The data practices of TikTok, including with respect to international data transfers, are the object of several ongoing proceedings,” Ursula von der Leyden wrote in a letter shared by Federal Communications Commissioner Brendan Carr. “This includes an investigation by the Irish [Data Protection Commission] about TikTok’s compliance with several GDPR requirements, including as regards data transfers to China and the processing of data of minors, and litigation before the Dutch courts (in particular concerning targeted advertising regarding minors and data transfers to China)."

Von der Leyden was responding to concerns raised by members of the European Parliament regarding Chinese public authorities potentially gaining access to EU citizens' TikTok data, following a report by BuzzFeed News. The app's data practices have been under the EU's spotlight for a while. Earlier this year, TikTok agreed to enforce certain policies concerning ads and branded content following a complaint that accused the app of breaching EU consumer rules.

Of course, TikTok has been in hot water on the other side of the Atlantic over its privacy and security practices. Last month, TikTok denied reports that China-based workers for its parent company ByteDance planned to track the location of some US citizens through the app.

TikTok has been moving the data it holds on US users to Oracle data centers in the country in an attempt to placate officials who have been concerned about China potentially using the app against American citizens. In August, it emerged that Oracle was reviewing TikTok's content moderation systems and algorithms to make sure they're not subject to Chinese interference.

Carr, the FCC's senior Republican commissioner, said this month that TikTok should be banned in the US. He previously urged Apple and Google to remove TikTok from their app stores.

Google paid Activision Blizzard approximately $360 million to prevent the troubled publisher from competing directly against the Play Store. The deal was one among at least 24 agreements the search giant signed as part of its Project Hug initiative, according to court documents seen by Reuters.

The financial details of Project Hug – later known as the Apps and Games Velocity Program – are at the center of the ongoing antitrust lawsuit between Epic Games and Google. In 2021, the studio alleged Google had spent millions of dollars in incentives to keep big app developers on the Play Store. This week, a newly unredacted version of Epic’s complaint was made public, providing previously unknown details about the scope of the Apps and Games Velocity Program.

According to the court documents, Google also signed deals with Nintendo, Ubisoft and Riot Games. In the case of Riot, Google paid about $30 million to “stop” the League of Legends studio from pushing forward with its own “in-house ‘app store’ efforts,” Epic alleges. Riot Games did not immediately respond to Engadget’s request for comment.

The lawsuit alleges Google knew signing with Activision would prompt the publisher to “abandon its plans to launch a competing app store," a claim Activision disputes. “Google never asked us, pressured us, or made us agree not to compete with Google Play,” an Activision spokesperson told Reuters. “Epic’s allegations are nonsense.”

Google did not immediately respond to Engadget’s request for comment. The company previously said it was “looking forward to setting the record straight” on Epic’s “inaccurate” claims.

“The program on which Epic and Match base their claims simply provides incentives for developers to give benefits and early access to Google Play users when they release new or updated content; it does not prevent developers from creating competing app stores, as they allege,” Google told Engadget in October after Epic and Match filed a motion to bring additional charges against the company. “In fact, the program is proof that Google Play competes fairly with numerous rivals for developers, who have a number of choices for operating systems and app stores.”

Elon Musk is changing Twitter’s remote work rules yet again amid deadline for employees to commit to his vision for a “hardcore” company. Musk, who previously banned remote work at Twitter, has now indicated that some remote work is possible, Bloomberg and The Verge report.

“Regarding remote work, all that is required for approval is that your manager takes responsibility for ensuring that you are making an excellent contribution,” Musk wrote in a new memo to Twitter staff. He added that teams should be meeting in person at least once a month though weekly meetings are “ideal.”

Musk’s latest comments on remote work come one day after Twitter employees were told they had to agree they “want to be part of the new Twitter” where the expectation will be “long hours at high intensity." Workers who wouldn’t check the “yes” box on the accompanying Google Form would be provided severance.

Now, it seems Musk is concerned that not enough employees are buying into his vision of an“extremely hardcore” Twitter. Bloomberg reports that Musk has been pitching “key employees” on his plans and that he has tapped other leaders “to convince employees to stay” on at the company.

But while the allowance of some remote work may seem like a victory for Twitter employees, who have enjoyed a “work from anywhere” policy for more than two years, Musk made it clear that he was more than willing to punish managers for remote employees who fall short of his expectations. “At risk of stating the obvious, any manager who falsely claims that someone reporting to them is doing excellent work or that a given role is essential, whether remote or not, will be exited from the company,” he wrote.

Since Musk took over Twitter, the employees who survived the initial job cuts have faced growing uncertainty and mounting pressure as the new CEO has prioritized features like paid verification. Esther Crawford, a Twitter manager who has been leading the revamped Twitter Blue, tweeted a photo of herself sleeping on the floor of a Twitter conference room in the days immediately after Musk’s takeover.

But not everyone has been as willing, or able, to adapt to Musk’s demands. And a Twitter lawyer recently told other employees that Musk’s requirement for workers to show up in the office or get fired might be illegal. Now, it seems at least one former employee is testing that notion, and has filed a lawsuit alleging that Musk’s new policies are discriminatory against workers with disabilities.

Google has agreed to pay $391.5 million to settle charges brought forth by 40 attorneys general. They accused the company of misleading users into believing they had turned off location tracking in their settings, but Google continued to collect information about their movements. As part of the settlement, Google has agreed to "significantly improve" its location tracking disclosures and user controls starting next year.

“For years Google has prioritized profit over their users’ privacy,” Oregon attorney general Ellen Rosenblum, who led the case along with Nebraska AG Doug Peterson, said in a statement. “They have been crafty and deceptive. Consumers thought they had turned off their location tracking features on Google, but the company continued to secretly record their movements and use that information for advertisers.”

The AGs opened the investigation in 2018 following an Associated Press report suggesting that Google tracks location data even after users ask it not to. The report indicated that turning off the Location History setting didn't stop Google from knowing where a user was. Some apps, such as Maps and Search, still created a snapshot of their location on their Google account. Although it was possible to remove this data from one's Google account, doing so was "laborious," the AP noted.

The AGs determined that Google violated state consumer protection laws since at least 2014 by misleading consumers about its location tracking practices. They claimed that the company "confused its users about the extent to which they could limit Google’s location tracking by adjusting their account and device settings." They noted that this is the largest-ever consumer privacy settlement by US states (Meta, then known as Facebook, agreed to pay $5 billion to settle FTC charges over the Cambridge Analytica scandal). 

According to a press release from the Oregon AG's office, Google has agreed to:

• Show additional information to users whenever they turn a location-related account setting “on” or “off”;

• Make key information about location tracking unavoidable for users (i.e., not hidden); and

• Give users detailed information about the types of location data Google collects and how it’s used at an enhanced “Location Technologies” webpage.

Last month, Google agreed to pay Arizona $85 million to settle a 2020 lawsuit accusing it of tracking users for targeted ads even after they switched off location data settings. The company is facing other location tracking suits filed by AGs in Washington DC, Texas, Washington and Indiana.

Meta will stop any and all development on its smart displays and fledgling smartwatch project, according to Reuters. The company's executives reportedly told employees — those left after mass layoffs that saw 11,000 people lose their jobs — in a townhall meeting that it would end work on Portal. Meta used to sell Portal to consumers, and the device did enjoy an uptick in sales during the height of the pandemic when people had to stay and work from home. However, the company changed strategies in June and decided to sell them to businesses instead. 

The Information reported at the time that Portal made up less than 1 percent of the global market even with the increase in sales in 2021. Pursuing the consumer segment was probably no longer worth it, and now the company has decided that it's not worth developing the device at all. Chief Technology Officer Andrew Bosworth reportedly told employees during the meeting: "It was just going to take so long, and take so much investment to get into the enterprise segment, it felt like the wrong way to invest your time and money."

Meta has yet to release a smartwatch, though there had been reports and leaks over the years about that particular endeavor. Now, we'll never see it, unless Meta decides to revisit its development years from now. Bosworth said the smartwatch team will now work on the company's augmented reality glasses and that half of Meta's investment in Reality Labs is going towards its AR projects. 

In addition to announcing Portal's demise, the executives also revealed that 54 percent of the people laid off were in business positions, while the rest had technology roles. Teams across the organization were affected, and even employees with high performance ratings were laid off. Meta is combining its voice and video calling unit with other messaging teams, the executives also announced, and it's forming a new division to solve tough engineering problems. 

Reuters' report didn't say whether the executives revealed when the existing Portal models will be phased out, and if it will keep selling them. It also didn't mention when support for current devices will end, but we've asked Meta for more information and will update this post when we hear more. 

Disney CEO Bob Chapek has told division leads in a letter that the company is implementing cost cutting measures in part to help it "achieve the important goal of reaching profitability for Disney+ in fiscal 2024." Based on the internal memo obtained by CNBC, Disney is planning to limit additions to its workforce through a targeted hiring freeze. It will still welcome new people for the "most critical, business-driving positions," but all other roles are on hold for now. Chapek has also admitted in his letter that Disney "anticipate[s] some staff reductions" as it looks at all aspects of its business to find places where it can save money. 

Chapek's letter comes after Disney reported less-than-stellar earnings for the previous quarter. While Disney+ welcomed 12.1 million new subscribers for the company's fourth fiscal quarter ending on October 1st, the company's operating loss for streaming jumped from $0.8 billion to $1.5 billion. The company expects its losses to taper off going forward, thanks to its streaming services' price hikes and the launch of an ad-supported tier on Disney+. In his memo, Chapek also reiterated he is "confident in [the company's] ability to reach the targets [it has] set," but Disney clearly intends to tighten its belt until it hits its goals.

Disney is but one of the many companies imposing a hiring freeze due to the economic downturn. When Meta chief Mark Zuckerberg announced that the Facebook parent company is laying off 11,000 employees, he also said that it's extending its hiring freeze through the first quarter of 2023. Amazon froze hiring at its corporate offices earlier this month, as well. 

Twitter isn’t the only notable tech company to bandy around the word “bankruptcy” this week. After a stunningly rapid collapse, crypto exchange FTX has filed for Chapter 11 bankruptcy protection, while founder Sam Bankman-Fried has resigned as CEO.

The bankruptcy filing covers FTX Trading, FTX US, Alameda Research and around 130 other companies under the umbrella of the FTX Group, according to a press release. Some others, such as FTX Australia and FTX Express Pay, are not involved in the bankruptcy proceedings. Filing for Chapter 11 bankruptcy doesn't necessarily mean that a company is dead in the water — it allows a business to keep trading while it figures out a plan to pay back creditors. However, it's a tough position to come back from.

"The immediate relief of Chapter 11 is to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," new CEO John J. Ray III (a former Enron chairman who came in to oversee that company's liquidation) said in a statement. "The FTX Group has valuable assets that can only be administered in an organized, joint process. I want to [assure] every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency." Ray suggested that stakeholders should remain patient, noting that "events have been fast-moving and the new team is engaged only recently."

The company swiftly found itself in dire straits after the price of its native FTT token nosedived and many users withdrew their cryptocurrency. Following reports that FTX was facing a liquidity crisis, Changpeng Zhao, the CEO of rival crypto giant Binance, said his company would sell off around $529 million worth of FTT. That all but wiped out the token's value.

Binance then agreed to bail out FTX by taking over the company. However, it backed out of the deal a day later, citing concerns that emerged while conducting due diligence. Bankman-Fried went on to apologize for the mess and said on Thursday he was doing everything he could to raise funds and do "right by users." He stepped down just a day later. 

"This doesn't necessarily have to mean the end for the companies or their ability to provide value and funds to their customers chiefly, and can be consistent with other routes," Bankman-Fried wrote on Twitter after the bankruptcy filing. "I'm going to work on giving clarity on where things are in terms of user recovery ASAP." Bankman-Fried added that he will soon publish a more complete, play-by-play account of what happened to FTX.

Meanwhile, reports have suggested that the Department of Justice and Securities and Exchange Commission are investigating FTX. It's not clear when the DOJ started looking into the company's dealings, but the SEC’s investigation has reportedly been ongoing for several months.