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Good morning from the Financial Times. Today is Monday, November 14th and this is your FT News Briefing.

FTX is in bankruptcy and the crypto world is on edge. The Fed is entering a trickier phase of

monetary tightening and the FT's Patrick McGee tells us how Apple became the most profitable tech

company in China. There's just a symbiotic relationship between Beijing and Cupertino.

I'm Sonya Hudson in for Mark Filipino and here's the news you need to start your day.

The week begins with one of the largest US cryptocurrency companies in bankruptcy.

FTX founder Sam Bankman freed couldn't come up with the billions he needed to meet a flood of

customer withdrawals. Over the weekend, our correspondence learned that FTX had less than one

billion dollars in liquid assets and nine billion in liabilities. Here's the FT's Josh Oliver

on what's next for FTX. You know, the filing says between 10 and 50 billion of assets and liabilities

in play over 100,000 creditors. So this is going to be a really long and complicated process as

the bankruptcy practitioners just try and get their heads around. Where are the assets?

And the more we learn about how FTX was run, the more chaotic it appears. I think we're looking at

probably a year's long process at the very least.

So Josh, what concerns does this raise about the broader crypto industry?

FTX was viewed as solid. Whereas some of the others that have fallen were already viewed

skeptically in the crypto community. So for FTX to go down as a real crisis of confidence for crypto

and what we've seen is an immediate pressure for other exchanges that survive to be way more

transparent with what assets they actually have. And that pressure is undoubtedly going to continue

and also I might think kind of dovetail with regulatory efforts to make these companies much

...