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March 13, 2023, 11:45 AM
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WeSmirchTop News
| U.S. Department of the Treasury: |
The US Treasury, Federal Reserve, and the FDIC say all Silicon Valley Bank depositors will be “fully” protected, and their money will be available on March 13 — WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen …
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Board of Governors …, The White House on YouTube, Circle, FDIC, CNN, TechCrunch, CoinDesk, DL News, Decrypt, Blockworks, Crunchbase News, Bloomberg, Bloomberg, Wired, The Hill, NBC News, Bloomberg, PYMNTS.com, DealStreetAsia, National Review, Axios, Protos, Cryptopolitan, Inside Bitcoins, New York Post, #OONO, Wall Street Journal, CryptoSlate, CryptoPotato, NewsBTC, CNBC, Tech Startups, CoinDesk, New York Times, CNBC, Wired UK, CNBC, Coinspeaker, crypto.news, HN Digest, THE LOGUE, MediaNama, Fortune, Coinpedia Fintech News, Bloomberg, and Axios
Mastodon:
@alex@cybervillains.com. Tweets:
@potus, @cz_binance, @jerallaire, @bgarlinghouse, @potus, @coinbase, @nicktimiraos, @samro, @danielagabor, @vcbrags, @federalreserve, @neil_irwin, @litcapital, @bobeunlimited, @gbildson, @gavinsbaker, @billackman, @jeuasommenulle, @burryarchive, @octal, @scottjshapiro, @federalreserve, @jasonfurman, @zck, @chrisjbakke, @jason, @fedguy12, @jimcramer, @danprimack, @elaifresh, @macroalf, @thestalwart, @lloydblankfein, @gavinsbaker, @nycsouthpaw, @charliebilello, @salehamohsin, @dogetoshi, @wongmjane, @stephanie_murr, @jimcramer, @shortsightedcap, @anthonyrandazzo, @mekkaokerekebye, @jonatanpallesen, @tomfitton, @davidmwessel, @econguyrosie, @lpnational, @wendyedelberg, @isadwatson, @kaitlancollins, @kgreifeld, @modestproposal1, @trungtphan, @noahpinion, @levie, @stefeich, @atrupar, @peston, @thebenbergman, @robinbrooksiif, @salehamohsin, @atrupar, @senwarren, @whstancil, @firstadopter, @mcwm, @benedictevans, @tracyalloway, @jasonlk, @esaagar, @chiweethegod, @freezingfintake, @ivanthek, @donmoyn, @newtgingrich, @mattyglesias, @bgarlinghouse, @davidsacks, @petercontibrown, @thestalwart, @sarthakgh, @joelpollak, @dylanleclair_, @davidsirota, @litcapital, @neoavatara, @fedguy12, @larryvc, @ramahluwalia, @mgsiegler, @jasonfurman, @mcuban, @levie, @paulmitchell_ab, @martinsfp, @mbensass, @jacobtamme, @devahaz, @m_c_klein, @ian_fraser, @lizrhoffman, @ericnewcomer, @brendanpedersen, @vermontgmg, @eugenewei, @chrisalbon, @callumj, @tculpan, @amlivemon, @karaswisher, @m_c_klein, @repsarajacobs, and @deanobeidallah
| Iain Withers / Reuters: |
HSBC plans to acquire Silicon Valley Bank UK for £1, citing “strategic sense for our business”; as of March 10, SVB UK had ~£5.5B loans and ~£6.7B deposits — HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of Silicon Valley Bank for 1 pound.
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@jeremy_hunt, @cetier1, @hmtreasury, @jamestitcomb, @nigel_farage, @wublockchain, @danielkorski, @justin_cash_1, @samgyimah, @loomdart, @daniburgz, @bondhack, @benedictcooney, @richardgrahamuk, @georgewparker, @checkwarner, @michelledonelan, @mjrobbins, @ibrahimsaninet, @bandrew, @georgewparker, @suzanneashman, @lisaabramowicz1, @thetranscript_, @jespow, and @mayazi
| Sinead O'Sullivan / Financial Times: |
Having perfected the art of using hype to move markets, VCs managed to hype their own rumors to collapse SVB, accidentally slaying a much loved accomplice — After more than a decade of venture capitalists insisting they provide more than just cash to their portfolio companies, the moment to prove that finally arrived.
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Wall Street Journal, The Verge, Kotaku, Financial Times, and Wall Street Journal
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| Michael Moritz / Financial Times: |
A eulogy for Silicon Valley Bank, a business partner to tech for 40 years, which offered services when established banks would not and was undone by its loyalty — Regardless of the reasons behind the bank's collapse, it leaves a huge hole for the start-up scene — The writer is a partner at Sequoia Capital
More:
Bloomberg, Monomythical, and New York Times
| Ben Thompson / Stratechery: |
SVB bears responsibility for its demise, the outcome of disruption being tech's objective function, and the Silicon Valley myth could be the ultimate casualty — Banks are, at their core, facilitators: depositors lend their money to a bank, for which they are paid interest, and banks lend that money out, again for interest.
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TechCrunch, Bloomberg, Slate, Yes, I give a FIG, Los Angeles Times, Robert Reich, ReadOn, and Rounding the Earth Newsletter
Mastodon:
@ampressman@journa.host. Tweets:
@thestalwart, @samesfandiari, @racecar_babytoy, @nowmediascott, @bzalasky, @neoavatara, @reubenr80027912, @dkthomp, @jen_mcfadden, and @stratechery
| The Verge: |
A Reddit user shows how Samsung's “Space Zoom” feature produces fake, generated images of the moon, highlighting how photography and “real photos” are changing — For years, Samsung “Space Zoom”-capable phones have been known for their ability to take incredibly detailed photos of the Moon.
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r/Android on Reddit, MacRumors, The Register, AppleInsider, PhoneArena, TechSpot, BGR, Phandroid, and iThinkDifferent
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@halidecamera, @raywongy, @raywongy, @samifathi_, @adrianhon, @uwukko, @j_bertolotti, @adrianhon, @halidecamera, @raphaelmilliere, @sdw, @chrislintott, and @somegadgetguy
| CNBC: |
New York shuts down Signature Bank as US regulators cite a “systemic risk exception” like for SVB, announcing all of Signature's depositors will be “made whole” — U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution …
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FDIC, Department of Financial …, Reuters, TechCrunch, New York Times, Wall Street Journal, PYMNTS.com, Bloomberg, Blockworks, VentureBeat, The Block, Neowin, CBS News, Gizmodo, Cointelegraph, Financial Times, CoinGape, Bitcoin News, Inside Bitcoins, Washington Post, crypto.news, Coinspeaker, MarketWatch, The Guardian, Crypto Daily, Livemint, CoinJournal, Apricitas Economics, and Watcher Guru
| MacKenzie Sigalos / CNBC: |
Signature closing means its real-time payment platform Signet can no longer serve crypto clients, a blow after SEN closed; BTC jumps ~7% and USDC regains peg — - Silvergate and Signature were the two main banks for crypto companies, while Silicon Valley Bank had a lot of crypto startups and VCs as customers.
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Wall Street Journal, Quartz, South China Morning Post, Coinspeaker, Beginning of Freedom, Grit Capital, Crypto Daily, Watcher Guru, CoinGape, Livemint, Cointelegraph, and ExchangeWire.com
Tweets:
@jacqmelinek and @amacker
| Bloomberg: |
The closure of SVB, Silvergate, Silvergate Exchange Network, and Signature adds stress to a troubled crypto industry; fiat conversion costs may rise by 20%-40% — The digital-asset market is coming off of a turbulent year featuring a number of high-profile blowups.
More:
Bloomberg, Cointelegraph, Livemint, and CoinDesk
Tweets:
@coinbase, @twobitidiot, @tracyalloway, @hsakatrades, @lyu_johnny, @timccopeland, @mayazi, @0xquit, and @kamikaz_eth
| Vishal Chawla / The Block: |
Lending protocol Euler Finance lost $197M in a flash-loan attack, including $136M in stETH and $34M in USDC; Euler raised $32M in June 2022; EUL drops 45%+ — - Euler Finance was hit by a flash-loan attack that resulted in a loss of $197 million, according to security analysts.
More:
Decrypt, Cointelegraph, TechCrunch, SecurityWeek, Cryptonews, Metacurity, Bloomberg, Cryptopolitan, and Ethereum World News
| Fortesa Latifi / Teen Vogue: |
A YouTuber who went viral as a toddler says she resents her family for monetizing her childhood, as some influencer parents take their children off social media — “Nothing they do now is going to take back the years of work I had to put in.” — Search Claire's name online … | Dina Bass / Bloomberg: |
After Microsoft invested $1B in OpenAI in 2019, the company scrambled to string together tens of thousands of Nvidia A100 GPUs, costing several hundred million — When Microsoft Corp. invested $1 billion in OpenAI in 2019, it agreed to build a massive, cutting-edge supercomputer for the artificial intelligence research startup.Sponsor Posts
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Subquadratic: the LLM built for 12M-token reasoning — SubQ can reason across entire codebases and document sets in one pass with no RAG workarounds. Read how SubQ 1.1 Small holds near-perfect retrieval out to 12M tokens.
Cloudflare:
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Cloudflare Connect 2026: The Agentic Conference — Stop preparing for agents. Start running them. 100+ sessions, workshops, and speakers from OpenAI, Arm, and Cloudflare across AI, security, and performance.
Zoho:
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IDrive:
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