Techmeme
June 5, 2023, 12:45 PM

Top News

New York Times:
The SEC sues Binance and CEO Changpeng Zhao, accusing the company of mishandling billions in customer funds, lying to regulators and investors, and more  —  The S.E.C. said the world's largest cryptocurrency exchange mixed “billions of dollars” in customer funds and secretly sent …
Reuters:
Bank records: from 2019 to 2020, Binance executive Guangying Chen operated five Silvergate accounts belonging to Binance's purportedly independent US affiliate  —  A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange's purportedly …
Bloomberg:
Sources: Binance's Richard Teng is the frontrunner to become CEO if Changpeng Zhao steps down, as US regulatory scrutiny makes succession planning more urgent  —  In mid-May, cryptocurrency exchange Binance got some bad news in a far-flung corner of its sprawling universe.
New York Times:
Internal document: Twitter's US ad revenue from April 1 to the first week of May fell 59% YoY to $88M; sources say that performance is unlikely to improve soon  —  In internal forecasts, the company projected that ad sales would keep declining, handing a tough challenge to its new chief executive.
Lawrence Abrams / BleepingComputer:
Atomic Wallet investigates user reports of compromised accounts and tries to block stolen crypto from being sold; a researcher says the hack could exceed $35M+  —  The developers of Atomic Wallet are investigating reports of large-scale theft of cryptocurrency from users' wallets, with over $35 million in crypto reportedly stolen.
Lawrence Abrams / BleepingComputer:
Microsoft attributes recent attacks on Progress' MOVEit Transfer tool to the Clop ransomware gang; incident responders: the gang can take weeks to issue demands  —  Microsoft has linked the Clop ransomware gang to recent attacks exploiting a zero-day vulnerability in the MOVEit Transfer platform to steal data from organizations.
Sahar Elhabashi / Spotify:
Spotify cuts ~200 jobs, or 2% of its staff, at its podcast unit, combines Parcast and Gimlet into a renewed Spotify Studios, and reports 100M+ podcast listeners  —  Below is an adaptation of an internal update on Spotify's Podcast Business from Sahar Elhabashi, VP, Head of Podcast Business.
Jon Porter / The Verge:
To protest Reddit's API pricing for third-party apps, r/videos, r/reactiongifs, r/earthporn, and other big subreddits plan to go private on June 12 for 48 hours  —  Some of Reddit's biggest communities including r/videos, r/reactiongifs, r/earthporn, and r/lifeprotips are planning to set themselves …
Cristiano Lima / Washington Post:
Instagram restores Robert F. Kennedy Jr.'s account, banned in 2021 for “sharing debunked claims” about COVID-19 and vaccines, after his presidential bid launch  —  The prominent anti-vaccine campaigner was suspended in 2021 for spreading misleading health claims.

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Madhumita Murgia / Financial Times:

Earlier Picks

Marietje Schaake / Financial Times:
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