Techmeme
May 10, 2022, 8:10 AM

Top News

Stacy-Marie Ishmael / Bloomberg:
A look at Do Kwon's algorithmic UST stablecoin, designed to trade at $1, after it fell as low as $0.60; CoinMarketCap says there are 18.5B UST in circulation  —  Algorithmic stablecoins, like their more “traditional” counterparts, are supposed to provide calm in the chaos of crypto.
Sam Reynolds / CoinDesk:
Binance has temporarily suspended withdrawals of LUNA and UST tokens due to a high volume of pending withdrawals and “network slowness and congestion”  —  Binance has resumed withdrawals of LUNA and UST tokens after the two tokens crashed on Tuesday on the back of a broader fall in the crypto markets.
Sam Kessler / CoinDesk:
CoinMarketCap: UST stablecoin loses its USD peg, falling as low as $0.80, after the Luna Foundation Guard pledges $1.5B of its bitcoin reserves to support UST  —  TerraUSD (UST) has lost its dollar peg for the second time in three days, falling to as low as $0.95 on Monday …
Bloomberg:
Bitcoin fell ~10% to around $31,000, its lowest level since July 2021, as investors flee riskier investments; Ethereum, Solana, Avalanche, and others also fell  —  Bitcoin rebounded from a swoon below $30,000 as a selloff in stocks eased and a bout of calm washed across global markets.
Laurence Fletcher / Financial Times:
Analysis: Tiger Global has lost about $17B in 2022 during the tech stock sell-off, erasing around two-thirds of its gains made since 2001 in four months  —  Hedge fund suffers ‘breathtaking’ drop as speculative stocks sink from pandemic peaks  —  Tiger Global has been hit by losses …
Thomas Claburn / The Register:
Study claims the implementation of EU's GDPR has reduced the number of apps on Google Play by a third, increased costs, and reduced revenues for app developers  —  Privacy rules increase cost, reduce choice, slash revenues, study concludes  —  Europe's data protection regime has reduced …
The Information:
Sources: Meta is considering reducing the money it gives news outlets and focusing on news content as short videos on Facebook rather than as links to articles  —  Meta Platforms is considering reducing the money it gives news organizations as it reevaluates the partnerships it struck …
Washington Post:
Researchers: Elon Musk, who vowed to defeat Twitter's “spam bots or die trying”, has long benefited from “fanbots” boosting Tesla shares and deriding critics  —  Mechanized accounts have sought to boost Tesla shares, deride critics and push the pending takeover of Twitter.
Steve Dent / Engadget:
Sony reports Q4 gaming revenue rose 4.9% YoY to ~$5.1B; PS5 sales were 2M, reaching 19.3M in total, around 3.1M behind the PS4 at the same point in time  —  Sony announced that it sold just 2 million PlayStation 5 units last quarter (Q4), bringing its overall total to 19.3 million.
Drew Harwell / Washington Post:
Clearview AI reaches a settlement with the ACLU by agreeing to stop selling or offering free access to its facial recognition database to most US businesses  —  The settlement marks one of the most significant court actions yet against a company known for downloading billions of people's photos …
Bloomberg:
Match Group sues Google, alleging the company abuses its power with a requirement that developers use Google's billing system for Android apps in the Play Store  —  Match Group Inc. accused Alphabet Inc.'s Google in a lawsuit of acting as a monopolist with its app store billing rules …

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