Techmeme
May 11, 2022, 4:25 AM

Top News

Tim Copeland / The Block:
Luna and its related UST stablecoin continue to crash; Luna drops to as low as $4.51, an 85% slide in 24 hours, while UST drops to as low as $0.27  —  Quick Take  — The price of Luna has dropped 82% in the last 24 hours.  — Its related stablecoin UST has retreated even further from its dollar peg, falling to just $0.27.
Paul Kiernan / Wall Street Journal:
US Treasury Secretary Janet Yellen: passing legislation in 2022 to create a stablecoin regulatory framework “would be highly appropriate”, after UST's stumble  —  Treasury secretary expresses hope that Congress will pass legislation this year to create regulatory framework for stablecoins
Stacy-Marie Ishmael / Bloomberg:
A look at Do Kwon's algorithmic stablecoin UST, designed to trade at $1 but which has been in freefall; CoinMarketCap says there are 17.8B UST in circulation  —  Algorithmic stablecoins, like their more “traditional” counterparts, are supposed to provide calm in the chaos of crypto.
Michael D McDonald / Bloomberg:
Brian Heater / TechCrunch:
Apple discontinues the iPod touch, leaving the device on sale “while supplies last” and ending the product line after debuting the original iPod in October 2001  —  Last October marked 20 years of the iPod.  It's a remarkable run in the cutthroat, always-iterating world of consumer electronics.
Dave Lee / @daveleeft:
[Thread] In an interview, Musk says Twitter has a “left bias”, he would “literally put” its “algorithm on GitHub”, and he thinks he would reverse Trump's ban  —  Twitter currently the “least bad” public square, @elonmusk says at #FTCar. “In order to be better at that it needs to get rid of the bots, the scams.” Live here: https://www.youtube.com/...
MacKenzie Sigalos / CNBC:
Coinbase Q1: $1.2B net revenue, down from $1.6B YoY, vs $1.5B est., 9.2M MTUs, up from 6.1M YoY, $309B trading volume, down from $335B YoY; stock drops 12%+  —  - Coinbase reported first-quarter earnings after the bell on Tuesday.  — The earnings come amid a major sell-off across the crypto market.
New York Times:
Sources: Netflix executives told employees that the company plans to launch its lower-priced ad-supported tier and crack down on password sharing in Q4 2022  —  Executives said they were aiming to introduce an ad-supported, lower-priced subscription tier in the last three months of the year, quicker than originally indicated.
New York Times:
Interviews with 50+ people detail the rapid rise of Bolt, which overstated its tech and numbers, as its valuation soared from $250M in 2018 to $11B in 2021  —  The start-up has had a meteoric rise, thanks to its charismatic co-founder, Ryan Breslow.  But he sometimes stretched the truth to get there.
Politico:
Leaked proposal: the EC plans to release a draft law this week that requires tech companies to scan for CSAM and threatens end-to-end encryption  —  Brussels is bracing for one of its biggest and most emotional tech fights yet as companies face stringent new rules to clamp down on sexual abuse material.
David Shultz / Fast Company:
Osmind, which provides EHR software to chart and update mental health patient information and documents, raises a $40M Series B led by DFJ Growth  —  As the country continues to struggle with a mental health crisis that's only been exacerbated by the pandemic, electronic health-record startup Osmind …
Devin Coldewey / TechCrunch:
Brightseed, which develops an AI-based system called Forager to identify and categorize plant compounds for human health, raises a $68M Series B led by Temasek  —  Who knows what secrets await in the hearts of plants?  Brightseed has found a couple of them, anyway, using an AI-based analysis method …
Shubham Sharma / VentureBeat:
Certn, which offers AI-driven tools to conduct background checks and risk monitoring for employees, contractors, and tenants, raises a $50M Series B  —  Canada-based Certn, a company that provides AI-powered background screening solutions to enterprises, today announced it has raised $50 million …
Rashi Shrivastava / Forbes:
Mashgin, which makes computer vision-based touchless self-checkout kiosks, raises a $62.5M Series B led by NEA at a $1.5B post-money valuation  —  Mashgin's computer vision AI self checkout can scan multiple packaged products as well as food items in a matter of seconds.

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