Techmeme
May 12, 2022, 2:00 PM

Top News

Tim Copeland / The Block:
Terraform Labs halts the Terra blockchain to protect against a possible attack, after the collapse of its LUNA token reduced the cost of an attack  —  Quick Take  — Terraform Labs has said the Terra blockchain has been halted.  — This is due to concerns that the network could be attacked for a relatively low cost.
Joanna Ossinger / Bloomberg:
After UST's collapse, most rival algorithmic stablecoins are below the dollar peg; Tether and USDC, the two largest, are mostly holding their dollar peg  —  Stablecoins besides TerraUSD are failing to live up to their billing as the collapse of the algorithmic token has investors pondering …
Andrew Rummer / The Block:
Tether, the largest stablecoin, briefly drops to a 24-hour low of $0.96; Binance USD and USDC are both trading at around $1  —  Quick Take  — Tether dropped below $0.96 on Thursday morning.  — The stablecoin is designed to keep a constant peg with the dollar.
Shaurya Malwa / CoinDesk:
LUNA drops to $0.01, a 99%+ decline in 24 hours, down from $60 earlier this week and $120 in mid-April  —  LUNA tokens lost 96% in the past 24 hours alone, prompting more to be minted in a mechanism that helped lift the UST price.  —  Traders of Terra's LUNA tokens suffered …
@kayvz:
[Thread] Twitter product chief Kayvon Beykpour says he is leaving at the request of CEO Parag Agrawal, who wants to “take the team in a different direction”  —  Interrupting my paternity leave to share some final @twitter-related news: I'm leaving the company after over 7 years.
Bloomberg:
Ryan Browne / CNBC:
Bitcoin dropped below $26,000 for the first time since December 2020, down 15% in 24 hours; Ether dropped as low as $1,720, its lowest level since July 2021  —  - The price of bitcoin plunged below $26,000 on Thursday, hitting its lowest level in 16 months.
David Yaffe-Bellany / New York Times:
Jay Peters / The Verge:
After mocking Apple for removing the iPhone headphone jack in an August 2021 ad for the Pixel 5a, Google quietly removes the headphone jack on the Pixel 6a  —  The Pixel 6A offers a lot of good features, but not a headphone jack  —  Google just revealed the Pixel 6A at Google I/O on Wednesday …
David Pierce / The Verge:
A look at Google's “ambient computing” strategy, a bid to unify its disparate hardware lines, led by the Pixel team  —  Making ambient computing happen is forcing Google to change how it does everything  —  The story of this year's Google I/O actually started three years ago.
Financial Times:
Brian Armstrong says there's “no risk of bankruptcy” after Coinbase said in its filing that its users might lose all their crypto if the exchange goes bankrupt  —  Shares in crypto exchange fall 23% after bleak results and new risk disclosure  —  Shares in cryptocurrency exchange …
Scott Stein / CNET:
Mark Zuckerberg gives an early look at mixed reality on Meta's Project Cambria headset; Meta announces Presence Platform to let developers make MR apps  —  A demo of Meta Cambria demonstrates how it blends AR and VR, while Quest 2 headsets could be used to develop apps in the meantime.  —  Scott Stein
Thomas Stackpole / HBR.org:
Q&A with crypto skeptic Molly White, who runs Web3 Is Going Just Great, on Web3's evolving problems and cultural draw, blockchain privacy issues, and more  —  Welcome to Web3  —  What Is Web3?  —  Why Blockchain's Ethical Stakes Are So High Web3 Will Run on Cryptocurrency What a DAO Can — and Can't — Do
Adi Robertson / The Verge:
A US appeals court rules 2-1 to let Texas enforce a social media law stopping Twitter, Facebook, and other services with 50M+ users from moderating content  —  A judge blocked a similar law in Florida on First Amendment grounds  —  The controversial Texas social media law HB 20 …
Sam Nussey / Reuters:
SoftBank reports a $26.2B full year loss for its Vision Fund unit, leading the group to a $13.15B annual net loss, as stocks decline and inflation rises  —  SoftBank Group Corp (9984.T) reported on Thursday a record loss of $26.2 billion at its Vision Fund unit as the tech conglomerate's portfolio …
Ingrid Lunden / TechCrunch:
Italian payments giant Nexi acquires Germany-based Orderbird, which provides point of sale products to hospitality businesses, sources say for €130M to €140M  —  More consolidation is apace in the world of payments: Nexi, the Italian fintech that scooped up rivals Danish-based Nets …
More: PYMNTS.comThanks:@ingridlunden

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