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March 11, 2023, 5:20 AM
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| CNBC: |
California regulators close SVB and name the FDIC as the receiver to protect insured deposits; SVB ended 2022 with ~$209B in assets and $175.4B in deposits — Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday …
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Scott Albro, Brian Gong, Janet Mui, Caroline Wharton, and Andrea Lisi
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@ummjackson@mastodon.social, @wbm312@infosec.exchange, @briankrebs@infosec.exchange, @fj@mastodon.social, @wbm312@infosec.exchange, @Popehat@mastodon.social, @dangillmor@mastodon.social, @wbm312@infosec.exchange, @srepetsk@social.ridetrans.it, @mattblaze@federate.social, @ddayen@mastodon.online, @dymaxion@infosec.exchange, @ummjackson@mastodon.social, and @maria@thelife.boats
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| Matt Levine / Bloomberg: |
As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality — Programming note: Money Stuff was supposed to be off today, but: bank run! — SVB| Marc Rubinstein / Net Interest: |
A closer look at the collapse of Silicon Valley Bank, the 16th largest US bank whose unrealized losses snowballed from $0 in June 2021 to $16B by September 2022 — The Rapid Collapse of the 16th Largest Bank in America — “When you're not working, what do you do to de-stress?”
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Financial Times, The Economist, BBC, Louder Vic!, Bloomberg, and Out of Carbon
| Frank Chaparro / The Block: |
Circle says $3.3B of ~$40B USDC reserves remain at Silicon Valley Bank and it will follow guidance provided by state and federal regulators — - After being largely silent on Friday, Circle said it has $3.3 billion in exposure to Silicon Valley Bank, which collapsed earlier in the day and was placed in FDIC receivership.
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CoinDesk, Cointelegraph, Decrypt, and CoinJournal
Tweets:
@circle, @circle, @unusual_whales, @cryptowendyo, and @michaeljordaan
| Krisztian Sandor / CoinDesk: |
Circle's USDC sees $1B in net redemptions since SVB's shutdown and has lost its $1 peg, after Circle said SVB is one of six banks managing USDC cash reserves — Stablecoin issuer Circle held an undisclosed amount of USDC's cash reserves at now-failed Silicon Valley Bank.
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TechCrunch, The Block, Bloomberg, Coinpedia Fintech News, Emage 兆.耳, CoinBasics's Newsletter, CryptoGlobe, Cryptopolitan, CoinGape, Slashdot, Fortune, Cointelegraph, Solanews, and Watcher Guru
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@circle, @0xfoobar, @1markmoss, @silvermanjacob, @alice_comfy, @northrocklp, @autismcapital, @epro, @mikeburgersburg, and @chainlinkgod
| Bloomberg: |
Coinbase says it is “temporarily pausing” conversions of USDC into USD during the weekend; USDC traded at ~$0.90 as investors reacted to Circle's SVB exposure — The second-largest stablecoin in crypto fell from its intended $1 peg on Saturday, trading as low as 81.5 cents …
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Reuters, CoinDesk, The Information, Cointelegraph, CoinGape, and The Block
| TechCrunch: |
How startup founders are reacting to Silicon Valley Bank's collapse, as some worry about frozen funds, operating expenses, and paying employees full salaries — Engineers at Polymath Robotics were working late Wednesday night on multiple projects when co-founder and CEO Stefan Seltz-Axmacher noticed chatter …
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Bloomberg, The Information, NPR, U.S. Department …, Axios, CNBC, Forbes, CNBC, The Information, CoinDesk, and PitchBook
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Tweets:
@davidsacks, @ddisparte, @cpa_trendlines, @yoda, @katie_roof, @jsrailton, @brianroemmele, @alex, @kateclarktweets, @alexweprin, and @jsrailton
| Todd Spangler / Variety: |
Filing: Roku held ~26% of its $1.9B in cash and equivalents at SVB, “largely uninsured”, and says the remaining amount will be sufficient for at least 12 months — About one-fourth of Roku's cash and equivalents — nearly half a billion dollars — has been held in Silicon Valley Bank …
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@stephennellis, @xpangler, @devincow, @adamblevine, and @mikeisaac
| Sarah Wynn / The Block: |
Filing: crypto lender BlockFi, which filed for bankruptcy protection in November 2022, has $227M in uninsured funds in Silicon Valley Bank — - Crypto lender Blockfi has millions in uninsured funds because the cash is a money market mutual fund, according to a bankruptcy document filed on Friday.
More:
Cryptonews and Cointelegraph
Tweets:
@laurenshirsch, @frances_coppola, @justafamilyman_, and @bowtiedbull
| Dan Primack / Axios: |
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Exit Fuel 🛢️, The Information, Fortune, and GeekWire
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@danprimack, @pitdesi, @rabble, @danprimack, @besttrousers, @bcmerchant, @axios, @davidmwessel, @alexjamesfitz, @georgenhammond, and @nmasc_
| Lizette Chapman / Bloomberg: |
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New York Times, Wall Street Journal, The Information, and Insider
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@TNLNYC@mastodon.social and @joshsternberg@mstdn.social
| Giovanni Colantonio / Digital Trends: |
A look at Sumplete, a game ChatGPT claimed it “invented” after being prompted to create Sudoku-like puzzles and is identical to at least one other mobile game — ChatGPT can add another job to its résumé: game developer. With just a few simple prompts from a user …
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Sumplete, Puzzled's Substack, Gizmodo, Gizmodo, TechSpot, MobileSyrup, Neowin, iMore, BGR, TechRadar, Game Developer, and Tom's Guide
Tweets:
@marioprime, @andrewmartonik, and @marioprime
| Chris Stokel-Walker / Wired: |
Leaked docs: Twitter's API access Enterprise Packages start at $42K/month for 50M tweets, or ~0.3% of its monthly output, 25K filters, and 50K archive queries — Tiers will start at $500,000 a year for access to 0.3 percent of the company's tweets. Researchers say that's too much for too little data.
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BetaNews, Mashable, Twitter is Going Great!, and My Social Portal's …
Mastodon:
@paul@tapbots.social and @rodhilton@mastodon.social
Tweets:
@marshallk, @sparklingruby, @epro, @chrismessina, @ryanmaue, @stokel, @0mgould, @marshallk, @viditb, and @gusthema. Thanks:@stokel
| Wall Street Journal: |
Sources: Meta plans multiple rounds of layoffs over the coming months that in total would be roughly the same magnitude as its ~13% cut in November 2022 — New layoffs at Meta Platforms would follow cuts of around 11,000 employees started last year — Facebook-parent Meta Platforms Inc … Sponsor Posts
Command Line:
Copilot to autopilot: Why no single safeguard is enough — Microsoft designed a layered model that lets an AI agent resolve network incidents on its own within defined boundaries.
Copilot to autopilot: Why no single safeguard is enough — Microsoft designed a layered model that lets an AI agent resolve network incidents on its own within defined boundaries.
Will Reed:
The best sales leaders aren't job hunting. Here's how to reach them without months of cold outreach. — Our team came from Box, Square, and Brex, so we already know the GTM leaders worth meeting.
The best sales leaders aren't job hunting. Here's how to reach them without months of cold outreach. — Our team came from Box, Square, and Brex, so we already know the GTM leaders worth meeting.
Zoho:
UK tax compliance with Zoho Books — The evolving tax landscape in the UK has added an additional responsibility to business owners, accountants, and bookkeepers to ensure their choice of accounting software supports compliance …
UK tax compliance with Zoho Books — The evolving tax landscape in the UK has added an additional responsibility to business owners, accountants, and bookkeepers to ensure their choice of accounting software supports compliance …
IDrive:
Protecting your Cloud Applications Data — Backing up Office 365, Google Workspace, Dropbox & Salesforce data is critical to preventing data loss or corruption, complying with laws and avoiding critical downtime in case of a disaster.
Protecting your Cloud Applications Data — Backing up Office 365, Google Workspace, Dropbox & Salesforce data is critical to preventing data loss or corruption, complying with laws and avoiding critical downtime in case of a disaster.Featured Podcasts
Grit:
The 20-Year Bet to Make Fusion Energy Work | Jeff Lawson
Grit explores what it takes to create, build and scale world-class organizations.
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The $7B Startup Mapping Your Health In Just One Hour | Neko's Hjalmar Nilsonne
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