March 11, 2023, 4:30 PM

Top News

Frank Chaparro / The Block:
Circle says $3.3B of its ~$40B USDC reserves remain at Silicon Valley Bank and that the crypto payments firm will follow state and federal regulators' guidance  —  - After being largely silent on Friday, Circle said it has $3.3 billion in exposure to Silicon Valley Bank …
Coinbase and Binance temporarily suspend conversions of USDC into USD; USDC depegged and 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, hurt by the exposure …
New York Times:
SBV collapse led to finger-pointing, as some crypto advocates preach and scold while some investors argue crypto collapses set the stage for SVB's collapse  —  The implosion of the Silicon Valley bank led to finger-pointing, as executives and investors jumped on the crisis for their own messaging.
Krisztian Sandor / CoinDesk:
Circle's USDC has seen $1B in net redemptions since SVB's collapse and 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.
Lorenzo Franceschi-Bicchierai / TechCrunch:
How the FBI proved that NetWire was a Remote Access Trojan and not a legitimate remote admin tool, leading to the seizure of the website selling the malware  —  On Thursday, the U.S. government announced that it had seized a website used to sell malware designed to spy on computers and cellphones.
Sources: some hedge funds are offering to buy startups' deposits at SVB for 60 to 80 cents on the dollar; Filing: ~96% of deposits as of Dec. 31 were uninsured  —  Hedge funds are offering to buy startups' deposits stranded at Silicon Valley Bank for as little as 60 cents on the dollar …
Sarah Wynn / The Block:
Filing: crypto lender BlockFi, which filed for bankruptcy in November 2022, has $227M in uninsured funds in SVB; BlockFi may have violated US bankruptcy law  —  - 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.
Thomas Seal / Bloomberg:
Todd Spangler / Variety:
Giovanni Colantonio / Digital Trends:
After being prompted to create a Sudoku-like puzzle, ChatGPT “invented” a game called Sumplete that is nearly identical to at least one years-old mobile game  —  ChatGPT can add another job to its résumé: game developer.  With just a few simple prompts from a user …
Sarah Perez / TechCrunch:
Roblox and other companies disclose their exposure to SVB in SEC filings; Roblox says ~5% of its $3B cash and securities balance was at SVB as of February 28  —  The fallout from the collapse of Silicon Valley Bank is impacting a range of startups and larger firms including …
Matt Levine / Bloomberg:
More: TechCrunch, The Lever, FDIC, New York Times, Bank of England, Financial Times, Wall Street Journal, The i Paper, The Wrap, Follow the Trend, Associated Press, Fortune, CoinDesk, TechCrunch, ZeroHedge, CNBC, Dr. Hans Substack, Coinpedia Fintech News, Sifted, Exit Fuel 🛢️, Financial Times, and The Information
Bill Toulas / BleepingComputer:
Brazil is seizing shipments of Flipper Zero, a $169 portable security penetration testing tool for wireless devices, due to its alleged use in criminal activity  —  The Brazilian National Telecommunications Agency is seizing incoming Flipper Zero purchases due to its alleged use in criminal activity …
James Vincent / The Verge:
LinkedIn's decision to start publishing “AI-powered conversation starters” to provoke discussions is a milestone and may herald semiautomated social networks  —  It makes sense that LinkedIn would be the first major social network to push AI-generated content on its users.

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This is a Techmeme archive page. It shows how the site appeared at 4:30 PM ET, March 11, 2023.

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