Open Links In New Tab
Mobile Archives Site News
Techmeme
March 11, 2023, 11:20 AM
Mediagazer memeorandum WeSmirch
Home River Leaderboards About Sponsor Events Newsletter

Top News

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.
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 …
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.
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 …
Todd Spangler / Variety:
Filing: Roku held $487M, or ~26% of its $1.9B in cash and equivalents, at SVB, “largely uninsured”, and says the $1.4B left “will be sufficient” for 12+ months  —  About one-fourth of Roku's cash and equivalents — nearly half a billion dollars …
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.
Dan Primack / Axios:
The FDIC says SVB clients with deposits above $250K will get “an advance dividend within the next week”; many SVB clients need to meet their payroll on March 15
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
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
More: FDIC, Wall Street Journal, New York Times, The Lever, Bloomberg, Bank of England, The i Paper, Blockworks, Financial Times, Fortune, CoinDesk, Associated Press, The Wrap, ZeroHedge, CNBC, Coinpedia Fintech News, TechCrunch, Financial Times, The Information, Dr. Hans Substack, Sifted, Los Angeles Times, The Verge, Raising the Bar, and JAG Capital Partners …
Mastodon: @briankrebs@infosec.exchange and @kkomaitis@techpolicy.social
Tweets: @parkerconrad, @repswalwell, @grdecter, @bhargreaves, @bhargreaves, @roshanpatei, @lulumeservey, @fdicgov, @thestalwart, @tier10k, @unusual_whales, @tier10k, @robblackwellab, @ericnewcomer, @davidsirota, @cramertracker, @apatelthompson, @alistairmbarr, @oneunderscore__, @balajis, @nikitabier, @garrytan, @alexandrascaggs, @wallstcynic, @justinwolfers, @zerohedge, @shaig, @thetranscript_, @davidsirota, @ellebeyoud, @cz_binance, @alexrkonrad, @xenollamas, @watcherguru, @brendanpedersen, @sama, @ericnewcomer, @tracyalloway, @dancow, @nytimesbusiness, @jeffjohnroberts, @jsrailton, @bendwalsh, @jasonzweigwsj, @unusual_whales, @eve6, @autismcapital, @espiers, @davidfrum, @mollyjongfast, @katienotopoulos, @jeffbercovici, @cryptadamist, @buccocapital, @danprimack, @twobitidiot, @bondhack, @teroterotero, @zachweinberg, @alistairmbarr, @amir, @jessicalessin, @taylorlorenz, @brendanpedersen, @business, @modestproposal1, @mikeisaac, @erikvoorhees, @cate_long, @karlbode, @charlesarthur, @maxkennerly, @kevinyun, @kendrawrites, @anthony, @lexnfx, @decloet, @josephpolitano, @lulumeservey, @antoniogm, @twobitidiot, @goldman, @anthony, @max_fisher, @pkedrosky, @sifill_, @nycjim, @bhargreaves, @asanwal, @immad, @jamestitcomb, @ellenhuet, @sruhle, @regulatorynerd, @cloud_opinion, @ericnewcomer, @fvogelstein, @jp_koning, @taylorlorenz, @mikeisaac, @bhargreaves, @jamesgrickards, @johnpaczkowski, @mikebutcher, @jgreco, @cfarivar, @nickatfp, @justinwolfers, @onebandwagonfan, @justinwolfers, @andrewyang, @scobleizer, @sarthakgh, @applehelix, @jordanschachtel, @brendanpedersen, @jamespmcleod, @acityinohio, @stevenkelly49, @bamabonds, @parkerconrad, @danprimack, @lifescivc, @thebondfreak, @gunjanjs, @52kskew, @donmiami3, @byclairew, @wideofthepost, @hhorsley, @thresh, @smtuffy, @bucknsf, @litcapital, @brianroemmele, @jcoviedo6, @parikpatelcfa, @jasondebolt, @seawolfcap, @thetranscript_, @pinboard, @edzitron, @shaig, @eperlste, @jason, @davetroy, @adamscochran, @adamscochran, @jonwu_, @bhargreaves, @grdecter, @luke_metro, @iwriteok, @flying_mom, @functi0nzer0, @thebondfreak, @kiarichards_, @zosegal, @adamscochran, @chriscamillo, @packym, @jamesclayton5, @jenwieczner, @bhargreaves, @growing_daniel, @lopp, @shaig, @elidourado, @dkthomp, @sullycnbc, @0xc0le, @arlanwashere, @fdicgov, @chopracfpb, @oxdeadbeef_, @nickadobos, @heylizelle, @arrington, @adamscochran, @pt, @modestproposal1, @scobleizer, @msuster, @msuster, @kashhill, @cjc, @stshank, @ciovaccocapital, @jeffreyatucker, @business, @nicoleperlroth, @luke_broyles, @deepakshenoy, @hannahdlang, @caro, @schuldensuehner, @dkthomp, @karenpetrou, and @balajis
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.
Giovanni Colantonio / Digital Trends:
ChatGPT seems to have plagiarized at least one mobile game to “invent” a game called Sumplete, after being prompted to create a Sudoku-like puzzle  —  ChatGPT can add another job to its résumé: game developer.  With just a few simple prompts from a user …
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.

Sponsor Posts

Tribe AI:
Build AI that works  —  Tribe builds tech for top AI companies.  Get in touch to learn how our bench of 500+ engineers and researchers can accelerate your roadmap.
Kulkan Security:
Hire Kulkan as your penetration testing partner  —  Kulkan prioritizes deep-dive manual security reviews, dissecting your software and infrastructure to find issues that once remediated can truly reduce security risk.
Zoho:
Cultivating creativity and innovation in the modern workspace  —  In the realm of modern business, success depends on more than just delivering products or services—it requires an environment where creativity thrives and new ideas are welcomed.
Mastodon:
Donate to Mastodon  —  Mastodon gGmbH, the non-profit behind the open-source software powering the social web, relies entirely on support from users like you.  Donate directly with a credit card or through Patreon.
Sponsor Techmeme
The Kevin Rose Show:
 How to Cultivate Everyday Dharma, Suneel Gupta (#54)
Gain unconventional wisdom and insights through conversations with top expert in AI, investing, wellness, technology, and culture.
Techmeme Ride Home:
 Wed. 04/24 - What Now For TikTok?
The day's tech news, every day at 5pm ET. Fifteen minutes and you're up to date.
Subscribe via Apple Podcasts, Spotify, or RSS.
Sponsor this podcast
 

About This Page

This is a Techmeme archive page. It shows how the site appeared at 11:20 AM ET, March 11, 2023.

The most current version of the site as always is available at our home page. To view an earlier snapshot click here and then modify the date indicated.

From Mediagazer

New York Times:
Sources detail NPR's struggles with declining audiences, falling sponsorship revenue, internal conflicts over turning things around, and a diversity push

Winston Cho / The Hollywood Reporter:
The FTC bans noncompete clauses that restrict job switching, potentially complicating hiring in Hollywood as firms try to protect trade secrets and other info

Tom Jones / Poynter:
How the Columbia Daily Spectator, the independent student newspaper of Columbia University, is covering the tense protests over the Israel-Hamas war

Earlier Picks

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
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
Casey Newton / Platformer:
Meta is exploring a standalone decentralized social network for sharing text updates; the app, codenamed P92, will reportedly let users log in with Instagram
Mediagazer memeorandum WeSmirch
Home River Leaderboards About Sponsor Events Newsletter