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March 11, 2023, 11:20 AM
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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 …
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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.

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

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From Mediagazer

Alex Weprin / The Hollywood Reporter:
WBD sues the NBA over the league's “unjustified” decision to sell a package of media rights to Amazon, to which WBD claims to have a “contractual right”

Bron Maher / Press Gazette:
Mail Online, The Independent, Daily Mirror, and Daily Express roll out “consent or pay” walls charging users £1.99 to £4 per month for cookie-less access

Etan Vlessing / The Hollywood Reporter:
Charter lost 393K residential pay TV subscribers in Q2, compared to a loss of 189K in Q2 2023; overall video customers were 13.3M, down 9.5% YoY

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
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