Techmeme
March 11, 2023, 11:00 AM

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 ~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 …
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:
Lizette Chapman / Bloomberg:
Matt Levine / Bloomberg:
Marc Rubinstein / Net Interest:
CNBC:
More: FDIC, Wall Street Journal, New York Times, The Lever, Bloomberg, Bank of England, The i Paper, Blockworks, Financial Times, Fortune, Associated Press, The Wrap, CoinDesk, ZeroHedge, CNBC, Coinpedia Fintech News, TechCrunch, Financial Times, The Information, Dr. Hans Substack, Los Angeles Times, Sifted, 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 malware and not a 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:
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 …
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.
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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