Techmeme
March 12, 2023, 10:15 AM

Top News

Bloomberg:
SVB draws support from 300+ VC firms, including General Catalyst, while 1,200+ founders and CEOs sign a Y Combinator petition asking the US Congress to act  —  More than 100 venture capital and investing firms have signed a statement supporting Silicon Valley Bank, part of mounting industry calls …
Bloomberg:
Sources: the FDIC is racing to sell SVB's assets and make 30% to 50% or more of clients' uninsured deposits available as soon as Monday  —  US regulators overseeing the emergency breakup of SVB Financial Group are racing to sell assets and make a portion of clients' uninsured deposits available …
Semafor:
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 …
TechCrunch:
Bloomberg:
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 …
New York Times:
Bloomberg:
Sarah Wynn / The Block:
Ben Cohen / Wall Street Journal:
A look at Bring a Trailer, a classic car blog from 2007 that became a marketplace, facilitated $1.37B in 2022 sales, and held its 100,000th auction on March 7  —  Bring a Trailer is where obsessives buy, sell and geek out over classic cars.  The company pops open its hood after 100,000 auctions to explain why.
John Sakellariadis / Politico:
Worried that cloud giants offer concentrated targets, the US plans to regulate the security practices of cloud providers like Amazon, Microsoft, and Google  —  Governments and businesses have spent two decades rushing to the cloud — trusting some of their most sensitive data to tech giants …

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Marie Woolf / Globe and Mail:

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