Techmeme
March 13, 2023, 5:45 PM

Top News

U.S. Department of the Treasury:
The US Treasury, Federal Reserve, and the FDIC say all Silicon Valley Bank depositors will be “fully” protected, and their money will be available on March 13  —  WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen …
More: Board of Governors …, CNBC, FDIC, The White House on YouTube, Bloomberg, Stratechery, CNN, VICE, Above Avalon, CoinDesk, Insider, The Atlantic, PYMNTS.com, Wired, The Hill, HotHardware, Fortune, CryptoSlate, Wall Street Journal, National Review, ZyCrypto, NBC News, Quartz, CNBC, GeekWire, Cointelegraph, Axios, Bitcoinist.com, Crunchbase News, Inside Bitcoins, CoinDesk, NFT Evening, New York Post, Bitcoin News, MediaNama, New York Times, Technical.ly, Decrypt, Coinspeaker, Tech Startups, Rate of Return, Cryptopolitan, NewsBTC, Blockworks, #OONO, Cryptonews, CryptoPotato, DealStreetAsia, and Protos
LinkedIn: Janet Mui and Dror Futter
Sinead O'Sullivan / Financial Times:
Having perfected the art of using echo-chamber hype to move markets, VCs managed to hype their own rumors to collapse SVB, slaying a much-loved accomplice  —  After more than a decade of venture capitalists insisting they provide more than just cash to their portfolio companies, the moment to prove that finally arrived.
Iain Withers / Reuters:
Michael Moritz / Financial Times:
A eulogy for Silicon Valley Bank, a business partner to tech for 40 years that worked with startups when bigger banks wouldn't and paid a price for its loyalty  —  Regardless of the reasons behind the bank's collapse, it leaves a huge hole for the start-up scene  —  The writer is a partner at Sequoia Capital
The Verge:
A Reddit user shows how Samsung's Space Zoom feature produces fake, generated images of the moon, highlighting how computational photography is changing photos  —  For years, Samsung “Space Zoom”-capable phones have been known for their ability to take incredibly detailed photos of the Moon.
STAT:
Insurers are using unregulated predictive algorithms to pinpoint the precise moment when they can plausibly cut off payment for the treatment of older patients  —  An algorithm, not a doctor, predicted a rapid recovery for Frances Walter, an 85-year-old Wisconsin woman with a shattered left shoulder and an allergy to pain medicine.
Vishal Chawla / The Block:
Lending protocol Euler Finance lost $197M in a flash-loan attack, including $136M in stETH and $34M in USDC; Euler raised $32M in June 2022; EUL drops 45%+  —  - Euler Finance was hit by a flash-loan attack that resulted in a loss of $197 million, according to security analysts.
Bloomberg:
The end of SVB, Silvergate, the Silvergate Exchange Network, and Signature adds more stress to the crypto industry; fiat conversion costs may rise by 20% to 40%  —  The digital-asset market is coming off of a turbulent year featuring a number of high-profile blowups.
MacKenzie Sigalos / CNBC:
CNBC:
Dina Bass / Bloomberg:
After investing $1B in OpenAI in 2019, Microsoft found ways to string together tens of thousands of Nvidia A100 GPUs, costing several hundred million dollars  —  When Microsoft Corp. invested $1 billion in OpenAI in 2019, it agreed to build a massive, cutting-edge supercomputer for the artificial intelligence research startup.

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Ezra Klein / New York Times:

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