Techmeme
March 13, 2023, 11:10 AM

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 …, The White House on YouTube, FDIC, Circle, CNN, Bloomberg, TechCrunch, DL News, Decrypt, Blockworks, Crunchbase News, Bloomberg, Wired, PYMNTS.com, The Hill, Bloomberg, NBC News, Axios, National Review, Protos, Inside Bitcoins, New York Post, Cryptopolitan, Wall Street Journal, CoinDesk, CNBC, #OONO, CryptoPotato, CryptoSlate, NewsBTC, Tech Startups, New York Times, CNBC, crypto.news, Coinspeaker, Wired UK, CNBC, Axios, DataBreachToday.com, Watcher Guru, HN Digest, THE LOGUE, Livemint, MediaNama, Fortune, Coinpedia Fintech News, Bloomberg, and SiliconANGLE
Mastodon: @alex@cybervillains.comTweets: @potus, @cz_binance, @bgarlinghouse, @jerallaire, @potus, @coinbase, @nicktimiraos, @samro, @danielagabor, @vcbrags, @federalreserve, @gbildson, @gavinsbaker, @neil_irwin, @litcapital, @bobeunlimited, @burryarchive, @jeuasommenulle, @octal, @federalreserve, @jasonfurman, @zck, @chrisjbakke, @jason, @fedguy12, @jimcramer, @danprimack, @elaifresh, @macroalf, @thestalwart, @billackman, @lloydblankfein, @gavinsbaker, @nycsouthpaw, @charliebilello, @salehamohsin, @dogetoshi, @wongmjane, @stephanie_murr, @jimcramer, @shortsightedcap, @anthonyrandazzo, @mekkaokerekebye, @jonatanpallesen, @tomfitton, @davidmwessel, @econguyrosie, @lpnational, @wendyedelberg, @isadwatson, @kaitlancollins, @kgreifeld, @stefeich, @atrupar, @peston, @thebenbergman, @robinbrooksiif, @salehamohsin, @atrupar, @senwarren, @whstancil, @firstadopter, @mcwm, @trungtphan, @noahpinion, @levie, @benedictevans, @jasonlk, @esaagar, @chiweethegod, @freezingfintake, @ivanthek, @donmoyn, @newtgingrich, @mattyglesias, @bgarlinghouse, @davidsacks, @petercontibrown, @thestalwart, @scottjshapiro, @sarthakgh, @joelpollak, @dylanleclair_, @davidsirota, @litcapital, @neoavatara, @fedguy12, @larryvc, @ramahluwalia, @tracyalloway, @jasonfurman, @mgsiegler, @mcuban, @levie, @paulmitchell_ab, @martinsfp, @mbensass, @jacobtamme, @devahaz, @m_c_klein, @ian_fraser, @lizrhoffman, @ericnewcomer, @brendanpedersen, @vermontgmg, @eugenewei, @chrisalbon, @callumj, @tculpan, @amlivemon, @karaswisher, @m_c_klein, @repsarajacobs, and @deanobeidallah
Iain Withers / Reuters:
HSBC plans to acquire Silicon Valley Bank UK for £1, citing “strategic sense for our business”; as of March 10, SVB UK had ~£5.5B loans and ~£6.7B deposits  —  HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of Silicon Valley Bank for 1 pound.
Sinead O'Sullivan / Financial Times:
Having perfected the art of using hype to move markets, VCs managed to hype their own rumors to collapse SVB, accidentally 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.
Michael Moritz / Financial Times:
A eulogy for Silicon Valley Bank, a business partner to tech for 40 years, which offered services when established banks would not and was undone by 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
Ben Thompson / Stratechery:
SVB bears responsibility for its demise, the outcome of disruption being tech's objective function, and the Silicon Valley myth could be the ultimate casualty  —  Banks are, at their core, facilitators: depositors lend their money to a bank, for which they are paid interest, and banks lend that money out, again for interest.
CNBC:
New York shuts down Signature Bank as US regulators cite a “systemic risk exception” like for SVB, announcing all of Signature's depositors will be “made whole”  —  U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution …
MacKenzie Sigalos / CNBC:
Signature closing means its real-time payment platform Signet can no longer serve crypto clients, a blow after SEN closed; BTC jumps ~7% and USDC regains peg  —  - Silvergate and Signature were the two main banks for crypto companies, while Silicon Valley Bank had a lot of crypto startups and VCs as customers.
Bloomberg:
The closure of SVB, Silvergate, Silvergate Exchange Network, and Signature adds stress to a troubled crypto industry; fiat conversion costs may rise by 20%-40%  —  The digital-asset market is coming off of a turbulent year featuring a number of high-profile blowups.
The Verge:
A Reddit user shows how Samsung's “Space Zoom” feature produces fake, generated images of the moon, highlighting how photography and “real photos” are changing  —  For years, Samsung “Space Zoom”-capable phones have been known for their ability to take incredibly detailed photos of the Moon.
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.

Sponsor Posts

Comprehensive.io:
Free compensation benchmarking data from 3,000 startups  —  Search by job title and get FREE access to market pay data.  Paid version helps HR teams automate comp reviews and communicate total compensation to employees.
Compound:
Personalized wealth management, built for tech people  —  Managing your finances and taxes is complicated.  Compound is how people at companies like Stripe, OpenAI, and Discord make smart decisions about their money.
Zoho:
How can recruiters bring balance to the talent landscape in the IT industry?  —  When the pandemic started and teams began working remotely, business in the IT industry seemed unusually fine, except for a few operational challenges.
Lantern:
Unlock a new pipeline channel: your existing customers  —  With tightening budgets, Lantern helps B2B companies drive more qualified leads and expand existing business.
Techmeme Ride Home:
(IHP) Gary Flake On The Search Wars
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.
 

About This Page

This is a Techmeme archive page. It shows how the site appeared at 11:10 AM ET, March 13, 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.

More News

Simon Willison / Simon Willison's Weblog:

Earlier Picks

Financial Times: