Techmeme
March 13, 2023, 1:00 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 …, The White House on YouTube, Circle, FDIC, CoinDesk, CNN, TechCrunch, TechCrunch, GeekWire, DL News, Decrypt, Blockworks, Crunchbase News, Wired, SVB Financial Group, Bloomberg, CryptoSlate, Bloomberg, National Review, CNBC, Wall Street Journal, Inside Bitcoins, The Hill, DealStreetAsia, Ethereum World News, NBC News, PYMNTS.com, NFT Evening, Cointelegraph, Protos, Axios, Cryptopolitan, #OONO, New York Post, New York Times, CNBC, Wired UK, CNBC, CoinDesk, crypto.news, THE LOGUE, MediaNama, Fortune, Coinpedia Fintech News, Coinspeaker, Bloomberg, Tech Startups, Axios, NewsBTC, Cryptonews, and Reuters
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.
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.
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:
Bloomberg:
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.
Fortesa Latifi / Teen Vogue:
A YouTuber who went viral as a toddler says she resents her family for monetizing her childhood, as some influencer parents take their children off social media  —  “Nothing they do now is going to take back the years of work I had to put in.”  —  Search Claire's name online …
Dina Bass / Bloomberg:
After Microsoft invested $1B in OpenAI in 2019, the company scrambled to string together tens of thousands of Nvidia A100 GPUs, costing several hundred million  —  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.
Sarah Perez / TechCrunch:
WordPress.com owner Automattic acquires the ActivityPub for WordPress plugin and hires its dev, so blogs can integrate with the Fediverse, including Mastodon  —  WordPress.com sites now have an easier way to integrate with the Fediverse, including Mastodon.

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