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March 11, 2023, 10:45 AM
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| 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.
More:
CoinDesk, Cointelegraph, Metaverse Post, Wu Blockchain, CoinGape, NewsBTC, ZyCrypto, Coinpedia Fintech News, and Coinmonks
Tweets:
@circle, @binance, @circle, @unusual_whales, @cryptowendyo, @edzitron, @asvanevik, and @michaeljordaan
| 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.
More:
TechCrunch, Bloomberg, Fortune, Crypto Daily, CoinGape, CryptoGlobe, Bitcoinist.com, Cryptopolitan, Artemis Big Fundamentals …, Slashdot, and Watcher Guru
Tweets:
@circle, @0xfoobar, @1markmoss, @silvermanjacob, @smtuffy, @northrocklp, @autismcapital, @epro, @mikeburgersburg, @alice_comfy, and @chainlinkgod
| 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 … | Matt Levine / Bloomberg: |
As the “Bank of Startups”, Silicon Valley Bank collapsed from its exposure to interest-rate risk, a lack of diversity among depositors, and VC herd mentality — Programming note: Money Stuff was supposed to be off today, but: bank run! — SVB
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CNBC, CNN, Fortune, Financial Times, BBC, The Economist, Reuters, Wall Street Journal, Vox, Washington Post, Inc42 Media, TechSpot, CoinGape, The Economic Times, Livemint, Andrew's Substack, Silicon Canals, and Noahpinion
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| CNBC: |
California regulators close SVB and name the FDIC as the receiver to protect insured deposits; SVB ended 2022 with ~$209B in assets and $175.4B in deposits — Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday …
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@briankrebs@infosec.exchange, @kkomaitis@techpolicy.social, and @dymaxion@infosec.exchange
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@parkerconrad, @repswalwell, @grdecter, @bhargreaves, @bhargreaves, @roshanpatei, @lulumeservey, @fdicgov, @thestalwart, @tier10k, @unusual_whales, @tier10k, @robblackwellab, @ericnewcomer, @cramertracker, @apatelthompson, @davidsirota, @alistairmbarr, @oneunderscore__, @nikitabier, @balajis, @garrytan, @alexandrascaggs, @wallstcynic, @justinwolfers, @zerohedge, @shaig, @thetranscript_, @ellebeyoud, @cz_binance, @davidsirota, @alexrkonrad, @xenollamas, @watcherguru, @brendanpedersen, @sama, @ericnewcomer, @alistairmbarr, @tracyalloway, @dancow, @zachweinberg, @nytimesbusiness, @jeffjohnroberts, @jsrailton, @bendwalsh, @jasonzweigwsj, @unusual_whales, @eve6, @bondhack, @teroterotero, @autismcapital, @espiers, @davidfrum, @mollyjongfast, @katienotopoulos, @jeffbercovici, @cryptadamist, @buccocapital, @danprimack, @twobitidiot, @amir, @jessicalessin, @taylorlorenz, @brendanpedersen, @business, @modestproposal1, @mikeisaac, @erikvoorhees, @cate_long, @karlbode, @kevinyun, @charlesarthur, @maxkennerly, @kendrawrites, @anthony, @lexnfx, @decloet, @lulumeservey, @josephpolitano, @antoniogm, @twobitidiot, @goldman, @anthony, @max_fisher, @pkedrosky, @bhargreaves, @sifill_, @nycjim, @asanwal, @immad, @jamestitcomb, @ellenhuet, @sruhle, @regulatorynerd, @cloud_opinion, @ericnewcomer, @fvogelstein, @jp_koning, @taylorlorenz, @mikeisaac, @bhargreaves, @jamesgrickards, @johnpaczkowski, @mikebutcher, @jgreco, @cfarivar, @nickatfp, @justinwolfers, @onebandwagonfan, @justinwolfers, @andrewyang, @scobleizer, @sarthakgh, @applehelix, @jordanschachtel, @brendanpedersen, @jamespmcleod, @acityinohio, @stevenkelly49, @bamabonds, @parkerconrad, @danprimack, @lifescivc, @thebondfreak, @gunjanjs, @52kskew, @donmiami3, @byclairew, @wideofthepost, @hhorsley, @thresh, @smtuffy, @bucknsf, @litcapital, @brianroemmele, @jcoviedo6, @parikpatelcfa, @jasondebolt, @seawolfcap, @thetranscript_, @pinboard, @edzitron, @shaig, @eperlste, @jason, @davetroy, @adamscochran, @adamscochran, @jonwu_, @bhargreaves, @grdecter, @luke_metro, @iwriteok, @flying_mom, @functi0nzer0, @thebondfreak, @kiarichards_, @zosegal, @adamscochran, @chriscamillo, @packym, @jamesclayton5, @jenwieczner, @bhargreaves, @growing_daniel, @lopp, @shaig, @elidourado, @dkthomp, @sullycnbc, @0xc0le, @arlanwashere, @fdicgov, @chopracfpb, @oxdeadbeef_, @nickadobos, @heylizelle, @arrington, @adamscochran, @pt, @modestproposal1, @scobleizer, @msuster, @msuster, @kashhill, @cjc, @stshank, @ciovaccocapital, @jeffreyatucker, @business, @nicoleperlroth, @luke_broyles, @deepakshenoy, @hannahdlang, @caro, @schuldensuehner, @dkthomp, and @karenpetrou
| Austin Weinstein / Bloomberg: |
Filing: SVB investors and depositors tried to pull $42B on March 9; the bank had a negative cash balance of $958M on March 9, per an order for taking possession — Investors and depositors tried to pull $42 billion from Silicon Valley Bank on Thursday in one of the biggest US bank runs … | Marc Rubinstein / Net Interest: |
More:
Financial Times, Nongaap Investing, Louder Vic!, and Bloomberg
| 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 …
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Bloomberg, The Information, Insider, CNBC, U.S. Department …, Axios, CNBC, TechCrunch, The Information, and Forbes
| 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 …
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SEC.gov, CNBC, Insider, CNN, Bill, Engadget, Deadline, Mercury News, and Silicon Valley Business …
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@mollypriddy, @stephennellis, @xpangler, @devincow, @adamblevine, and @mikeisaac
| 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.
More:
Cryptonews, crypto.news, and Global Community Weekly
Tweets:
@laurenshirsch, @frances_coppola, @justafamilyman_, and @bowtiedbull
| Dan Primack / Axios: |
More:
Financial Times and Exit Fuel 🛢️
Tweets:
@danprimack, @pitdesi, @danprimack, @nmasc_, @mims, @georgenhammond, @alexjamesfitz, @besttrousers, @davidmwessel, @bcmerchant, @stevematthews12, @carnage4life, @rabble, and @axios
| Lizette Chapman / Bloomberg: |
More:
New York Times, The Information, and Insider
| 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.
More:
Krebs on Security, Department of Justice, and SecurityWeek
Tweets:
@lorenzofb, @patrickwardle, and @malwarejake
| 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 …
More:
Sumplete, Puzzled's Substack, Insider, and Gizmodo
Tweets:
@marioprime, @tomchivers, @andrewmartonik, @marioprime, @dannyrichman, @marcosbl, and @psythor
| James Vincent / The Verge: |
LinkedIn's decision to publish posts written with the help of AI to provoke discussions is a milestone and may herald the start of semiautomated social networks — It makes sense that LinkedIn would be the first major social network to push AI-generated content on its users. The Microsoft-owned company is weird.
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gHacks Technology News. Tweets:
@adamsinger, @marywareham, @carnage4life, @jjvincent, and @jonlamart
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