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March 11, 2023, 11:25 AM
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memeorandum
WeSmirchTop News
| 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, Decrypt, Cointelegraph, CNBC, NewsBTC, ZyCrypto, Coinpedia Fintech News, CoinJournal, and Coinmonks
Tweets:
@circle, @binance, @circle, @unusual_whales, @cryptowendyo, @edzitron, @asvanevik, and @michaeljordaan
| 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 …
More:
Wall Street Journal, CoinDesk, Reuters, CoinGape, NewsBTC, The Information, Cointelegraph, and The Block
| 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, Forbes, Wu Blockchain, Fortune, Crypto Daily, The Block, CoinGape, CryptoGlobe, Bitcoinist.com, Decrypt, and Watcher Guru
Tweets:
@circle, @adamscochran, @0xfoobar, @1markmoss, @silvermanjacob, @smtuffy, @northrocklp, @autismcapital, @epro, @mikeburgersburg, @alice_comfy, and @chainlinkgod
| 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 … | Todd Spangler / Variety: |
Filing: Roku held $487M, or ~26% of its $1.9B in cash and equivalents, at SVB, “largely uninsured”, and says the $1.4B left “will be sufficient” for 12+ months — About one-fourth of Roku's cash and equivalents — nearly half a billion dollars …
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SEC.gov, CNBC, Insider, CNN, Bill, Engadget, Deadline, and Mercury News
Tweets:
@mollypriddy, @xpangler, @devincow, @adamblevine, @mikeisaac, and @stephennellis
| Sarah Wynn / The Block: |
Filing: crypto lender BlockFi, which filed for bankruptcy in November 2022, has $227M in uninsured funds in SVB; BlockFi may have violated US bankruptcy law — - 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
| Sarah Perez / TechCrunch: |
Roblox and other companies disclose their exposure to SVB in SEC filings; Roblox says ~5% of its $3B cash and securities balance was held at SVB as of Feb. 28 — The fallout from the collapse of Silicon Valley Bank is impacting a range of startups and larger firms including …
More:
The Information and Philip Elmer‑DeWitt
| Dan Primack / Axios: |
More:
Financial Times and Exit Fuel 🛢️
| 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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Sifted, CNBC, CNN, Fortune, Financial Times, BBC, The Information, The Economist, Reuters, Wall Street Journal, Vox, Inc42 Media, Washington Post, CoinGape, The Economic Times, TechSpot, Andrew's Substack, Silicon Canals, Livemint, and Noahpinion
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@billackman, @htaneja, @garrytan, @altcap, @garrytan, @jamestitcomb, @gaberivera, @anandwrites, @northmantrader, @samirkaji, @davidsirota, @fttechnews, @gilbertjasono, @eisingerj, @mattocko, @darrenpjones, @bobeunlimited, @alex_kirshner, @thebenbergman, @jbarro, @jessicalessin, @carlquintanilla, @autismcapital, @menlobear, @stilichoreads, @vinnylingham, @thestalwart, @trengriffin, @amtvmedia, @mckonomy, @dicktofel, @amazzara1, @moorehn, @momblogger, @drdenagrayson, @dancow, @pkafka, @gergelyorosz, @taylorlorenz, @alistairmbarr, @mattrosoff, @rakeshlobster, @mckonomy, @annmlipton, @silviakillings, and @walthickey
| Austin Weinstein / Bloomberg: |
Filing: investors and depositors tried to pull $42B from SVB on March 9; the bank had a $958M negative cash balance on March 9, per a taking possession order — Investors and depositors tried to pull $42 billion from Silicon Valley Bank on Thursday in one of the biggest US bank runs in more than a decade … | Marc Rubinstein / Net Interest: |
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Reuters, Financial Times, Louder Vic!, Nongaap Investing, and Bloomberg
| CNBC: |
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FDIC, Wall Street Journal, New York Times, The Lever, Bloomberg, Bank of England, The i Paper, Blockworks, Financial Times, Fortune, CoinDesk, Associated Press, The Wrap, ZeroHedge, CNBC, Coinpedia Fintech News, TechCrunch, Financial Times, The Information, Dr. Hans Substack, Sifted, Los Angeles Times, The Verge, Raising the Bar, and JAG Capital Partners …
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@parkerconrad, @repswalwell, @grdecter, @bhargreaves, @bhargreaves, @roshanpatei, @lulumeservey, @fdicgov, @thestalwart, @tier10k, @unusual_whales, @tier10k, @robblackwellab, @ericnewcomer, @davidsirota, @cramertracker, @apatelthompson, @alistairmbarr, @oneunderscore__, @balajis, @nikitabier, @garrytan, @alexandrascaggs, @wallstcynic, @justinwolfers, @zerohedge, @shaig, @thetranscript_, @davidsirota, @ellebeyoud, @cz_binance, @alexrkonrad, @xenollamas, @watcherguru, @brendanpedersen, @sama, @ericnewcomer, @tracyalloway, @dancow, @nytimesbusiness, @jeffjohnroberts, @jsrailton, @bendwalsh, @jasonzweigwsj, @unusual_whales, @eve6, @autismcapital, @espiers, @davidfrum, @mollyjongfast, @katienotopoulos, @jeffbercovici, @cryptadamist, @buccocapital, @danprimack, @twobitidiot, @bondhack, @teroterotero, @zachweinberg, @alistairmbarr, @amir, @jessicalessin, @taylorlorenz, @brendanpedersen, @business, @modestproposal1, @mikeisaac, @erikvoorhees, @cate_long, @karlbode, @charlesarthur, @maxkennerly, @kevinyun, @kendrawrites, @anthony, @lexnfx, @decloet, @josephpolitano, @lulumeservey, @antoniogm, @twobitidiot, @goldman, @anthony, @max_fisher, @pkedrosky, @sifill_, @nycjim, @bhargreaves, @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, @karenpetrou, @balajis, @marietjeschaake, @amitranjan, @carnage4life, and @lulumeservey
| Lorenzo Franceschi-Bicchierai / TechCrunch: |
How the FBI proved that NetWire was a Remote Access Trojan and not a legitimate 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: |
ChatGPT seems to have plagiarized at least one mobile game to “invent” a game called Sumplete, after being prompted to create a Sudoku-like puzzle — ChatGPT can add another job to its résumé: game developer. With just a few simple prompts from a user …
More:
Sumplete, Puzzled's Substack, Gizmodo, and Insider
Tweets:
@marioprime, @tomchivers, @andrewmartonik, @marioprime, @dannyrichman, @marcosbl, and @psythor
| James Vincent / The Verge: |
LinkedIn's decision to start publishing “AI-powered conversation starters” to provoke discussions is a milestone and may herald semiautomated social networks — It makes sense that LinkedIn would be the first major social network to push AI-generated content on its users.
More:
gHacks Technology News. Tweets:
@adamsinger, @marywareham, @carnage4life, @jjvincent, and @jonlamart
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