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Briefing
asia

Hackers Claim to Have Stolen Data on 1 Billion Chinese Residents

By
Juro Osawa
· · Source: Bloomberg

Anonymous hackers are claiming to have stolen personal information on 1 billion Chinese citizens, in what could be the biggest-ever data breach in the country, Bloomberg and other news outlets reported. The hackers offered to sell more than 23 terabytes of data in a post on an online cybercrime forum last week, according to Bloomberg. The hackers claimed that the data was stolen from a...

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Opinion startups economy
SVB Is Dead. Long Live SVB.
By Jason Pontin · March 18, 2023 9:00 AM PDT
Art by Clark Miller.
We all know how it began. It started on March 9, when the run on Silicon Valley Bank made the innovation economy totter and threatened a global financial crisis. It continued on March 10, when SVB failed and it became clear that anyone who hadn’t gotten their money out yet was stuck, facing payroll in just five days with no clear way to meet it. I cannot recall how many times I told...
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Jamie Dimon, chief executive officer of JPMorgan Chase. Photo by Bloomberg.
Exclusive markets startups
How JPMorgan Maneuvered During the Fall of Silicon Valley Bank
By Lauren Tara LaCapra and Michael Roddan
When Silicon Valley Bank was crumbling last week, eyes turned to the biggest lender in the country—the bank that had stepped in to save failing competitors during the financial crisis in 2008, whose CEO has been called “America’s banker” and whose views and decisions influence the corporate world.
Sarah Nagy gives a demo of her startup, Seek.ai, at an AI event at the San Francisco Wine Society in January. Photography by Laura Morton
First Look startups ai
Boom Times in San Francisco’s AI Underground
By Arielle Pardes
Not even a banking crisis could chill the fever sweeping San Francisco. Last Wednesday, as the tech industry recoiled from the collapse of Silicon Valley Bank, a party was scheduled at the offices of Maverick Ventures in an old army hospital in the Presidio.
YC CEO Garry Tan. Photo: Bloomberg.
Deals startups venture capital
Y Combinator to End Late-Stage Startup Fund, Lays Off Staff
By Kate Clark and Erin Woo
Silicon Valley startup accelerator Y Combinator won’t raise another continuity fund, which backs mature private tech companies, two people familiar with the matter said.
Customers and bystanders from a line outside a Silicon Valley Bank branch on Monday, March 13, 2023, in Wellesley, Mass. Photo by AP.
markets
SVB’s Failure Means ‘Easiest Money’ for Startups Is Gone
By Cory Weinberg and Maria Heeter
After Chris Herndon raised $9 million from venture capitalists for his travel startup The Guild five years ago, he wanted to take out a loan to pad the firm’s finances.
Cover art and portraits by Clark Miller
The Big Read
The Instant Oral History of the Silicon Valley Bank Collapse
By Abram Brown, Annie Goldsmith, Margaux MacColl, Arielle Pardes, Nick Wingfield and Kaya Yurieff
On a cosmic level, the collapse of Silicon Valley Bank was a mere blip. The murmurs about trouble began last Wednesday, the panic spread via group texts and Twitter threads on Thursday, the bank went under on Friday, the government got its act together on Saturday, and on Sunday every current and former customer of SVB could breathe a cautious sigh of relief.
FDIC member Dedra Dorn (center left) speaks with individuals in line outside Silicon Valley Bank's headquarters in Santa Clara, Calif., on Monday, March 13, 2023. Photo by AP.
Opinion economy
Where the Venture Community Goes From Here
By Hemant Taneja
March 9, 2023, will be remembered as a sad day in Silicon Valley’s history. We have been through crises before—the Japan Inc.