Crypto Bank Silvergate Capital To Shut Down

Silvergate Capital, the publicly-traded parent of Silvergate Bank, said Wednesday that it would liquidate the bank, just days after saying future operations would be uncertain. Axios reports: “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” a press statement reads. While the bank’s demise had everything to do with its choice of industry — FTX’s collapse sent the entire crypto world in hunt of liquidity, causing a run on deposits at Silvergate — balance-sheet problems in today’s high-rate environment is not a crypto bank-specific stumbling block. Silvergate’s troubles were in plain sight in that respect.

When customers pulled more than $8 billion from its platform late last year, the bank got a $4.3 billion assist in home loan advances from the Federal Home Loan Bank (FHLB). It effectively benefited from an implicit government backstop. But between having to pay those loans back right away and other investment losses, its outlook was grim, even before the company filed a registration statement saying so.

The overwhelming majority of bank liquidations are announced on a Friday afternoon, to give the FDIC a full weekend to shore up the institution and reassure depositors before the next business day. The fact this happened on a Wednesday is an indication of just how quickly Silvergate imploded. “Crypto exchanges, platforms and stablecoin issuers at least have the excuse that they don’t have direct access to central bank liquidity,” Frances Coppola, an economist and writer of blog Coppola Comment, said in a recent post about the bank. “But Silvergate does — and yet it didn’t use it.” That would appear to be an oversight for the bank, but also its regulator.

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VW Says Sorry For Child Carjacking Fiasco, Makes Safety Service Free

Last month, Volkswagen garnered plenty of bad publicity when it emerged that the company’s connected car service refused to help track a stolen car — with a 2-year-old child still on board — until someone paid to reactivate the service. Now, the automaker says it’s very sorry this happened, and it’s making its connected vehicle emergency service free to most model-year 2020-2023 Volkswagens. Ars Technica reports: “The family was thankfully reunited, but the crime and the process failure are heartbreaking for me,” said Rachael Zaluzec, VW’s SVP for customer experience and brand and marketing. “As a mom and an aunt, I can imagine how painful this incident must have been. Words can’t adequately express how truly sorry I am for what the family endured.”

“Volkswagen must and will do better for everyone that trusts our brand and for the law enforcement officials tasked with protecting us. In addition to a full investigation of what went wrong and actions taken to address the failure, we want to make it right for the future. Today, we are setting a new standard for customer peace of mind. As of June 1, we will make these connected vehicle emergency services free for five years as one significant step we can take as a commitment to our owners and their families,” Zaluzec said in a statement sent to Ars.

Most MY2020 or newer VWs can use connected services, apart from MY2020 Passats. From June, owners can sign up for five years of free Car-Net Safe and Secure, which uses the vehicle’s onboard modem to connect to the emergency services via the car’s SOS button. In gasoline-powered VWs, there is also an anti-theft alert. VW says it will make Car-Net Remote Access free for five years as well. This lets owners interact with their car via a mobile app and can lock and unlock the doors, honk the horn and flash the lights, and, if fitted, remote-start the vehicle.

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ADHD Startups Are Exploding, and Now There’s Even a Dedicated Browser

Mike Butcher writes via TechCrunch: SidekickWas it the pandemic? Did everyone follow too many ADHD TikTokers? Have smartphones fried our brains? Whatever the case, there is a boom in ADHD tech solutions, from online drug deliveries to web sites and apps. […] Now there is a Sidekick, who’s pitch is that it’s a “productivity browser.” Today it’s launching a host of features geared to ADHD sufferers and the attention distracted more generally. The company claims users with ADHD noticed a “significant improvement” after using the browser. The Chromium-based browser was founded by Dmitry Pushkarev (a Stanford PhD in Molecular Biology, ex-Amazon exec and ADHDer).

So how does it work? To nullify distractions, the browser incorporates AdBlock 2.0; a Focus Mode Timer disables all sounds, badges and notifications for a selected time or indefinitely; a Task Manager organizes your day; and there’s a built-in Pomodoro timer; it also claims to run 3x faster than Chrome, which, apparently, is important for ADHD sufferers. Suffice it to say, it has a number of other distraction-killing features; however, I’m not going to list them all here.

CEO and founder Dmitry Pushkarev said, in a statement, “Modern browsers are not designed for work, but for consuming web pages. This gap really hurts hundreds of millions of users. We are convinced that lowering web distraction reduces anxiety and increases the quality of people’s work and the quality of their lives.” He says the startup plans to make money via corporate subscribers, who will pay to get their ADHD-afflicted workers into a more productive mode.

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Sued by Meta, Freenom Halts Domain Registrations

The domain name registrar Freenom, whose free domain names have long been a draw for spammers and phishers, has stopped allowing new domain name registrations. KrebsOnSecurity reports: Freenom is the domain name registry service provider for five so-called “country code top level domains” (ccTLDs), including .cf for the Central African Republic; .ga for Gabon; .gq for Equatorial Guinea; .ml for Mali; and .tk for Tokelau. Freenom has always waived the registration fees for domains in these country-code domains, presumably as a way to encourage users to pay for related services, such as registering a .com or .net domain, for which Freenom does charge a fee. On March 3, 2023, social media giant Meta sued Freenom in a Northern California court, alleging cybersquatting violations and trademark infringement. The lawsuit also seeks information about the identities of 20 different “John Does” — Freenom customers that Meta says have been particularly active in phishing attacks against Facebook, Instagram, and WhatsApp users. The lawsuit points to a 2021 study (PDF) on the abuse of domains conducted for the European Commission, which discovered that those ccTLDs operated by Freenom made up five of the Top Ten TLDs most abused by phishers.

“The five ccTLDs to which Freenom provides its services are the TLDs of choice for cybercriminals because Freenom provides free domain name registration services and shields its customers’ identity, even after being presented with evidence that the domain names are being used for illegal purposes,” the complaint charges. “Even after receiving notices of infringement or phishing by its customers, Freenom continues to license new infringing domain names to those same customers.” Freenom has not yet responded to requests for comment. But attempts to register a domain through the company’s website as of publication time generated an error message that reads: “Because of technical issues the Freenom application for new registrations is temporarily out-of-order. Please accept our apologies for the inconvenience. We are working on a solution and hope to resume operations shortly. Thank you for your understanding.” Although Freenom is based in The Netherlands, some of its other sister companies named as defendants in the lawsuit names are incorporated in the United States.

It remains unclear why Freenom has stopped allowing domain registration, but it could be that the company was recently the subject of some kind of disciplinary action by the Internet Corporation for Assigned Names and Numbers (ICANN), the nonprofit entity which oversees the domain registrars. In June 2015, ICANN suspended Freenom’s ability to create new domain names or initiate inbound transfers of domain names for 90 days. According to Meta, the suspension was premised on ICANN’s determination that Freenom “has engaged in a pattern and practice of trafficking in or use of domain names identical or confusingly similar to a trademark or service mark of a third party in which the Registered Name Holder has no rights or legitimate interest.”

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YouTube Reverses Course On Controversial Swearing and Monetization Policy

YouTube is relaxing some of the profanity rules it introduced late last year — “with an update outlining a less restrictive policy that will allow the use of moderate and strong profanity to be used without risking demonetization,” reports Engadget. From the report: The original policy, first introduced in November, would flag any video that used rude language in the first several seconds as ineligible for advertising, with little delineation between “strong” or “moderate” swearing. The policy also seemed to apply retroactively, with many creators claiming that videos they published before the updated policy had lost their monetization status. Now, YouTube is reversing course with a tweaked set of rules that allows some swearing.

Now, creators who use colorful language in the first seven seconds of a video are still eligible for advertising, with some conditions. If the profanity is “moderate,” the video won’t face any restrictions — but strong profanity in those opening seconds could result in a video only receiving “limited ads.” Under the original rules, the update notes, both of these scenarios would have caused a video to be completely demonetized. Creators will be able swear more frequently after the first seven seconds without fear of losing advertising revenue, though YouTube notes that excessive swearing will still put content at risk of being demonetized or limited. The update also clarifies that strong language in background, outro or intro music should not affect monetization status.

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Fitbit Is Removing Many Community-Focused Features

Google-owned Fitbit is removing several community-focused features on March 27, including Challenges and open groups. Christine Persaud writes via XDA Developers reports: For me, challenges were one of Fitbit’s main strengths. You could strap a fitness tracker or smartwatch to your wrist, set up an account, and chances are at least a handful of your contacts were also Fitbit users. Then, you could add them as friends to compete and compare your progress. This seems like an insignificant “nice to have” feature, but the motivation it provides is precisely the aim of wearing a fitness tracker in the first place. And without open groups, you wouldn’t have the opportunity to get to know like-minded users from around the world.

This decision eliminates one of the platform’s best features: a sense of community. Reportedly, more than 31 million people use Fitbit at least once a week. That’s a staggering number and a group of customers ripe for creating and maintaining an active community. At a time when the market is flooded with competing fitness tracker and smartwatch brands, it has become increasingly difficult to stand out. According to Statista, Fitbit has been leading the wearables space since 2014, accounting for almost half the worldwide market share at 45%. The company’s solid grasp on the market (though it now faces stiff competition from the likes of Apple, Garmin, and others) is partly because of the unique Challenges and groups. While other companies, like Apple, have a version of Challenges, they’re not as robust as what Fitbit supports. “Nonetheless, for anyone new to the market looking for a fitness tracker or smartwatch that can do it all and connect them to a wealth of information and a community of people, this news makes Fitbit a less appealing platform to consider,” adds Persaud. “All we can do is hope for bigger and better things to come with Google integration in the future.”

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Google’s One Step Closer To Building Its 1,000-Language AI Model

Google’s progressing toward its goal of building an AI language model that supports 1,000 different languages. The Verge reports: In an update posted on Monday, Google shared more information about the Universal Speech Model (USM), a system Google describes as a “critical first step” in realizing its goals. Last November, the company announced its plans to create a language model supporting 1,000 of the world’s most-spoken languages while also revealing its USM model. Google describes USM as “a family of state-of-the-art speech models” with 2 billion parameters trained on 12 million hours of speech and 28 billion sentences across over 300 languages.

USM, which YouTube already uses to generate closed captions, also supports automatic speech recognition (ASR). This automatically detects and translates languages, including English, Mandarin, Amharic, Cebuano, Assamese, and more. Right now, Google says USM supports over 100 languages and will serve as the “foundation” to build an even more expansive system. You can read more about USM and how it works in the research paper Google posted here.

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Amazon Is Permanently Closing Eight Cashierless Stores

Amazon is permanently closing eight of its 29 Amazon Go convenience stores that offer customers the ability to shop without any kind of checkout process. From a report: Amazon debuted the Go store in Seattle in 2016. It hailed the stores as the future of shopping, especially for convenience stores in busy downtowns of major cities. At one point Amazon expected there to be hundreds if not thousands of the stores nationwide, according to published reports that were never confirmed by the company. But they never lived up to those expectations.

[T]he closings, first reported by Geekwire, are another sign of cost-cutting efforts at the online shopping giant. […] The stores being closed include two in downturn Seattle that had already been shut on a temporary basis, leaving five in the city. In addition it is closing two in New York City and four in San Francisco. The six closings of stores still operating are due to take place April 1. In addition to the 21 Amazon Go stores that will remain, there are two locations in New York that the brand shares with Starbucks.

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Will AMD’s ‘openSIL’ Library Enable Open-Source Silicon Initialization With Coreboot?

Formerly known as LinuxBIOS, coreboot is defined by Wikipedia as “a software project aimed at replacing proprietary firmware (BIOS or UEFI) found in most computers with a lightweight firmware.”

Phoronix is wondering if there’s about to be a big announcement from AMD:

AMD dropped a juicy tid-bit of information to be announced next month with “openSIL” [an open-source AMD x86 silicon initialization library], complete with AMD Coreboot support….

While about a decade ago AMD was big into Coreboot and at the time committed to it for future hardware platforms (2011: AMD To Support Coreboot On All Future CPUs) [and] open-source AGESA at the time did a lot of enabling around it, that work had died off. In more recent years, AMD’s Coreboot contributions have largely been limited to select consumer APU/SoC platforms for Google Chromebook use. But issues around closing up the AGESA as well as concerns with the AMD Platform Security Processor (PSP) have diminished open-source firmware hopes in recent years….

For the Open Compute Project Regional Summit in Prague, there is a new entry added with a title of OSF on AMD — Enabled by openSIL (yes, folks, OSF as in “Open-Source Firmware”)…. [H]opefully this will prove to be a monumental shift for open-source firmware in the HPC server space.
From the talk’s description:

openSIL (AMD open-source x86 Silicon Initialization Library) offers the versatility, scalability, and light weight interface to allow for ease of integration with open-source and/or proprietary host boot solutions such as coreboot, UEFI and others and adds major flexibility to the overall platform design.

In other words, this library-based solution simply allows a platform integrator to scale from feature rich solutions such as UEFI to slim, lightweight, and secure solutions such as coreboot.
The description promises the talk will include demonstrations “highlighting system bring-up using openSIL integrated with coreboot and UEFI Host Firmware stacks on AMD’s Genoa based platforms.”

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Texts from Binance Reveal Plan to Elude US Authorities

Reuters writes:
Binance, one of the world’s largest cryptocurrency exchanges, developed a plan to avoid the threat of prosecution by U.S. authorities as it started an American entity in 2019, the Wall Street Journal reported on Sunday.

The Wall Street Journal reports:
Any lawsuit from U.S. regulators would be like “nuclear fall out” for Binance’s business and its officers, a Binance executive warned colleagues in a 2019 private chat. Worried about the threat of prosecution, Binance set out on a plan to neutralize U.S. authorities, according to messages and documents from 2018 to 2020 reviewed by The Wall Street Journal as well as interviews with former employees.

The strategy centered on building a bare-bones American platform, Binance.US, that would license Binance’s technology and brand but otherwise appear to be wholly independent of Binance.com. It would shield from U.S. regulators’ scrutiny the larger Binance.com exchange, which would exclude U.S. users. But Binance and Binance.US have been much more intertwined than the companies have disclosed, mixing staff and finances and sharing an affiliated entity that bought and sold cryptocurrencies, according to the interviews and the messages and documents reviewed by the Journal. Binance developers in China maintained the software code supporting Binance.US users’ digital wallets, potentially giving Binance access to U.S. customer data.

If U.S. regulators conclude that these links mean Binance has control over a U.S. company, they could claim the power to police Binance’s entire business, which, to many investors, has been a black box since the start. This would also put Binance’s billionaire founder and chief executive, Changpeng Zhao, and his finances under closer scrutiny…. Developers in Shanghai maintained key software functions at Binance.US at least through the summer of 2021, the Journal has reported. The Shanghai developers’ contracts were with Binance, not with the U.S. platform, according to a person familiar with the agreements.

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