Unknown hacker drains millions of dollars from thousands of Solana hot wallets

TechCrunch Newsletter

By Christine Hall and Haje Jan Kamps Wednesday, August 03, 2022

Christine is back from a week of making the world a better place, and now she's here to help make this a better newsletter as well. Huzzah! — Christine and Haje Image Credits: Solana

The TechCrunch Top 3 Where there was once sunshine has now faded to darkness: Thousands of Solana users found their wallets were drained of collectively around $8 million, Rita and Carly write. The hack is only affecting “hot" wallets, the pair report. Industry experts say this may have been a privacy key compromise. We're sure there will be more on this later. Ping finds itself in familiar territory: Ping Identity, a public enterprise identity management firm, has agreed to be acquired by the private equity firm Thoma Bravo, Ingrid reports. This is not Ping's first exposure to PE involvement. It was majority-owned by Vista Equity, which retains a minority stake in the company. Thoma Bravo has been on a buying streak lately, also picking up both SailPoint and Anaplan this year. Trading places: We go back to Rita, who writes about Salesforce taking a look at its presence in China. Among the changes are the closing of its Hong Kong office and the acceleration of Salesforce's relationship with Alibaba, which includes helping companies establish a social commerce presence.

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Startups and VC L'Attitude Ventures announced today that it has closed on its first institutional fund, raising more than $100 million from several financial services heavyweights, including a "strategic anchor investment" from JPMorgan Chase, Mary Ann reports. Playstudios, a publicly traded mobile gaming platform and developer, is venturing into the web3 world with a new blockchain division and investment fund. The gaming entity announced a $10 million investment vehicle, Future Fund, to back companies building rewarded play options, Jacquelyn reports. Keepin’ the startup train rollin': Computer says maybe: Kyle reports that customer service tech company Aisera lands $90 million to automate customer service requests with the power of machine learning. A vault for your digital trinkets: Imagine paying millions of dollars for a JPEG of a monkey just to have it stolen from your digital wallet. Upstream's new vault could help keep your digital treasures a bit safer, Anita reports. From straps to treadmill: In today's episode of the Equity podcast, Natasha M and Alex ponder if it is time to jump on the venture treadmill for companies that have been bootstrapping so far. Pay $5, get paid: Kyle reports that startup ZayZoon charges employees $5 to get paid sooner. Y minimator: Citing downturns and funding climate, Y Combinator narrows cohort size by 40%, writes Natasha M.

Dear Sophie: How long am I required to stay at my current job after I get my green card? Dear Sophie, I'm a software engineer currently on an H-1B. My employer sponsored me for an EB-2 green card, and my application has been approved, but I'm still waiting for a decision on my application to register for permanent residence. I want to leave my employer and do something completely different. Can I transfer my green card to another employer in a different field and position, or should I stick it out in my current position until I receive my green card? If I should stick it out, how long should I stay with my current employer after I receive my green card? — Craving Change (TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.) Read More Image Credits: Bryce Durbin/TechCrunch

Big Tech Inc. Uber and Omio join forces in the UK so that users can book trains, coaches and bus travel, Natasha L reports. The ride-hailing giant sees this as a way to not only get into longer distance travel, but also to capture, or recapture, travelers moving between different forms of transportation. In other Uber news, it appears the company has now concluded its partnership with Indian food delivery firm Zomato, Manish writes. Staying over in India for a moment, Manish also reports that the government is withdrawing its personal data protection bill. This was some legislation that privacy advocates and tech giants were not fans of, mainly because they felt it restricted how they managed sensitive information while also enabling the government to more easily access the same information. Speaking of partnerships, Ticketmaster and TikTok now have one to provide users with a new way to discover and purchase event tickets, Aisha writes. This feature is initially for certain creators who can search for Ticketmaster events and add destination links to their videos. Ivan also reports that ByteDance might be gearing up for a global launch of TikTok Music. You may also want to "byte" into these: When fan fiction hits too close to copyright home: Amanda takes a look at what happened when two TikTok stars set out to cash in on their love of "Bridgerton," only to find that Netflix, who was once okay with it, now is not. Live “shopping” and let die: Live shopping is still an up-and-coming way of e-commerce in the U.S., but Facebook has decided to shutter its live shopping feature to instead focus on Reels. You have until October 1 to host any new events, Aisha writes. Pokémon-palooza: Amanda also gives you a look at the new Pokémon that just dropped. Google's next phase: Remember when Google said it was going to merge Duo and Meet a few months ago? Well, Frederic writes that Google is entering the next step in that merger with an app update that changes the Duo logo to the Meet one.

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Sheryl Sandberg is out at Meta, and Zuckerberg’s not looking for a new COO

TechCrunch Newsletter

By Haje Jan Kamps Tuesday, August 02, 2022

The SEC leapt in this week, charging 11 people associated with Forsage, which the government watchdog says was running a pyramid scheme. I’m not one to embrace drama, but I also can't wait for some of these stories to show up as Netflix documentary series. This particular case seems like a bit of a dumpster fyre. — Haje Image Credits: Dominic Lipinski - PA Images / Contributor / Getty Images

The TechCrunch Top 3 Leaning out: After more than 14 years as the top operator at Facebook, Sheryl Sandberg officially stepped down as the company-now-known-as-Meta's COO, as per yesterday, Paul reports. Sandberg's departure represents part of a broader restructuring at the company. FTC slams the (Open)door: Opendoor has agreed to pay $62 million to settle charges by the Federal Trade Commission, which says the company's claims that it helps people make more money by selling their house to the company rather than listing it on the open market were deceptive, Mary Ann reports. Shopify checks out Klaviyo: "We've been working closely with Shopify for years and this is a great next step," Klaviyo CEO Andrew Bialecki told Kyle via email, after Shopify makes a $100 million strategic investment in the company. "I've talked with their product team and CEO many times — they're big believers in our mission of empowering creators and they have a lot of respect for the products we've built and our customer-first, product-led culture."

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Startups and VC "It was life-changing: I went into my local store, found my way to the garden center, looked at the selection and chose one. I went to the register and paid, and then I drove home. I was glowing for days. It was the best big box experience of my life," quips Ron about his $5 spray nozzle purchase, revealing he's so over customer experience surveys. Apropos customer experience, Kyle reports that Sprig, a startup offering tools for user and software product research, today announced that it raised $30 million. It brings the company's total raised to $90 million. When beautiful art is available at the press of a button, what does that mean to artists? Haje wonders in an article where he includes 30+ AI-rendered pictures of Batman. If you've never seen Batman as cookie monster, you're missing out. According to Redpoint managing director Annie Kadavy, there will be fewer total companies started in the next year than there were in the last two. And, somewhat counterintuitively, the investor thinks that the looming slowdown is "a great thing." Redpoint just raised another $650 million to invest in “tech's riskiest founders,” Natasha M reports. More startup universe: Put me on your cell phone: Aisha reports that Locket, a popular app for sharing photos straight to your family and friends' home screens, has raised $12.5 million in funding. How come that Louis Vuitton was only $40?: Clothes, accessories and luxury goods are the most popular product items for counterfeiting, but that's not where the problem starts and ends: The explosion of digital content has also led to a wide number of digital counterfeiters as well. MarqVision raises $20 million to nab counterfeiters, report Kate and Ingrid. What's up, (hot)dog? Over the past decade and a half, Spread has become the most recognizable name in Japan's vertical framing ecosystem. Now, after a $30 million raise, it eyes strawberries and alternative meat,  Brian reports. It shows you the cart door: Jagmeet reports that Ottonomy, a startup working on solving delivery problems using autonomous robots, has raised $3.3 million as it looks to expand its market and deploy robots to existing customers.

Getting acquired is a legitimate strategy for building your business The difference in probability between selling a startup or taking it public is an order of magnitude. The odds of your company being acquired are ten times greater than the likelihood of your CEO ringing the opening bell at the NYSE. And yet, startup culture encourages participants to believe that they’re on a path to an IPO, regardless of their sector, says Yair Snir, VP and managing director of Dell Technologies Capital. “In my experience, many founders are more motivated by the potential for impact. For these kinds of founders, my advice is to always consider acquisition as an option,” he says. “It might not be obvious at first, but an acquisition can be your best path to massive scale.” (TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.) Read More Image Credits: Constantine Johnny / Getty Images

Big Tech Inc. The $300 Link is a 4K webcam with a half-inch sensor. The system uses AI to automatically adjust its positioning and keep the user centered in-frame. Think of it a bit like Apple's Center Stage software, coupled with hardware, Brian reports in his closer look at Insta360's gimbal-mounted 4K webcam. A few more nuggets of Big Tech Wisdom: Oh, I see: Massive win for Innoviz Lidar tech, which will be included on all Volkswagen vehicles with automated driving capabilities, reports Rebecca. Hell non: French iOS developers have had it with Apple's App Store fees, filing an antitrust suit, reports Sarah. Finally in the black: Looks like the changes Uber has been making over the past year are starting to pay off for the company, as it generates a massive pile of free cash flow in Q2, report Alex and Kirsten. Throwing (night)shade on the Zomato: Manish reports that Uber plans to sell 7.8% stake in Indian food delivery firm Zomato. Do u even tweet, bro: Twitter is testing a bunch of new features at the moment. Amanda spotted that the platform is testing a “tweets per month” counter.

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Did Bolt Mobility bolt? The startup left equipment and confused customers in its wake

TechCrunch Newsletter

By Haje Jan Kamps Monday, August 01, 2022

Monday is here, and we are excited to throw ourselves into another week of summertime tech news. Apropos summer — as the VCs stop answering their phones in favor of drinking elderflower lime martinis, playing pickleball, spelunking in the Bitcoin mines, and kite surfing (I can only assume that's what VCs do for their summer break), it gives us tech reporters a bit more time to go deeper on some of the stories and companies that have been itching our curiosity nerve. In my distant past as a startup founder, long before I became a writer at TechCrunch, exhibiting at TechCrunch Disrupt turned out to be a huge moment for my first startup. As an early-stage startup founder, you know that the hustle is part of the game; if your company doesn’t have the budget to attend, you can apply to be a volunteer and attend that way. Don't miss the volunteer FAQ to see if this is a good option for you!  — Haje Image Credits: Bolt Mobility

The TechCrunch Top 3 Did Bolt bolt?: It's pretty rare that a startup just vanishes from the face of the planet, but that was the magic trick Bolt Mobility appears to have pulled off, leaving a bunch of e-bikes and confused customers behind, Rebecca reported. I am a passenger, and I ride and I ride: Swarm's tiny satellites have been hitching a ride on SpaceX launches for other customers, where it's easy for the company "to just pop them on" — here's what Swarm has been up to since it was acquired by SpaceX, Darrell writes. The wheels on the bus go down and down: In the midst of an 88% stock nosedive, Swvl — who went public via a SPAC last year — is canceling its $100 million acquisition of Smart Bus startup Zeelo, Mike writes.

Startups and VC The regulatory environment surrounding crypto is shifting in the US as the SEC takes aim at major players in the web3 world, promising to shake up business as usual with aggressive action. David Nage discusses how regulatory scrutiny is impacting venture investment in web3. It's a great conversation with Lucas and Anita on this week's episode of Chain Reaction, for you podcast fans! Oui Capital, an Africa-focused VC firm based in Lagos and Massachusetts, announced today that it has completed the first closing of its $30 million second fund, Tage reports. The firm seeks to strengthen its presence on the continent. More more more: Headline of the week: Ugh, why is Natasha M so good! Don't miss her Startups Weekly, the succinct recap of what's what in the land of startups this past week. Also, "The bootstrapped are coming, the bootstrapped are coming" is just straight-up :chefs-kiss:. Like games, but chainier: The runaway success of Axie Infinity and StepN has convinced a flurry of entrepreneurs that web3 gaming is the future. In Rita's piece, gaming vets promise to make blockchain games fun and sustainable. Still equal, just with fatter coffers: Equal Ventures has a new pair of funds. The New York City–based firm has closed a $95 million second fund and its first opportunity fund, worth $75 million, Natasha M sleuthed out from the firm's SEC filings. Talk to the machine: UiPath has acquired Reinfer, a London-based startup that's developing natural language processing (NLP) tools for enterprises, Paul reports. Ixnay on the Chipper Cash: Kenya has directed all banks to stop dealing with Chipper Cash and Flutterwave, claiming that the companies are unlicensed, Annie reports. More Buoyant climate market: The climate-focused VC Buoyant Ventures targets $100 million fund as the climate market continues to evolve, Harri reports.

Build a solid deck for your quarterly board meetings Board meetings are great for getting feedback on your progress and your plans for the future, but what's the best way to tell them what's going on? According to Ridge Ventures partner Yousuf Khan, often the best and simplest way to "ensure you're providing board members with the information they want to see is to just ask them." "Reaching out to your board not only helps provide a sense of direction, it also gives you the opportunity to build your relationship. People appreciate the opportunity to weigh in," he says. Khan also lays out seven tips for building a presentation to give your board updates on your progress, plans, the product and financials. (TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.) Read More Image Credits: Hiroshi Watanabe / Getty Images

Big Tech Inc. Hyundai is considering acquiring the South Korea–based lidar-free autonomous mobility platform 42dot. A spokesperson of 42dot told Kate that the startup is in talks, but cautioned that terms, including stake size and deal valuation, haven’t materialized yet. In one of the head-scratchiest moves in a while, Spotify announced it will introduce a Play button and a Shuffle button at the top of albums’ playlists to make it easier to play the music the way you like, Sarah reports. Plot twist: the separate buttons are only available to paid subscribers. As Sarah concludes, "Streamers may be disappointed to find out that what should be an app update in favor of better usability is oddly being sold to them as a reason to upgrade." A few more: You never know when you need jeans in 25 minutes: E-commerce giant Amazon launches same-day delivery from select retail stores, including PacSun and Diesel, Aisha reports. Accountless Twitter in testing: Ivan reports on a new test from Twitter, where you can now use Twitter's iOS app without signing up for an account. Pinterest Shuffles into your mood boards: Social media company Pinterest debuts a new app, Shuffles, for collage-making and moodboards, Sarah reports. Uh-oh: Things are getting (even more) interesting in hacker land, as hackers steal passwords for accessing 140,000 payment terminals, reports Zack. AI might be going too far: There's a reason over 450,000 people read Emerging Tech Brew — the three-times-a-week email delivering the latest technology news impacting you and your world. Best part? It's free and only takes 5 minutes to read, so there's really no reason not to try it. To stay up-to-date on the latest tech and AI advances, sign up for the Emerging Tech Brew newsletter for free.

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