TechCrunch Summary (2023-04-26 12PM)

Source: Google disrupts malware that steals sensitive data from Chrome users

Summary
Google has disrupted the infrastructure linked to CryptBot malware, which has stolen data from hundreds of thousands of browser users over the past year. Google secured a temporary court order to hamper the malware´s developers’ ability to spread the malware. In the past year, the malware has compromised about 670,000 computers, stealing sensitive information that’s used in data breach campaigns.

Fact

🔍 Google has disrupted CryptBot malware, which compromised about 670,000 computers in the past year alone, stealing sensitive information from infected machines.

📝 CryptBot is malicious information-stealing malware first discovered in 2019, typically distributed by spoofed websites masquerading as legitimate software sites that offer free downloads.

🛡️ After filing a legal complaint against several of CryptBot’s major distributors, Google confirmed that it had secured a temporary court order to hamper the developers’ ability to spread of the malware.

💻 The malware steals sensitive information from infected computers, including passwords, cookies, cryptocurrency wallets, and credit card information, which is eventually sold to bad actors to use in data breach campaigns.

📉 As a result of its disruption efforts, Google said it observed a 78% reduction in Glupteba infections.

Source: Revolut’s valuation troubles signal a stormy horizon for less-profitable neobanks

Summary
UK-based neobank Revolut saw its valuation decline by 46% in the eyes of one of its backers. Its revaluation raises questions over how much trimming is left in the fintech world and whether other neobanks can expect similar sharp valuation cuts.

Fact

💰 Funding to fintech startups increased 55% in Q1 2023, making for a global tally of $15 billion. However, Stripe’s latest $6.5 billion raise alone accounted for over a third of that sum. Excluding it, the global tally comes down to $8.5 billion, representing a 12% QoQ decline.

🏦 The neobank-for-x-market was amongst the most popular startup models, leading to mountains of capital being invested into dozens of global startups looking to reinvent or revamp consumer and SMB banking.

📉 Revolut was likely overvalued at $33 billion when it last raised $800 million in mid-2021 but the sharp valuation cut more than two years later raises concerns over how much trimming is left in the fintech world and whether other neobanks can expect similar cuts.

Source: OpenSea’s next journey is to help Web 2.0 brands get into web3

Summary
OpenSea, the popular NFT marketplace, aims to expand its product footprint to appeal to other audiences like Web 2.0 brands by launching projects that have real benefit or utility. To achieve this, the company intends to “make bigger bets with key Web 2.0 and web3 creators or brands” and reduce the friction spot of the need for tools for non-crypto-native brands.

Fact
💰 OpenSea is home for over 2 million collections that have 80 million NFTs, with more than $20 billion in volume transacted on its platform.
💻 OpenSea is looking to reduce the friction spot of the need for tools for non-crypto-native brands by making it easier for creators to do what they do best: creating.
🤝 Loyalty and membership are two big areas that transcend from Web 2.0 into the web3 space, according to OpenSea’s Shiva Rajaraman.

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