Wednesday, June 18, 2025

Welcome to TC PM! Today we look into multiple cyber incidents in Iran that don't appear to be related; we dig into Midjourney's much-anticipated video-generating model; and we finally learn what VCs look for in AI startups.

TechCrunch Top 3

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💰 A hack! Iran's largest crypto exchange, Nobitex, said it was hacked and that funds were drained from its hot wallet. The hackers appear to have taken at least $90 million of the company's assets. Nobitex has more than 10 million customers.

🛜 Going dark: Internet connectivity in Iran has almost completely disappeared. Internet traffic levels in the country are down 97% compared to the same time last week. It's unclear what has happened, especially considering there hasn't been a drop in announced IP address space — a common occurrence when connectivity is down.

🚫 You can't do that: One of the data centers operated by Elon Musk's xAI is facing a lawsuit. The facility, located outside of Memphis, is getting dinged for operating a fleet of natural gas turbines without a permit. This is a violation of the Clean Air Act.

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Afternoon must-reads

Image Credits: Jakub Porzycki/NurPhoto / Getty Images

✂️ Thank you, next: OpenAI is phasing out its work with AI data labeling startup Scale AI after the startup's deal with Meta. OpenAI had originally said it would continue to work with the company but has since changed its mind. Google is rumored to be considering cutting ties as well.

🗽 Waymo in the big city: Robotaxi company Waymo applied for a permit to test its autonomous vehicles in New York. While a notable step for the company, even if all goes well, it would take quite a while for Waymo to offer commercial service in the city. As someone who drives here, good luck, Waymo!

🦾 What do you really want? AI startups are gobbling up cash, but what do investors actually want from companies in this incredibly hyped category? Rebecca Bellan recently sat down with three VCs to get their thoughts on how AI startups should pitch for funding and how they can stand out.

📹 More models: AI image generation startup Midjourney announced the launch of its video-generating model, V1. It's only available on the web through Discord for now.

👀 Keeping an eye on OpenAI: "The OpenAI Files" is an archival project from the Midas Project and the Tech Oversight Project, two tech watchdog organizations. They're keeping track of documented concerns regarding governance, leadership integrity, and more at OpenAI.

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Around the web

🧠 Everything you need to know: The data center industry tries to stay hidden in the shadows. Business Insider has a super cool interactive story today that looks at how many data centers there are in the U.S., where they are, and how much energy they use.

🙌 A women's health win: Maven Clinic, a large digital health platform for women and family health, inked a partnership with Oura Ring. This would allow biometric data from Oura Rings to integrate into Maven's clinical care.