FTX failure shows crypto is not for the faint heart

Check out our top articles for the week. [Read from your browser]( Top Stories of The Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} It looks like the FTX fiasco will rank high in the list of the world’s greatest financial failures. This debacle made me recall one of the assignments I’d submitted in college. My groupmates and I had two whole weeks to prepare a business plan. I had smart friends, and we were excited about the project. We thought we had decent ideas, but at evaluation, we heard all about everything we missed: accounting controls, compliance, and regulations, among others. While this was a reasonable outcome to expect from college kids, it’s an abysmal act from an exchange where anyone who’s anyone in the cryptoverse traded. Of course, FTX’s evaluation obviously was (eventually) a lot more brutal than mine. John Ray, who took over as CEO from FTX founder Sam Bankman-Fried in the early morning hours of November 11, said that throughout his career, he has never seen “such a complete failure” of corporate controls and a “complete absence of trustworthy financial information.” And this is coming from the CEO who oversaw Enron’s bankruptcy. At this point, crypto seems more like gambling than investing, and none of this is for the faint heart. -- [Deepti Sri]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Singaporeans feel ‘betrayed’ by Temasek-backed FTX]( The liquidity crunch at FTX has posed substantial financial threats to Singaporean investors despite a stamp of approval from state-backed Temasek. 2. [Mapping Temasek’s role in the startup space]( The Singapore-based investor has launched 28 companies, including 14 investment firms and a venture-building arm, in its quest for disruptive businesses. 3. [Why Sea’s shares jumped 36% after its Q3 results]( Sea’s third-quarter results hit the right notes with investors, but the troubles at Garena mean the company is not yet out of the woods. 4. [Grab’s financial health in 9 charts]( Southeast Asian super app Grab just announced its results for the third quarter of 2022.We’ve prepared nine charts – updated by quarter – that track the company’s performance. 5. [VC breaks down Bukalapak’s seed round pitch deck]( Michael Blakey, co-founder of Cocoon Capital, candidly critiques Bukalapak's seed round pitch deck and shares the one element that saved it. 6. [Making sense of Grab’s cloud kitchen shutdown in Indonesia]( The unit's closing is unlikely to be read as an obituary for the whole industry. 7. [Recession Run: Kickstart Ventures to deploy more funding in 2023]( Brian Dy, head of research at Kickstart Ventures, shares insights on the recession and talks about deploying the firm’s dry powder. 8. [Tracking layoffs across Asia’s startup ecosystem (Updated)]( Several startups are dismissing staff to stay afloat as headwinds hit Asia. This layoff tracker is keeping tabs on marching orders. 9. [Udaan flies high with 67% rise in revenue but losses widen]( The India-based B2B ecommerce unicorn has seen a spate of layoffs as it eyes sustainable profitability. 10. [Behind Ant Group’s revived SEA ambitions]( The firm has dialed up efforts to grow its cross-border network Alipay+, indicating that digital payments in Southeast Asia is again a priority. --------------------------------------------------------------- WHO'S HIRING  You can post a job [here]( or search for jobs [here](. [logo] [Technical Writer (Jakarta)]( at Administrative & Clerical Services, Internet Technology [logo] [Head of Development and Integration]( at Software Engineer Financial product comparison [logo] [.NET Developer]( at Web Development Logistics [logo] [Head of Product Operation]( at Enterprise Software & Systems IT & Cybersecurity [logo] [Head of People Operation]( at Human Resources Digital Media, Advertising [logo] [Cloud Consultant]( at DevOps & Cloud Management Software [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  ---------------------------------------------------------------  Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi. Copyright © 2022 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894