This startup’s FailSafe approach to protecting the cryptosphere

More: Alipay+ goes Down Under. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- Hello {NAME} A plethora of new technologies like the metaverse, Web3, AI, crypto, and non-fungible tokens have emerged since the turn of the decade. Consumers have a lot to grasp before they can unlock the full potential of these up-and-coming tools. But while humanity is perpetually on the edge of another groundbreaking innovation, there’s a need to upgrade and plug leaky holes in existing technologies. For instance, the ongoing issue of theft has made a mockery of mass adoption efforts in the crypto industry. A staggering ​​US$20.1 billion in cryptocurrency was siphoned off in 2022, marking what research firm Chainalysis called “the biggest year ever for crypto hacking.” Here’s where Eleos Labs, helmed by two Grab alumni, is looking to leave its mark. At the center of its ambitions to combat crypto fraud is FailSafe, a suite of applications designed to protect decentralized finance systems. In today’s featured piece, Tech in Asia delves into the finer details of FailSafe’s unique mechanisms to detect potential fraudulent activity and gathers expert insights from Eleos Labs co-founder Gennady Medvinsky. Read on to learn more about the Singapore-based security firm. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Grab, Microsoft alum look to combat crypto theft]( Eleos Labs, a new Singapore-based security firm, is building software to check crypto wallets for fraudulent activity and even stop an attack. --------------------------------------------------------------- TRENDING NEWS [Binance US shifted over $400m to CZ-linked trading firm: report]( The transfers were made via a Binance US account at Silvergate Bank, which holds some money belonging to the platform’s customers, Reuters found. [J&T Express may bag at least $1b in latest listing attempt]( This would be the company’s second stab at an IPO in Hong Kong after plans fell through last year. [Alipay+ goes Down Under]( The integration will let 8,000 Australian retailers accept e-wallets such as Kakao Pay and TrueMoney as payment methods. [Facebook to test Twitter-like subscription services]( Meta Verified offers users increased security, authenticity measures across the platform, and a blue checkmark. [Bintang Capital’s Asia fund backs Malaysia influencer-marketing firm]( Involve Asia, which connects content creators with businesses, is working on a platform that links influencers with SMEs. [Twitter reportedly shuts two offices in India]( In late 2022, Twitter fired about 90% of its staff in India, according to Bloomberg. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Product Development Conference 2023]( from May 16 to May 17 Tech in Asia’s Product Development Conference is back! This year’s edition, which will be held in person in Jakarta, will feature over 20 industry leaders, experts, and innovators sharing the latest trends and strategies that can accelerate product development growth. [Register now]( and you can get 50% off. This early bird promo is available for a limited time only, though, so don’t miss out! - [AD] [AWS Cloud Day Malaysia]( on March 2 Business leaders and technical experts will gather for the upcoming AWS Cloud Day Malaysia, which will be held in person at One World Hotel in Petaling Jaya. Participants will hear from speakers across a range of industries as well as leading startups like Carsome, Fave, and Storehub on how businesses can drive greater efficiencies, reduce costs, and uncover new opportunities using AI, machine learning, data analytics, and more. The event will also include networking opportunities, a dedicated Startup Loft featuring the startup programs offered by AWS, and a GameDay Quest Fest, where participants can put their cloud skills to the test. 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