Finger Labs to leverage Web3 services for Dream Ladders’ college entrance briefing

Temasek Cuts Pay Following FTX AutopsySingaporean state-owned investment firm, Temasek Holdings, has announced a reduction in compensation for executives responsible for the company’s investment in the now-defunct cryptocurrency exchange FTX. Temasek, once the second-largest outside investor in FTX, faced scrutiny after the collapse of the exchange.Photo by Emilio Takas on UnsplashNo misconduct findingOn May 29, Temasek released a statement confirming the completion of its internal review of the $275 million investment loss incurred from FTX. The review determined that there was “no misconduct” within the company. However, both the investment team and senior management took “collective accountability” and experienced a reduction in their compensation.While acknowledging the inherent risks associated with any investment, Temasek emphasized the importance of continuing to invest in new sectors and emerging technologies to understand their potential impact on the business and financial models of existing portfolios. They recognized the need to adapt to an ever-changing world and explore avenues that could drive future value.It’s worth noting that the $275 million loss from the FTX investment constituted only 0.09% of Temasek’s portfolio value, which stood at over $293 billion at the time of the collapse.Temasek maintained that it conducted extensive due diligence before investing in FTX, emphasizing its commitment to a thorough review process. Chairman Lim Boon Heng stated in a May 29 interview with Bloomberg that there was fraudulent conduct intentionally hidden from investors, including Temasek. The negative outcome of the investment has been disappointing for the company and has had a significant impact on its reputation.Reputational damageSingapore Deputy Prime Minister Lawrence Wong echoed similar sentiments, highlighting the financial loss and reputational damage caused by the FTX collapse during a parliamentary meeting in November 2022.During the due diligence process, Temasek reviewed FTX’s financial statements, assessed regulatory risks related to financial service providers in the cryptocurrency market, and sought legal advice. The company also engaged with individuals who had firsthand knowledge of FTX, including employees, investors, and industry participants.In recent news, Temasek addressed and dismissed rumors about a $10 million investment in Array, a developer of algorithmic currency systems based on smart contracts and artificial intelligence. The company clarified that such reports were incorrect, refuting the circulating news articles and tweets.Temasek’s internal review process is certainly a move towards transparency and accountability. It indicates a willingness towards addressing the matter. That said, there are FTX creditor groups who fervently disagree with Temasek’s analysis.Class action lawsuitEarlier this year a number of FTX creditors filed a class action lawsuit against a number of venture capital (VC) firms, including Temasek. The FTX customers maintain that Temasek and others played a role in a conspiracy to defraud them. Venture capital firms have countered with the view that they themselves were victims as a consequence of the FTX collapse, suffering multi-million dollar losses.The fact remains that VCs get much further involved than merely handing over a check. They get involved with marketing, operations, and many other facets of the businesses of their portfolio companies. Meanwhile, other creditors suggest that Temasek has a responsibility to do right by the 1.4 million FTX creditors (a disproportionate number of them being Singapore-based) and to invest in a restructured FTX business, an option that represents the best opportunity for FTX customers to recover their funds.Temasek may have reached certain conclusions by way of their internal report on the matter but this is not likely to be the final analysis relative to its involvement in the fall of FTX.

SC Ventures Exits Digital Asset Custody Infrastructure InvestmentSC Ventures, the Singapore-headquartered corporate venture capital arm of Standard Chartered Bank, has announced its decision to divest its stake in Metaco, a Swiss-based digital asset custody firm. As one of Metaco’s early adopters, SC Ventures played a crucial role in supporting the company’s growth and development.Photo by Pixabay on PexelsDissolving a partnershipHaving been the largest institutional investor in the digital custody infrastructure firm, SC Ventures contributed significantly to the enhancement of Metaco’s award-winning custody product. The partnership between the two entities facilitated valuable contributions in various areas, including corporate governance, business strategy, institutional use cases, and access to SC Ventures’ extensive ecosystem. Through their collaboration, SC Ventures aimed to provide institutions with a secure and compliant ecosystem for operating digital assets.Ripple acquisitionIn a recent development, enterprise blockchain company Ripple acquired Metaco for $250 million. Ripple’s acquisition of Metaco signifies its diversification into custody solutions, expanding its business opportunities within the blockchain sector. With this move, Ripple aims to offer its customers technology that enables custody, issuance, and settlement of various types of tokenized assets. Further evidence of Ripple’s interest in this area emerged last week with the news that the company is collaborating with authorities in Hong Kong to showcase real world asset tokenization.Despite the acquisition, Metaco will continue to operate as an independent brand and business unit, under the leadership of its founder and CEO, Adrien Treccani. This decision ensures continuity and stability for Metaco’s existing clients and partners while benefiting from the resources and support provided by Ripple.Ongoing linkWhile the divestment of a division of an international banking behemoth like Standard Chartered from a digital asset infrastructure firm may seem like a bad news story, it’s likely not that straightforward. It’s worth noting that Zodia Custody, itself a digital assets custody venture incubated by SC Ventures, continues to maintain a strategic partnership with Metaco.The ongoing collaboration between Zodia Custody and Metaco focuses on matters related to compliance and risk management. This partnership ensures that both companies can leverage their respective expertise to address the increasing demand for safe and compliant access to cryptocurrencies and digital assets from institutional investors.Despite this divestment, it appears that SC Ventures still recognizes the importance of supporting emerging technologies on the cusp of adoption through its continued involvement with Zodia Custody, continuing advancements in the digital asset space.SC Ventures’ exit from its stake in Metaco marks a significant milestone in the ongoing evolution of both companies. While SC Ventures has played a vital role in Metaco’s growth, the acquisition by Ripple opens up new opportunities for Metaco to expand its offerings and cater to a broader customer base. Meanwhile, the collaboration between Zodia Custody, Metaco, and SC Ventures ensures that institutional investors have access to secure and compliant solutions as the demand for digital asset services continues to rise.

Cake Group co-founder files application to wind up company in SingaporeChua U-Zyn, the co-founder and Chief Technology Officer of crypto firm Cake Group, has officially applied to the Singapore High Court to initiate the winding-up process for the company.A winding-up notice appeared in Singapore’s The Straits Times on Thursday. U-Zyn is being represented by law firm Rajah & Tann on the matter. The court will now decide whether to grant this application, which was filed on Dec. 1.Photo by Kelvin Zyteng on UnsplashFinancial strugglesCake Group is the parent company of the crypto platform Bake, which made headlines last month for announcing significant staff reductions affecting 30% of its workforce. Bake is an automated market maker (AMM) and decentralized exchange (DEX) that revolves around Binance’s BNB Smart Chain (BSC).In existence for some five years, the platform claims to have over 1 million users worldwide, retaining over $1 billion in customer assets and having achieved reward payouts to date of $411 million.Cake Group’s financial struggles have been evident, with its revenue plummeting by over half to $266 million in 2022, while profits experienced a fivefold decrease to $23.5 million during the same period. The company generates income through transaction fees.A hearing for creditors or opposing parties is scheduled for Dec. 22, providing an opportunity for stakeholders to voice concerns or contest the winding-up process.Internal disputeWhile the specifics behind U-Zyn’s winding-up application remain unclear, the decline in financial performance and the recent layoffs are undoubtedly contributing factors.It’s understood that CEO Julian Hosp learned about the filing on Dec. 6 and has since emphasized that the company is actively working with legal counsel to challenge the application. Hosp will challenge this request in court, asserting that the company’s finances are strong and unrelated to the dispute.Taking to the X social media platform on Thursday, Hosp wrote:”Disappointed to see U-Zyn filing a request on December 1st” . . . “For me, it’s selfish that he’s prioritizing his own interests over those of our customers, employees, and partners, instead of resolving it internally.”Hosp added that U-Zyn’s application is unrelated to the company’s finances and that the firm is financially solvent.Former employees, speaking anonymously to Tech in Asia, expressed surprise at the escalating situation, describing the co-founders as emotionally charged and seemingly unable to safeguard their investment.U-Zyn opposed to layoffsThe court filing under Section 125(1)(i) of the Insolvency, Restructuring and Dissolution Act of 2018 adds an element of uncertainty. Unlike other sections that typically specify reasons for winding up, this particular section allows for liquidation if “the Court is of the opinion that it is just and equitable that the company be wound up.”Hosp clarified that the application is not based on Cake Group’s inability to pay its debts, emphasizing that day-to-day operations continue at full capacity.It’s understood that the ongoing dispute between U-Zyn and Hosp stems from internal disagreements, particularly related to cuts within the company’s engineering division. Chua claimed Hosp excluded him from decisions, especially concerning the recent layoffs.Despite the internal discord, Hosp stressed the company’s commitment to resolving the dispute swiftly and maintaining its operational capabilities. Undeterred by his fellow co-founder’s actions, he published a blog post on Thursday, outlining his vision for the Cake Group moving forward.