After 12 lawsuits and liquidation, Hearti Lab’s founder still faces legal battles

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Hello there,

It’s been almost 20 years since I graduated law school, but a lot of what I learned there has come in handy in my years as a journalist.

Criminal law? Check. Business law? Check. Criminals in business law? Check and check.

But in all that time, I don’t think I’ve ever used anything that I learned in contract law. I still remember some of it, and what I remember was not fun.

What I remember most is my law professor confusing the hell out of me by arguing in circles on whether something was or was not a contract.

The experience apparently scarred me so much I actually winced when I read my colleague Candice’s Big Story about Hearti Lab.

The company, which aimed at using blockchain and AI technology to offer insurance to those who usually can’t get insured, is being wound up. Unfortunately, Web3 companies shutting their doors isn’t that uncommon, but a number of Hearti’s investors are upset because of the contracts they claim they made with Hearti’s founder, Keith Lim.

The story is a lesson in the importance of founders and investors knowing the difference between what is and what isn’t a binding agreement.

In our second Big Story of the week, my colleague Peter looks at the rise of cleantech, which is shaping up to be the next hot market for tech investors in Indonesia. The sector has raised US$77.5 million so far this year.

And finally, I’ll tell you about the protests and anger being directed at companies using AI. Spoiler alert: A lot of people are afraid they’re going to lose their jobs, and some are already starting to point fingers.

— Scott

THE BIG STORIES

1️⃣ 12 lawsuits and a liquidation later, legal brawls continue for Hearti Lab’s founder

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