Mental health a cause for concern in world of rising crypto hacks

IN FOCUS

In today’s newsletter, we look at:

• Mental health in Web3: how victims of hackers deal with trauma
• Why Indonesia trails in AI investment compared to Southeast Asian peers
• The Indian government finally granting support to deeptech startups

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Hi there,

I hate the ride to Bengaluru Airport. In the past, I nearly missed my flight because I was ensnared in the city’s perpetual traffic and then was overcharged for the experience. I also struggle to speak with the drivers since I don’t speak Kannada (the language of the state of Karnataka).

Last week, while on the way to the airport, I nearly had an anxiety attack. My heart pounded when Google Maps indicated I wouldn’t make it for my flight. There were traffic snarls all along the route – and in the middle of the afternoon, too!

To top it all off, my cab driver kept telling me that he could take me on another route – but it would cost me extra, so I assumed he was trying to fleece me. I’d been duped for money on several occasions when traveling alone in unfamiliar places, so I was feeling vulnerable.

Though it might hurt to get conned out of a little money, it is an entirely different experience when it involves a huge part of your life savings. This is something that my colleague Scott explores in our first Big Story: Mental health in Web3: how victims of hackers deal with trauma.

Image credit: Made by Tech in Asia using Midjourney

The story follows the trail of mental trauma left behind by hackers of crypto password vault company LastPass, who made away with US$35 million of digital assets of users so far.

Andre Durant, a person in his mid-40s, lost a large part of his life savings and still deals with anxiety and sleepless nights. He isn’t the only victim, though. There are others who have been affected by crypto-related hacks and have even voiced suicidal thoughts.

From crypto we move to another much debated tech: AI. In our second Big Story, we look into why Indonesia trails in AI investment in Southeast Asia.

Despite Big Tech committing US$51.5 billion to AI in Southeast Asia, Indonesia – the region’s largest market and biggest contributor to its digital economy – has attracted only a sliver of that investment.

One of the reasons for this is Indonesia’s lack of AI infrastructure and the absence of a roadmap aimed at developing AI in the country. In comparison, Singapore and Malaysia have developed regulatory frameworks around this sector.

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