Behind the unicorn curtain lies a darker story. One of Asia's most hyped startups has been caught cooking its books, according to firsthand accounts from multiple stakeholders. We've talked directly with the founder, venture backers, employees who watched it unfold, and clients who felt the impact. The financial fabrication wasn't a slip-up—it was systematic. From inflated metrics to faked partnerships, the company painted a rosy picture that crumbled when insiders started talking. For anyone betting on Asian tech startups or considering investment in fast-growing ventures, this case is a masterclass in what red flags to watch. When numbers seem too good to be true, they usually are.