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> On my UNIX days I used it as poor man's solution to track memory leaks, by overriding malloc()/free(),

That's not a poor man's solution. That's how Valgrind's leak checker works (AFAIK).

Valgrind's leak checker is far more complicated than a simple malloc replacement. It's a virtual machine that runs the program being debugged.

It is poor man's solution, because on the cases there was money to spare, we could use Purify.