What is the key to a regulated market

In the spotlight of this week: Nasdaq could become crypto exchange, cryptocurrency is illegal in Iran, MyEthereumWallet hack.

The key is to provide safety and a fair experience to investors.

It is unlikely that Nasdaq would develop such a product in the near future, however it at least appears that the exchange monitors development of the cryptocurrency market. A partnership between Gemini and Nasdaq (which has already had a long-standing relationship with a blockchain startup, ‘Chain’) was recently announced. Gemini will use Nasdaq technology to help detect price manipulation and other activities that threaten the fairness of the market.

Media outlets have reported that Nasdaq is working on creating a technological blockchain application. This has been confirmed by data obtained from patent documents. For example, in October the company received a patent for system that compares data with blockchain being used as an instrument for tracking transactions.

This includes the trading and selling of cryptocurrency between individuals as well. The government has stated that the reason behind this move is to stop money laundering and funding for terrorist organizations.

This is an interesting statement considering that in February, 2018, Iran’s Ministry of Information and Communication Technology reported that the state-run Post Bank was working on creating it’s own cryptocurrency.

This move is most likely connected with an impending currency crisis the country is facing. Iranian authorities have already begun to take a number of measures protect against this crisis. For example, currency exchange is now only allowed in banks. These measures are related to the falling rate of the rial, Iran’s state currency which has reached record-low due to fears that US sanctions, which had negatively affected the economy of the Islamic Republic, might return.

For two hours, all users on Google DNS servers were being redirected to a phishing site. Entering in one’s private key resulted in a complete loss of funds. More than 500 Ethereum tokens were stolen.

At first, users posted their suspicions that the wallet had been hacked on social networks. Later, representatives of MyEtherWallet confirmed that a number of DNS servers had been compromised and redirected users to phishing platform.

Representatives of the Blue Protocol project, who in January pointed out the low level of security on the MyEtherWallet DNS servers, demand an apology from representatives of the wallet for insulting their reputation. They believe that the problem had always existed, but developers just chose to ignore.

Whether that’s true or not, is not so important. What is important is the fact that money was stolen and the victims are only interested in the ultimately unlikely possibility of getting their money back. This once again underlines the need to follow one of the basic rules of investment and financial control: diversification.

Regardless of how great something is protected, there will always be someone capable to make money on your thoughtlessness.

At the moment, it isn’t clear whether this problem has been resolved or not, therefore I would advise to refrain from continuing operations on your accounts until we get confirmation from users, not developers, that the problem has been solved.

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