PiLab Technology and Mirae Asset Securities to build Web3 infrastructure to navigate tokenized securities market

NADA Protocol, a blockchain content platform and operator of the Play-to-Earn (P2E) NFT game Slime World, has forged a global investment partnership with IT investment firm Algorithm X, according to an article published by South Korean online news site Interview 365.Photo by Chris Liverani on UnsplashStrategic alliance"Through this partnership with AIgorithm X, we will accelerate our efforts to attract global investments. Also, by leveraging Algorithm X's infrastructure, we will expand our presence in the global market and create more partnerships with various companies in the future," NADA Protocol explained. Revolutionizing the blockchain industryNADA Protocol is a platform specializing in the production of blockchain content. It is most known for Slime World, which runs on the NADA Protocol Token – a Hedera-based reward token that is currently priced at approximately $0.03 on CoinMarketCap. The game surpassed one million global downloads in less than a month after the release of the updated version.  Meanwhile, Algorithm X is a company led by a group of financial experts from JPMorgan and professionals in the blockchain industry that manages global digital assets through proprietary trading. The company specializes in discovering and fostering promising projects and companies through global investment consultations and marketing campaigns.

The crypto space continues to suffer a disproportionate share of hacks and scams that were further exacerbated on Wednesday, with Malaysian crypto data aggregator the latest to succumb to a security breach. Serving as yet another stark reminder of the persistent threats plaguing the sector, a phishing scam targeted CoinGecko's X account, leading to a brief compromise that raised concerns about the safety of user information.Photo by GuerrillaBuzz on UnsplashPhishing scamDuring this incident, hackers posted a phishing link on CoinGecko's X account, falsely advertising a token airdrop for a cryptocurrency named GCKO. The deceptive post claimed that GCKO could be used for API services, including the cryptocurrency ANKR. Swift action by CoinGecko involved the removal of the fraudulent post and a public warning urging users to avoid interacting with any suspicious links or content. In an X post, CoinGecko wrote:”Our Twitter accounts @CoinGecko and @GeckoTerminal have been compromised. We're taking immediate steps to investigate the situation and secure our accounts. Please DO NOT click on any links or engage with suspicious content. Your security is our top priority.” Employee errorThe firm followed up with an update on Thursday, attributing the breach to a team member inadvertently clicking on a fraudulent Calendly link, granting unauthorized access to the hacker. Despite having two-factor authentication (2FA) enabled and employing robust security measures, CoinGecko emphasized that the inadvertent click allowed unauthorized access. The compromised accounts were then exploited to disseminate misleading information and potentially engage in malicious activities. CoinGecko expressed sincere apologies for any confusion or inconvenience caused by the incident. The company reiterated its commitment to platform security and continuous improvement of internal controls, assuring users that corrective measures were promptly implemented. SEC incompetenceCoinGecko's security incident occurred within 24 hours of a similar occurrence involving the U.S. Securities and Exchange Commission (SEC). The SEC's X account was compromised, with scammers posting a false message from Chair Gary Gensler about the approval of spot bitcoin exchange-traded funds (ETFs). While CoinGecko identified a vulnerability in its security regimen, the SEC later confirmed that the breach in its case was far more basic. It was not due to infrastructure attacks but rather the lack of 2-factor authentication (2FA) tied to the SEC's account, the most basic form of operations security. Gensler and the SEC have come in for major criticism from the crypto community in the U.S. due to a policy of regulation by enforcement that has been pursued. With that, the Commission came in for swift and harsh criticism in the immediate aftermath of its X account hack. Many pointed out the irony of Gensler advising consumers to secure their accounts back in October when the SEC itself had failed to do so. Others queried who would be responsible for what some interpreted as an episode of market manipulation, something that the SEC has perennially associated the crypto markets with. During the time that the account was compromised, millions of dollars of value were liquidated in short and long trading positions. CoinGecko's quick response serves as a valuable lesson in the importance of vigilance and proactive security measures amid the growing threats facing the cryptocurrency community.

Singapore proposes additional rules to safeguard retail crypto investorsSingapore announced on Thursday its intention to implement new regulations aimed at protecting individuals by limiting their ability to trade cryptocurrencies.Photo by Daniel Welsh on UnsplashRules follow public consultation processIn a press release published to its website on Thursday, the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, finalized these measures following a yearlong public consultation and review of cryptocurrency platforms, also known as digital payment token (DPT) service providers.Effective in phases from mid-2024, one key measure will prevent operators from accepting purchases through locally issued credit cards. Along the same lines, the regulator wants operators to discourage the use of margin and leverage transactions, or borrowing to facilitate trading activity. Market commentators, such as Custodia Bank Founder and CEO Caitlin Long, have long warned of the havoc that leverage has played in the crypto sector. Last year Long commented:”SO MUCH of the garbage in #crypto during this cycle was just leverage dressed up as tech innovation.”Additionally, incentives that encourage individuals to trade digital tokens will be banned. Such incentives could include providing free trading credits or digital assets as rewards during sign-ups or referrals.Curbing speculationWhile the MAS acknowledges the speculative and highly risky nature of cryptocurrency trading, it asserts that these regulations aim to help cryptocurrency operators protect customer interests. However, the MAS emphasizes that the regulations “cannot insulate customers from losses associated with the inherently speculative and highly risky nature of cryptocurrency trading.”Ho Hern Shin, the Deputy Managing Director for Financial Supervision at the MAS, urged consumers to exercise caution, stating:“We urge consumers to remain vigilant and exercise utmost caution when dealing in DPT services and to not deal with unregulated entities, including those based overseas.”The MAS expanded the scope of these measures to include all retail customers, regardless of their residency, following public feedback. This includes individuals who are not accredited investors or institutional investors. Accredited investors are those with over $1 million in net financial assets, among other criteria.Responding to crypto platform failuresThese regulatory steps come in response to the increasing access of individuals to the risky asset class, driven in part by the collapse of several unlicensed cryptocurrency companies in Singapore such as Hodlnaut and Vauld last year. The resulting calls for greater oversight prompted the MAS to initiate a feedback-gathering exercise in October, seeking input from industry players on proposed measures and other framework-establishing proposals.The bankruptcy filing of cryptocurrency group FTX the following month further accelerated the need for regulatory action globally, including in Singapore. In July, the MAS published the initial set of measures based on the consultation, requiring operators to keep customer assets in a trust and limiting their lending and “staking” of digital payment tokens.Staking, a process enabling investors to earn yields by depositing crypto assets for use in blockchain transactions, is among the activities facing restrictions. MAS Managing Director Ravi Menon criticized cryptocurrencies recently, stating that they have “failed the test of digital money,” citing poor performance as a medium of exchange or store of value and susceptibility to sharp speculative swings, leading to significant losses for many investors.