Weekly Recap (5/21/18 – 5/27/18)

In this fast developing cryptocurrency era, we are extremely fortunate to be given a vast amount of information to go through on a daily basis. With thousands of projects in existence and an overload of information being put out, it can be quite overwhelming for the average consumers to break down and digest every bit of the development within the industry. We at Cypher Core aim to provide the most insightful and unbiased content for the general public in regards to what we feel will have immediate responses in the market.

Iran’s Take On Cryptocurrency

With Iran being the center of the world’s discussion on trades and other international interests in the past few months, the country’s interesting take on the future of cryptocurrency was unexpectedly shined away from the spotlight. While the Central Bank of Iran has banned all banks from processing cryptocurrency payments in fear they would be used for terrorism and money laundering, cryptocurrency is not banned in the country. In fact The Minister of Information and Technology, Mohammad-Javad Azari Jahromi, has welcomed and encouraged the use of cryptocurrency, to the point of having Iran develop a trial for a local cryptocurrency. While the minister claims to be working with the Central Bank in an effort to bring them back into the cryptocurrency market, more than $2.5 billion USD has already left Iran to purchase other cryptocurrencies. This phenomenon shows that the citizens of Iran to an extent agree on the applicable purchasing case of cryptocurrency, which can ultimately lead to further development in local projects within the country. Meanwhile, Iran’s experimental cryptocurrency is said to be ready for use thanks to the Minister’s continuous effort on the subject.

Hyundai DAC Mining Pool, Taylor Exchange Hacked

Hacks, hacks, hacks. If you’re somewhat up to date with the major news outlets, you probably have heard over a handful of events regarding individuals hacking anything from an exchange to in recent events a company’s mining pool. Recently the mining pool of Hyundai DAC experienced a server breach within the internal system, which ultimately led to withdrawals being temporarily halted on the platform. Not many details have been disclosed at the moment but we will be sure to follow up with this developing situation once they unfold in the coming weeks.

Taylor, a fairly new crypto exchange, was hacked on Saturday, May 26 with the thieves taking away around 2,500 ETH alongside with some of the exchange’s own token TAY. In total an equivalent of about $1.5 million USD was stolen in this hack. Taylor has remained brief in regards to this incident but several sources have stated that not only did the team find out how the hackers got in, they are also aware of where the funds have gone. Allegedly after the hack the Taylor team noticed an attempt to dump the stolen tokens on IDEX, and quickly made a delisting request. A few speculations have rumored around this event being tied to another instance but until further development takes place there’s no grounding to such instances being related.

The Bank of Tokyo-Mitsubishi UFJ And Its MUFG Token

In 2016, The Bank of Tokyo-Mitsubishi UFJ released a statement on a public media outlet in regards to being in the works of carrying out a large scale trial of its own cryptocurrency. How things had been presented at the time was that they would run a substantially large pilot program for a significant portion of the MUFG account holders. The token MUFG was said to be worth 1 YEN, and along with that many retailers had been in works of accepting such payments via mobile applications. As time has passed, just this past week the company issued their first statement in years regarding the development of the MUFG token taking place. What strikes this as an interesting case is the Mitsubishi UJF Financial Group being a member of the R3 Consortium. The R3 Consortium works with several world’s largest banks, a handful of which are already in favor of working with Ripple. Now with these banks and the R3 Consortium working together, there’s quite a bit of gray area as to what exactly they will have in store in the near future.

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