The international stock markets dodged a bullet this week. According to news reports like this one in Reuters, Deutsche Bank's proprietary trading unit in Japan mistakenly placed sell orders of Y16.7 trillion ($182 billion) at the Osaka Securities Exchange on Tuesday when it first opened.

The reason was a software problem.

The Sydney Morning Heraldquotes a spokesperson for Deutsche Bank's as saying,

"There was a software glitch in our automated trading system, and the consequence of the error was that a number of trades were repeatedly sent to the exchange... The error was recognised and we immediately placed cancel orders on 99.7 per cent of the trade. There is an issue somewhere in the software that needs to be identified."

A software "issue somewhere"? Not exactly a confidence building statement, is it.

Deutsche Bank said that it has suspended its proprietary trading in Japan until it is sure the problem won't reappear while the Osaka Securities Exchange says that it is investigating the incident.

The error caused the Tokyo Stock Exchange'sNikkei-225 futures index to lose 110 points or one per cent. If mistake hadn't been caught quickly, it could have caused a repeat of the Dow flash meltdown of a few weeks ago some analysts said.

Investigations into that incident are still underway with no root cause(s) specifically identified as of yet, although myriad theories abound. New circuit breaker rules go into affect next week on the major US exchanges in a bid to keep another flash crash from happening again.

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The Spectacular Collapse of CryptoKitties, the First Big Blockchain Game

A cautionary tale of NFTs, Ethereum, and cryptocurrency security

8 min read
Mountains and cresting waves made of cartoon cats and large green coins.
Frank Stockton

On 4 September 2018, someone known only as Rabono bought an angry cartoon cat named Dragon for 600 ether—an amount of Ethereum cryptocurrency worth about US $170,000 at the time, or $745,000 at the cryptocurrency’s value in July 2022.

It was by far the highest transaction yet for a nonfungible token (NFT), the then-new concept of a unique digital asset. And it was a headline-grabbing opportunity for CryptoKitties, the world’s first blockchain gaming hit. But the sky-high transaction obscured a more difficult truth: CryptoKitties was dying, and it had been for some time.

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