Glitch on Cryptocurrency Exchange Allowed Users to Get Free Coins

February 21, 2018

A system glitch on the Japanese cryptocurrency exchange Zaif allowed several of its users to receive cryptocurrency for free and once again raised concerns about the reliability of such platforms. 

The exchange reported that the malfunction of the price calculation system happened on February 16, which allowed seven users to purchase cryptocurrency for zero yen.

The problem was discovered when an offer to sell a huge amount of BTC appeared on the exchange, and according to some reports, this amount was $20.5 trillion. It is also reported that as for now all seven transactions have already been canceled, and these users do not possess any 'free' coins. 

Zaif publicly reported on the situation on February 20, telling about it in it's official blog on the website. The exchange apologized for caused problems and assured that this situation did not affect other users in any way. It elaborated that the glitch lasted only 18 minutes, and appropriate measures to eliminate the possibility of occurrence of such glitches in the future have already been taken.

It is worthy to note that Zaif was licensed by the Japanese government and was not one of sixteen exchanges, which will become subjects of thorough inspections by the authorities. However, the situation might change because of that glitch.


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