Japanese Cryptocurrency Exchange Glitch Almost Leads to $20 Trillion Loss


It’s not a great time for Japanese cryptocurrency exchanges. Weeks after a major heist, another Japanese cryptocurrency exchange reported a huge disaster that allowed users to buy bitcoin for free.

One user even tried to cash in on 2,200 trillion yen ($20 trillion) after buying bitcoin at valued at that amount for zero yen, according to Asahi Shimbun yesterday.

According to a Reuters report, government-registered exchange run by Osaka-based Tech Bureau Corp, Zaif, reported a system glitch that let seven customers buy the most famous cryptocurrency (currently valued at $10, 434.99 on Coinbase) for zero yen during a 20-minute window last week.

Fortunately, the transactions were caught, and all the purchases were voided, according to Reuters. Zaif rectified the glitch the same day.

Read more on Asahi Shumbun, CoinDesk and Reuters.

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