A bug in one of the Crypto currency market in Japan allowed investors to buy Bitcoin coins for free for 20 minutes. Seven investors tried to take advantage of the situation to make easy profit
A bug in the calculation prices system of the Crypto exchange in Japan allowed investors to buy Bitcoin coins for free - although none of them managed to make profits from the trouble.
The Zaif Stock Exchange, which is run by Japan's Tech Bureau, said the bug allowed customers to buy Bitcoin at 0 yen for 20 minutes last Wednesday, February 16. Seven quick customers took advantage of the situation and bought Bitcoin coins.
After the discovery of the problem, the TASE canceled the deals, although it encountered a problem because one of the customers had already tried to sell the Bitcoin coins he had purchased.
Japanese newspaper "Asahi Shimbun" reported that the seventh customer took advantage of the malfunction to buy Bitcoin at a value of 2,200 trillion yen ($ 20 trillion) and tried to move them out of the stock exchange.
Bitcoin's total market value is only a fraction of the amount the customer tried to buy. The value of all Bitcoin coins in circulation is about $ 170 billion, according to the Coin-Market-Cap data.
As a result of the accident, the Japanese authorities opened an investigation against the stock exchange operator, Tech Boro. The investigation focuses on the safety of the system and the company's business conduct, the newspaper reported. The company apologized to the customers.
The Zaif Stock Exchange is one of 16 licensed Crypto stock exchanges in Japan and is under scrutiny by the authorities after hackers stole digital coins worth $ 534 million last month from another crypto company in Japan, Coincheck.
The Japan crypto exchanges intend to set up a self-regulation body in April that will set rules for security and advertising for the stock exchanges and set penalties for those who do not follow the rules, the Japanese business daily Nikkei reported.
Leave an upvote if you enjoyed!
