Japan: Zaif Exchange Reports ‘Glitch’, $20 Trillion in BTC Temporarily ‘Purchased’ For 0 Yen

bitcoin510 (48) in bitcoin • 7 years ago

Japanese cryptocurrency exchange Zaif has admitted a “system glitch” allowed customers to temporarily ‘buy’ trillions of dollars worth of Bitcoin for free last week, local online journal The Asahi Shimbun reported Wednesday, Jan. 21.

Zaif informed users about the glitch in a post on their site Tuesday, Jan. 20, explaining that for 18 minutes on Feb. 16 users accidentally found themselves able to ‘trade’ yen for virtual currency — at an exchange rate of 0 yen per coin.

Asahi Shimbun reports that seven users where able to obtain crypto for “free”, but the exchange managed to cancel all illicitly-gained transactions.

Asahi Shimbun reports that one “buyer” made an attempt to sell 2,200 trillion yen (about $20 trillion) in Bitcoin before the problem was resolved.

Zaif’s Twitter posts reveal further criticism from users, who complain about poor backend performance and lack of support.

The latest difficulties comes as Zaif gains increased regulatory scrutiny in the wake of January’s $530mln hack of Japanese crypto exchange Coincheck.

Despite the security lapse, Japan’s licensing system for exchanges has seen considerable popularity since an legal overhaul of the space in April 2017.

Licensed members will even form part of an umbrella self-regulatory group from April this year, with details still to be ironed out, Cointelegraph recently reported.

Meanwhile, technical errors on mainstream consumer interfaces are far from unheard of. In January, 2018 online retailer Overstock revealed a glitch that resulted in customers being able to choose between Bitcoin and Bitcoin Cash as payment options, with the price figure remaining the same.

bitcoin japan kr cryptocarency altcoin

7 years ago by bitcoin510 (48)

$0.82

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!

Sort Order:

Trending

[-]

krguidedog (64) · 7 years ago

Woff, woff!

Hello @bitcoin510, Nice to meet you!

I'm a guide dog living in KR community. I can see that you want to contribute to KR community and communicate with other Korean Steemians. I really appreciate it and I'd be more than happy to help.

KR tag is used mainly by Koreans, but we give warm welcome to anyone who wish to use it. I'm here to give you some advice so that your post can be viewed by many more Koreans. I'm a guide dog after all and that's what I do!

Tips:

If you're not comfortable to write in Korean, I highly recommend you write your post in English rather than using Google Translate.
Unfortunately, Google Translate is terrible at translating English into Korean. You may think you wrote in perfect Korean, but what KR Steemians read is gibberish. Sorry, even Koreans can't understand your post written in Google-Translated Korean.
So, here's what might happen afterward. Your Google-Translated post might be mistaken as a spam so that whales could downvote your post. Yikes! I hope that wouldn't happen to you.
If your post is not relevant to Korea, not even vaguely, but you still use KR tag, Whales could think it as a spam and downvote your post. Double yikes!
If your post is somebody else's work(that is, plagiarism), then you'll definitely get downvotes.
If you keep abusing tags, you may be considered as a spammer. It may result to put you into the blacklist. Oops!

I sincerely hope that you enjoy Steemit without getting downvotes. Because Steemit is a wonderful place. See? Korean Steemians are kind enough to raise a guide dog(that's me) to help you!

Woff, woff! 🐶