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Free Bitcoins? Error in Japanese Cryptocurrency Exchange.

Free Bitcoins? Error in Japanese Cryptocurrency Exchange.

February 23, 2018 6:00 am,

Japan is seen having a tough and rough time with these Bitcoins, and company. Yet another glitch occurs at Zaif, a Japanese cryptocurrency exchange. It happened on 16th February 2018, where for 20 straight minutes, Bitcoins were available for zero yen. I repeat, zero yen. For free. Yes, for free.

Features as listed below:

  • A glitch at Japanese cryptocurrency exchange Zaif allowed some users to buy Bitcoins and other digital currencies for free.
  • Seven people bought some digital currencies for zero yen but six of those transactions were voided.
  • Zaif is one of the exchanges registered with the government. Japan’s cryptocurrency exchanges are looking to create a self-regulating body.

Hence, it was possible to buy cryptocurrencies for free on the Zaif exchange for about 20 minutes on February 16th.

Learn more about it here:

Later, the exchange reportedly revealed the problem to reporters on Tuesday.

The report stated as under:

“Zaif, a government-registered exchange run by Osaka-based Tech Bureau Corp, said on Tuesday that a system glitch had let seven customers buy bitcoin with no yen value during a 20-minute window last week.

The exchange voided the trades after discovering the error, which happened on Feb. 16 – though it was still trying to resolve the issue with one customer who tried to transfer the knock-down bitcoins from the exchange.”

That doesn’t sound so bad and could’ve been much worse. Everything mostly worked out, but there’s still one customer that’s putting up a fight over their heavily-discounted purchase. How much did they try to pull out?

According to a source, one customer apparently purchased  2,200 trillion yen worth of bitcoin and proceeded to try to cash it out. That’s about $20 trillion.

If we consider the fact that Bitcoins has a market cap of just over $183 billion, that sell order really must have confused some traders for a bit. Isn’t it?

Zaif notified the public that this glitch had occurred four days later on Feb. 20. It told users that transactions had returned to normal. Zaif also took the opportunity to apologize to its customers and tell them that this would have no impact on other purchases.

The registered exchanges will form a self-regulatory body from April. They had originally planned to merge two existing industry bodies representing both registered and unregistered exchanges.

The body will set out rules on issues like exchange security and advertising, and will lay out penalties for members who don’t follow the policies, the Nikkei business daily reported on Wednesday.

Can Japan get over crypto-mess?