Japanese Crypto Exchange Experience System Glitch, Offers Traders Free Bitcoin

Japanese Crypto Exchange Experience System Glitch, Offers Traders Free Bitcoin

Bitcoin News Regulation
February 21, 2018 by Bitzamp
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System glitches or technical errors are experiences that had been reported by multiple crypto exchange companies around the globe. The recent systematic glitch was experienced by a Japanese crypto exchange company, Zaif. Zaif reported on Tuesday, 21 February, that a technical error had allowed some traders to buy Bitcoin for 0 yen, a sizeable discount
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System glitches or technical errors are experiences that had been reported by multiple crypto exchange companies around the globe. The recent systematic glitch was experienced by a Japanese crypto exchange company, Zaif.

Zaif reported on Tuesday, 21 February, that a technical error had allowed some traders to buy Bitcoin for 0 yen, a sizeable discount on its fair market value of 1.2 million yen.

According to Zaif, the glitch lasted for approximately 18 minutes on February 16, during which time seven customers were able to buy BTC at the 0 yen rate. The company has since corrected its customer balance sheets, although it said it was still trying to fix the problem with one of the dealers who apparently tried to transfer the coins from the exchange after the deal.

The technical error resulted in the system temporarily reporting inaccurate trade data but didn’t affect other users of the platform, claimed the company in a statement.

Reuters reports that Zaif is one of 16 crypto-currency exchanges currently licensed by the Japanese Financial Services Agency (FSA). A further 16 – including the recently hacked Coincheck – were allowed to continue operations while their registration applications are pending.

As reported by Bitzamp, the 16 licensed exchanges are in the process of drawing up plans to set up a self-regulatory organization to be registered with the FSA.

 


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