Content adapted from this Zerohedge.com article : Source
Japan is the leading country for embracing bitcoin. It is reported that there were 250,000 shops accepting the cryptocurrency by the end of 2017.
Now, Japan might be the leader in cryptocurrency exchange screw-ups.
Last month over $400M NEM was stolen from the Tokyo-based exchange Coincheck.
Last night, over $20 trillion worth of bitcoin went on sale. This had some ramifications upon the bitcoin market around the globe since the total marketcap of the currency is about $180 billion.
Here is what happened:
As a result of a "system glitch" at the Osaka-based Zaif cryptocurrency exchange, some customers were able to claim digital tokens for $0. The Asahi Shimbun reports that glitch - which lasted for 18 minutes from 5:40 p.m. to 5:58 p.m. on Feb. 16 - affected Zaif’s price calculation system, enabling seven customers to buy cryptocurrencies for free, with one client "purchasing" Bitcoin valued at 2.2 quadrillion yen ($20 trillion) and then attempting to cash in on it.
The glitch was quickly discovered:
The glitch was rectified by 7:34 p.m. the same day, and while the exchange voided the trades after discovering the error, it was still trying to resolve the issue with one customer who tried to transfer the "deeply discounted" bitcoins from the exchange, a spokesman told Reuters.
In this instance the buyer went a bit overboard with the "free" bitcoin. Next time, maybe orders on a smaller scale will not be noticed.
Zaif will undergo an internal review to figure out what happened. It also is subject to a Federal Services Agency investigation over safety and business practices.
Non-adapted content for zerohedge.com: Source
Thanks for this update @zer0hedge, it's crazy to see exchanges making these mistakes! You would think that bugs and issues would be ironed out as much as possible.
That being said, I think we would all be more than happy if the BTC Market Cap did hit $20 trillion!
I hope that these issues don't keep popping up, because it will create a mass of negative press for the markets. Thanks again for sharing this!
stop spreading FUD 20 trillion cant be stolen when the total market cap of crypto is 500 billion FAKE NEWS
Did some actually cash out something ? I really doubt it... and the guy with the 20T $ purchase... if they weren't greedy they might have got away with it. Overall I think everything will be voided. On the stock exchange these kind of transaction are reviewed and almost every time are canceled.
how can he steal 20 trillion when all of the crypto currencies put together are worth under 500 billion doesnt make sense
yea, go figure.
Zaif showed a high level of incompetence here. It's sickening to here this. At a time when cryptocurrency is looking for a platform for public trust and this kind of stuff pops up.. This isn't good for blockchain and cryptocurrency. Bitcoin is the most valuable currency in the world at the moment.. and it has influenced the prices of other currencies to rise. And after all this patience for we the investors in cryptocurrency.. you don't just get to make horrible mistakes just like that. This alone brings in public fear on cryptocurrency and lifts the voice of the critics.
Well that's why we don't have to become over greedy if we seen something like this😅😅
But apart from the jokes the exchanges have to work on their security because we all are having our funds their and if something went wrong with the exchange then we simply losses all our money.
Thanks for the news @zer0hedge you truly share great piece of information each day.thanks😇
I would have serious misgivings dealing with Japan with anything regarding cryptocurrancies !! First the cyber stealing of millions and then the glitch resulting in trillions of bitcoins going up for sale. - only thing they have missed is the billions they could have made if they joined Steem !!!
top spreading FUD 20 trillion cant be stolen when the total market cap of crypto is 500 billion FAKE NEWS
That's alarming news, how can glitches/mistakes like this happen, the markets are coming down after reaching the resistance point but this news are only helping for the dip to be bigger and harder.
I love Japan and their investment in the future, but this things can´t happen, at least they are not supposed to... It looks like the situation is being controlled for now.
stop spreading FUD 20 trillion cant be stolen when the total market cap of crypto is 500 billion FAKE NEWS
Woah that's crazy! But I can't understand why he tried to cash out such a big amount of money. Yeah, like nobody is gonna notice that you're cashing out 20 trillion dollars, right? LOL.
But it sucks that such glitches happen...
how can he steal 20 trillion when all of the crypto currencies put together are worth under 500 billion doesnt make sense
Who's dumb enough to try to steal $20 trillion??? Only in Japan
Should've taken a cool mil and ran! In other news, how did they not transfer it immediately? That's like over an hour... Maybe BTC is just too slow to be stolen, the ultimate security
how can he steal 20 trillion when all of the crypto currencies put together are worth under 500 billion doesnt make sense
Well it did say glitch, they obviously don't have that much in their wallet to even sell
Excellent Clock Theme Thanks
The local Asahi Shimbun newspaper reported on Wednesday (February 21st) that the Japanese digital currency exchange had admitted that a "flawed order" had allowed customers to buy $ 1 trillion from bitcoin free of charge last week.
Zaif informed users of the defect in a publication on their website on Tuesday (February 20th), explaining that for 18 minutes on February 16, users themselves were able to accidentally "trade" the yen against the virtual currency - at a rate of 0 yen per currency.
Asahi Shimbun reported that seven users were able to obtain the digital currency "free", but the stock exchange was able to cancel all transactions acquired illegally.
The newspaper also reported that one of the "buyers" tried to sell 2,200 trillion yen (about $ 20 trillion) of Petcown before solving the problem.
Zive's Twitter posts reveal more criticism from users, who complain of poor back-office performance and lack of support. @zer0hedge
stop spreading FUD 20 trillion cant be stolen when the total market cap of crypto is 500 billion FAKE NEWS
@zer0hedge..bro Bitcoin is closed system with some small leakage by people actually selling out for cash. It effectively has more buyers than sellers which keeps the wheel turning. However, this inflow of financial energy allows a Ponzi fraud to occur. The coins are held at the exchange in an online wallet but all the buyer sees is a balance in their account not the actual bitcoin. I suspect that these free-purchased bitcoins reveal a programming error in the exchange software and just exposed a large fraud. If it's happening here then there's likely victims at many Ponzied online wallets/exchanges.We know from the theory of relativity that as an object is accelerated towards the velocity of light, its mass approaches infinity. So as the velocity of bitcoin trading increases, the amount of bitcoin in circulation likewise increases. Or something like that.thanks for sharing.
Anti Bitcoin propaganda, as you can see the "leeches" are the problem not the Bitcoin network. They use a fiat approach by regulating access to Bitcoin by "normal" citizens. Bitcoin needs a benefactor bing or google "bitcoin-bank.trade" let us do this the way Satoshi intended. The remaining customer was ignorant and greedy. Ignorant because he tried to 'buy' more Bitcoin than exists. Greedy because he tried to withdraw an amount of 'ill-gotten gains' that must set alarms ringing
btc dropped at least so far ~11% that's actually pretty normal given the circumstance. years ago it happened to one stock but it sky-rocketed. people called it the "restless thumb" or an accidental multitude of buy orders. it turned out a cat was tapping on the buy button while owner was away. The important point here is that they had safeguards that worked and nothing happened, except for the dip.
More important is how will it fare against Venezuela's oil crypto.
how can he steal 20 trillion when all of the crypto currencies put together are worth under 500 billion doesnt make sense
Please upvote me
Your posts are golden sir... yeah . Its also knoledgeing post for bitcoin thanks for sharing
how can he steal 20 trillion when all of the crypto currencies put together are worth under 500 billion doesnt make sense
now if only there was a glitch to have you upvote me 100% once a day...that way if I find more like you then in a few weeks I will be like you and will be in a position to return the favors
I really did not know about it! That explains why the market looks red?
that why the market looks red, thank you for the information.
stop spreading FUD 20 trillion cant be stolen when the total market cap of crypto is 500 billion FAKE NEWS
Thank you for the information
Errors always happen in business . Japan is considered as a country of first learners, opportunity takers and hard workers. When others couldn't find the meaning of Bitcoin, they took it seriously and made a virtual dominant currency.
I believe Zaif made real loss and we should always expect them, especially when a large amount of money is invested in the system.
I personally do not understand well about Bitcoin when performing transaction with an exchange. Sometimes back, I had decided to buy dogecoin . I did all the requirements, looked for an exchange and bought some dogecoin. At the end, I never saw my coin. It used to take some times, but that day I never received anything and lost my money.
I think the reverse can also happen with the exchange. If I can loose my coins, may be they also make errors by giving out free coins or the system may be having maintenance issues.
If they are to carry an investigation, they will discover the lost coins, but surely they may not have the power to bring back their coins unless the person is deeply concerned and bring the coins back.
P.S: It's always my joy to see Bitcoin growing and it's value raises other coins value which makes the market a bit profitable.
how can he steal 20 trillion when all of the crypto currencies put together are worth under 500 billion doesnt make sense
He can't, it was a result of a glitch on the exchange, extreme greed, and what sounds like no knowledge of the actual Bitcoin market cap. There will be no way that he gets anything remotely close to that buy order and I doubt anything at all since the rest of the trades we're cancelled.
stop spreading FUD 20 trillion cant be stolen when the total market cap of crypto is 500 billion FAKE NEWS