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A South Korean crypted exchange sent by mistake to its BTC customers and other cryptocurrencies due to an error during an airdrop. Some users immediately sold the coins, causing prices of a certain number of cryptocurrencies to drop sharply in the exchange. The exchange said, however, that most customers agreed to return the goods.
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Airdrop error
<img class = "size-full wp-image-279052 alignright” title=”Airdrop's misfortune causes Korean Exchange to accidentally send BTC to customers” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/coinzest-logo.png” alt=”The impact of Airdrop causes the accidental transfer of Exchange from Koreans to customers "width =" 250 "height =" 78″/>South Korean cryptocurrency exchange Coinzest would send its BTC customers and other cryptocurrencies while trying to place WGT tokens. The exchange has posted a notice on its website that at about 6:30 pm Time of January 18 in Korea:
The WGT token airdrop process caused a computer error that incorrectly reflected the details of depositing certain customer assets … we took steps to immediately check the server to prevent any additional damage due to sales and purchases of some assets unduly acquired by some customers.
The exchange computer program "has assigned a particular cryptocurrency to the event," Sedaily said, noting that "Coinzest originally tried to issue 30,000 coins of the WGT, but accidentally entered the data to imprison other currencies" .
<img class = "size-full wp-image-279062 aligncenter” title=”Airdrop's misfortune causes Korean Exchange to accidentally send BTC to customers” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/coinzest-free-coins.jpg” alt=”The Airdrop mishap causes Korean Exchange to randomly send BTC to customers "width =" 1000 "height =" 439 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/coinzest -free-coins .jpg 1000w, https://news.bitcoin.com/wp-content/uploads/2019/01/coinzest-free-coins-300×132.jpg 300w, https://news.bitcoin.com/wp -content / uploads /2019/01/coinzest-free-coins-768×337.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/coinzest-free-coins-696×306.jpg 696w , https: / /news.bitcoin.com/wp-content/uploads/2019/01/coinzest-free-coins-957×420.jpg 957w "sizes =" (maximum width: 1000px) 100vw, 1000px”/>
An exchange official said that around 400 members were supposed to receive WGT tokens, the Hankyung publication reported, adding that other cryptocurrencies such as BTC and ETH were sent to member portfolios. The newsletter explained that "around 10 members tried to sell around KRW 600 million [~$530,000] of cryptocurrencies or withdrawing money in Korean won even if they recognized the mistake of depositing money and computer errors. [Therefore] there was a problem of rapidly falling prices ".
The price of BTC and a number of other cryptocurrencies on Coinzest subsequently collapsed at about 7 pm. On January 18, Korea time, the price of BTC fell to 999,000 won (~ $ 883) from over 4 million won.
Ask customers to return goods
After having detected the problem, Coinzest immediately stops trading and performs a server checkup, according to a notice on its website. Then he resumed the trade the next day. "The asset and transaction information was restored at 18:33:18 on the 18th, the last time a normal transaction occurred before the computer error occurred," the exchange clarified. Hankyung detailed:
Coinzest immediately contacted the customers and asked them to return their goods. Most members have promised to come back [them].
Coinzest CEO Jeon Jong-hee was quoted from the publication saying, "I am extremely sorry to have caused an unexpected computational error to customers … I am very sorry for my clients." He added that the emergency response system of his exchange will be strengthened to prevent the problem from recurring.
<img class = "size-full wp-image-279068 aligncenter” title=”Airdrop's misfortune causes Korean Exchange to accidentally send BTC to customers” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/btc-1.jpg” alt=”The Airdrop mishap causes Korean Exchange to randomly send BTC to customers "width =" 1000 "height =" 439 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/btc -1.jpg 1000w, https://news.bitcoin.com/wp-content/uploads/2019/01/btc-1-300×132.jpg 300w, https://news.bitcoin.com/wp-content/uploads / 2019/01 /btc-1-768×337.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/btc-1-696×306.jpg 696w, https: //news.bitcoin .com / wp -content / uploads / 2019/01 / btc-1-957×420.jpg 957w "sizes =" (maximum width: 1000px) 100vw, 1000px”/>
An official of another cryptocurrency agency commented that the fact that a staff error could lead to this error means "there is always the possibility to tamper with the exchange system", he reported Sedaily. He also said that the government will not be able to trust exchanges to manage transaction records.
In April of last year, another South Korean crypto, Cashierest, suffered an internal system error that allowed its users to withdraw more coins than they had requested.
What do you think about the Coinzest airdrop error? Let us know in the comments section below.
Images kindly provided by Shutterstock, Coinzest, Blockinpress and Coinpan.
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