Japan’s crypto exchange Zaif has revealed that its customers were able to buy trillions of dollars worth of bitcoin for free. The local news reported that the exchange encountered a “system glitch” which moved the price to 0 yens per coin.
The exchange informed the users about the malfunction in a blog post on their website on Tuesday. They’ve also explained that on February 16 during a window of 18 minutes, the users had the option to trade fiat money for bitcoin at a rate of 0 yen.
“About the afternoon of February 16, 2018, a problem occurred in the price calculation system on our simple service “simple trading”, the situation occurred where we could buy and sell the virtual currency at zero yen, and along with that, board information We sincerely apologize for the extraordinary worry and inconvenience caused by our customers regarding the abnormal value,” stated the exchange.
The local news has reported that some users have purchased bitcoin for free and one particular buyer tried to sell bitcoins worth $20 trillion. Fortunately, the exchange was able to stop the transactions and recover what would have been massive losses.
“In response to the system malfunction, immediate response was started from the occurrence of the problem and correction was implemented. After that, it is operating normally. As for purchase and sale purchased at zero yen, it is due to system malfunction so we have corrected customer’s balance data as corrections,” declared the exchange in the blog post.
Although the problem was solved fast, the users don’t seem very happy with the exchange. The users are complaining about the lack of customer support and the slow performances of the exchange.
The timing couldn’t have been more glitchy
According to Reuters, Zaif had already received inspections from the regulators, following Coincheck’s attack. During this period Japan is going to a period of scrutiny in which the regulators firmly eye every exchange. The authorities are forcing the exchange operators to solve their security issues to avoid similar situations with the $530 million hack that took place last month.