The Zaif exchange, one of China’s biggest crypto exchanges, fell victim to an embarrassing glitch which allowed its users to purchase crypto for free.
Essentially giving away bitcoin, one brazen customer even attempted to buy $20 trillion worth of crypto from the exchange. Luckily all orders that occurred during the 20 minutes of madness were discarded, and the exchange has mostly recovered despite ongoing issues with one customer who has appeared to hoard some coins.
While some users attempted to capitalize on the glitch, it was the larger transactions such as the attempt to buy 2200 trillion Yen worth of bitcoin, that bought the chaos to the attention of exchange developers and officials.
Japanese exchanges are no strangers to controversy considering MtGox left as a whole in the heart of many bitcoin users. Being the biggest exchange at the time, the collapse led to an international fallout crushing the value of bitcoin globally, rumors of price manipulation by operators only added fuel to the fire.
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To conclude, the Zaif exchange suffered a huge glitch which for 20 minutes allowed purchases of bitcoin for free. Basically causing an influx of buy orders, the exchange was soon alerted to the situation and were able to fix the code before any major problems that happened, Not being the first time a Japanese exchange has become compromised, earlier this year Coincheck exchange also fell victim to a $530 million hack involving the theft of millions of NEM tokens.
The situation remains tense around the country as government officials are yet to make the official verdict surrounding the regulation of crypto exchanges as currently, exchanges are running on a preliminary license delivered by the state.