A computer glitch at a cryptocurrency exchange has allowed customers to withdraw five times the number of coins that they had requested to transfer to outside accounts.
Cashierest, a new digital currency exchange in South Korea, is asking for the money back – but threatening customers with legal action and a claim for costs and compensation if they fail to hand back the cash.
While some users piled in and made off with their free money, others complained they could not log in or move their digital currency while the exchange was going through technical difficulties.
“We have confirmed that it is not an external hack, but it is still necessary for us to check whether there is any problem with the internal system,” said a spokesman for Cashierest.
One Cashierest customer has revealed that he had moved Upbit worth £7.95 million from the exchange but found £39.77 million had been deposited in his account in error.
Losses stack up to £665 million
Cashierest pulled the plug on transfers at 1.30 PM on Friday and reinstated the service at 4.40 PM.
No statement has been released detailing how much money was lost during the afternoon, but sources close to the exchange put the amount at around £665 million.
A statement was posted online, which said: “If you do not return it [coins obtained by error] within 24 hours, we will seek civil liabilities, and we will claim damages for the interest as long as it is delayed.”
Cashierest is not a member of the Korean Blockchain Association, a self-regulating body that comprises the other 23 cryptocurrency exchanges in South Korea.
Here are the latest trading prices from cryptocurrency tracker cryptocompare.com.
|A week ago||$8,284.21||$559.53||$146.24||$0.74|
|One month ago||$8,152.20||$486.25||$148.28||$0.93|
|Three months ago||$11,175.87||$1,046.37||$178.97||$1.30|
|A year ago||$1,264.31||$50.09||$15.06||$0.03|
|High in year||$19,065.71||$1,385.02||$357.51||$2.78|
|Low in year||$1,264.31||$50.09||$15.06||$0.03|
|Market cap this week (billions)||$153.70||$62.70||$8.31||$31.50|
|Market cap last week (billions)||$140.74||$55.35||$8.21||$28.48|
|Market cap change in week (billions)||$12.96||$7.35||$0.10||$3.02|