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System glitch leads to withdrawal of more number of coins

Pooja
Pooja

In a recent report, a system glitch in South Korean cryptocurrency exchange leads to the withdrawal of  5 times more coins than requested by users. This event resulted in a lot of money being lost by the exchange house and have requested users to voluntarily return the money back. Hence otherwise will seek legal action for the damages occurred.

The exchange house ‘Cashierest‘  was launched in the month of March this year. While internal error system favored the users to draw more money from the exchange house, other users were unable to withdraw anything since the start of system failure.

As reported by local media,

The withdrawn figure was greater than the one that would be sent to another house of cryptocurrency exchanges. The exchange is requesting that the investors reimburse the surplus funds in no more than 24 hours, otherwise they will take legal measures or apply increasingly higher tax penalties, depending on the time they take to respond

The news outlet Money Today said that,

An investor said that he moved cryptocurrency totalling 12 million won [~US$11,086] to Upbit, but the amount of 60 million won [~$55,400] was deposited.

Users were reportedly transferring their money to the platform ‘UpBit’, which is one the four exchanges in the country that allows changing in national currency. As quoted by Sedaily,

Upbit temporarily suspended [withdrawals] for some accounts where an overdelivery was detected from a presumed exchange.

As pointed out by Official from exchange house, “the Cashierest is operating without any Virtual account” and the fact that this event occurred due to  “components of the transaction don’t coincide, an action that could lead to errors”.

What do you think this system glitch? Let us know your thoughts in below comment section

 

Crypto ExchangeexchangeSouthKoreanSystemError

Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc