Japanese Exchange Gives Bitcoin Away Free

One cryptocurrency exchange in Japan inadvertently gave away free Bitcoins for approximately eighteen minutes.

Zaif, an exchange that is operated by Osaka based Tech Bureau Corp revealed the blunder in a statement, where they revealed that a technical error was to blame, and that this had allowed many traders to purchase Bitcoin for 0 Yen, a fantastic deal when you consider that its market value is 1.2 million Yen.

The glitch happened last week and lasted for eighteen minutes. Seven customers thought their luck was in when they could purchase the Bitcoin for the free rate, but before you think that they got an amazing deal, the company has since corrected the customer balances, although one trader has attempted to transfer the free coins out of the exchange.

It reportedly happened when the system temporarily reported inaccurate trading data, with the company stating;

“We apologise for any inconvenience and inconvenience caused to you by our customers…We will strive to prevent the recurrence and we will continue to work on improving our services”

In the 24 hours prior to the unfortunate mistake, Zaif ranked 51st among the exchanges that charge trading fees, processing $17.3million worth of trading volume. It should be noted though, that this does not include the exchanged Bitcoin volume, which was reportedly depicting abnormal activity.

They are currently one of sixteen exchanges that has been licensed by Japan’s Financial Services Agency; the others have been allowed to continue to operate whilst their registration applications are still pending. Following the recent Coincheck hack, where $530million worth of NEM tokens were stolen, the FSA have conducted spot inspections.

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