South Korean exchange CoinZest mistakenly gives away $5.3 million worth of crypto
January 22 2019 - 11:15AM
ADVFN Crypto NewsWire
In what was supposed to be a routine airdrop, South
Korean cryptocurrency exchange CoinZest is now forced to conduct a
massive roll-back after mistakenly giving away around $5.3 million
worth of cryptocurrencies, CryptoNews reports.
Last week, the exchange planned on airdropping hundreds of We
Game Tokens (WGT) as part of a promotional event. However, users
were instead credited with other cryptocurrencies like Bitcoin and
Ethereum.
Citing a “computer error” as the cause of the blunder, the
exchange’s servers went offline as the team scrambled to restore
the databases to their original state, and attempting to reach
customers, many of whom had already made fiat withdrawals on the
funds. Most of the funds have since been reclaimed, but the
exchange states that around $2.6 million hasn’t been returned.
Many believe that consumers withdrew the funds as soon as they
received the incorrect crypto. One industry expert believes that
there is “no way CoinZest can get the funds back from customers who
have already made withdrawals.”
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