Bitcoin exchange suffers from a glitch; one user tries to cash out whopping $20 trillion
This never ever happens in real life. A Bitcoin trader stood to become world’s first Trillionaire and richest man in the universe almost 100 times over the current richest man, Jeff Bezos who has a net worth of $90.6 billion.
A bug in Japan’s bitcoin trading exchange, Zaif exchange caused the system to set the price of bitcoin at zero. The bitcoin enterprising investor attempted to pull out 2,200 trillion yen from the service, or around $20 trillion.
Zaif, a government-registered exchange run by Osaka-based Tech Bureau Corp, said on Tuesday that a system glitch had let seven customers buy bitcoin with no yen value during a 20-minute window last week.
The investor’s trillionaire dreams were shortlived, as Zaif Exchange quickly voided the trades that took place during the 20 minutes. The incident which happened on Feb. 16 caused much furor among Japanese bitcoin trades.
While it did void the trades during the bug ridden period, the trillionaire investor was still fighting a lone battle against the exchange as it was the exchange’s fault. Zaif’s operator is already facing investigations after last month’s theft of $530 million in digital money from Coincheck Inc, with regulators fearing its systems were at risk from cyber-attacks.
Bitcoin surged more than 1,300 percent last year but lost about half its value at one point this year as more governments like India and South Africa signaled banning bitcoin trades.