Japan-Based Zaif Exchange Glitched and Let Users Trade Bitcoin for Free

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At the I wrote this, bitcoin is nowhere near its all-time high in December 2017. For some, this is an opportunity to buy bitcoin at a lower price.

In Japan, however, a cryptocurrency exchange glitched and allowed users to buy cryptocurrencies at the price of none.

Zaif Glitch

On February 16, 2018, Zaif Exchange users were able to trade 0 yen for digital currencies. The glitch ran for 18 minutes until the exchange found out about it as posted on its website.

7 customers were able to get tokens for free. However, the exchange tracked them and immediately reverse the transactions.

Bad news for one of those customers. He tried to sell the bitcoins he got for free.

Currently, the Japan-based cryptocurrency exchange is getting a lot of criticism from its users due to lack of support and poor backend performance.

Zaif and FSA

Since the country’s Financial Services Agency (FSA) is currently busy with Coincheck’s $523 million hacking incident. The Zaif glitch, according to some reports, might raise more scrutiny regarding cryptocurrencies in Japan.

Zaif

Zaif is a virtual currency exchange website where users can trade, exchange, and store bitcoins. It was established in April 2014 and one of the first cryptocurrency exchange that got a license from the FSA.

Source: Cointelegraph

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