A computing error at a Japanese cryptocurrency exchange Zaif has allowed some customers to claim digital tokens for $0. This raises further questions about security at crypto exchanges.
The glitch happened with Zaif’s price calculation system and allowed seven customers to obtain digital money for free. Six of the transactions have been voided, and the exchange has been trying to resolve the problem with the seventh customer, who tried to cash out.
As Japanese newspaper Asahi Shimbun reports, this seventh client “purchased” 2,200 trillion yen ($20 trillion) worth of bitcoin and tried to withdraw it from the exchange. Bitcoin’s overall market capitalization is just a fraction of what the user wanted to order. All bitcoins in circulation are worth just $187 billion.
The Tech Bureau Corp behind Zaif is now facing an investigation into the safety of the system and other business practices from Japanese authorities, the newspaper added. The company has apologized to its customers.
Zaif is among the 16 official cryptocurrency exchanges in Japan. It has already faced checks after last month’s theft of $530 million in digital money from another official exchange, Coincheck.
According to Reuters, the registered cryptocurrency exchanges will form a self-regulatory body from April. The body will set out rules for security and advertising, and will set penalties for members who don’t follow the policies, the Nikkei business daily reported.
Transparent Exchanges are the Future of Bitcoin
Tax evasion and money laundering are not going to be accepted by Governments around the world and the true future of Cryptocurrency is not dependent on criminals and money launderers, some crypto houses like G-BiT have seen the writing on the wall and build a system that is compliant with international Anti Money Laundering and Tax Laws.
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CryptoCurrencies is not about Tax Evasion or Money Laundering, real hardcore fundamental CryptoCurrency Exchanges like G-BiT have seriously tackled the Money Laundering and Tax issues, that’s why they have such a bright future. While the Establishment still wants you to be hit with heavy fees and delays sending money around the world the reality is that is legalized theft built in to the Banking Sector and is not a product of cost or reality, CryptoCurrencies have proven that!
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