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‘Bitcoins for Free’: Japanese Crypto Exchange Zaif Was Accidentally Giving Bitcoins Away for 20 Min

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by Julia Sakovich · 2 min read
‘Bitcoins for Free’: Japanese Crypto Exchange Zaif Was Accidentally Giving Bitcoins Away for 20 Min
Photo: Pixabay

Bitcoins that are worth nothing. No, it’s not a joke. It’s a glitch that occurred at one of the Japanese cryptocurrency exchanges.

Though it may sound like one’s sick fantasies, but for almost 20 minutes Bitcoin could be purchased for 0 yen at one cryptocurrency exchange in Japan. Due to a glitch at this exchange some users were able to buy digital currencies for free, which in its turn raised a new wave of concerns over the security of such trading platforms.

Zaif, a cryptocurrency exchange where that mistake happened, is run by Tech Bureau Corp and registered by the government. The representatives of the exchange explained that there was an error with their price calculation system that allowed seven users to buy some digital coins for zero yen.

The exchange informed that after discovering the error the transactions had been voided and six customers’ balances had been corrected. But the company is still trying to solve the issue with the seventh customer who attempted to transfer the Bitcoin from the exchange.

Zaif apologized and said that the error wouldn’t have any effect on other traders. The exchange promised not to stop working on improving the quality of their services.

This Japanese exchange is one of 16 exchanges that have recently obtained licenses from the country’s Financial Services Agency, moreover, Zaif’s parent company was checked by the government last month. It’s worth mentioning that another 16 exchanges, one of which is the recently-hacked Coincheck, have received only temporary allowances to continue operating as their applications for getting licenses were not approved.

The exchanges that are currently registered with the Japanese government are planning to establish a self-regulatory body in April. The entity will roll out rules on such issues as exchange security and advertising, moreover, it will also apply penalties in case of violation of its policies.

The Japanese yen is considered to be the world’s most exchanged national currency in Bitcoin, that’s why introduction of regulations without any doubts will have a global impact.

Last year, Japan was a country that developed the world’s first system to regulate cryptocurrency exchanges with a view to provide protection for customers and eliminate illegal ways of using cryptocurrencies.

At the same time, let us remind, that the world’s largest cryptocurrency investment platforms, Coinbase and Bitfinex, have reported their adopting support for SegWit protocols for Bitcoin trading on their exchanges which will definitely facilitate Bitcoin transactions making them cheaper and faster.

Bitcoin News, Cryptocurrency News, Editor's Choice, News
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