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Japanese Exchange Zaif Left Red-Faced After Accidentally Offering Free BTC!

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The tech wizards at Zaif will have been frantically scrambling to avoid serious issues for around twenty minutes on February 16th. The exchange has reported that a glitch triggered a flash sale, which lasted less than half an hour, but saw free BTC accidentally issued to seven different buyers. One of the buyers even tried to sell $20 trillion in BTC. Fortunately, they were able to rectify the situation pretty swiftly and cancel and invalidate all attempts at transactions during this period. It will have been a real moment of panic as they tried to get the system under control though!

Ongoing Issues With Japanese Exchanges

Japanese exchanges are under the spotlight at the moment. In January, Coincheck was hacked to the tune of $530 million, sparking widespread regulatory checks. Indeed, Zaif themselves have been feeling the pressure, with many users taking to social media to complain about ongoing service issues. However, the largest exchanges in the country have been putting plans in place to join together to form a self-regulatory board, which would be a positive step towards collaboration in Japan.

Generally speaking though, such glitches are very rare, and it is likely that any self-regulatory group focuses on back end services and following the regulations of the country itself, rather than worrying too much about anomalies that can be fairly swiftly rectified.

That said though, the report that all the transactions were cancelled does come with a singular caveat: one buyer, it would appear, was able to transfer BTC to another wallet almost immediately, which has left Zaif scrambling to get it back. Whether or not they ever admit to not being able to, if the buyer in question does manage to get away with it, is highly debatable!

Image Credit: Deposit Photos

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