Bitcoin skeptics are always telling themselves and everyone around them how bitcoin is a Ponzi scheme, it’s not secure, and how it cannot be used as money. Bitcoin skeptics such as CEO of JPMorgan, Jamie Dimon, often claim that it’s worth nothing. Well, he seemed to be right, for approximately 18 minutes that is.
On the afternoon of February 16th, 2018, Zaif, a cryptocurrency exchange, had a system glitch which made traders able to purchase Bitcoin for zero yen in the space of 18 minutes. A considerably good deal considering its market value is ~ 1.2 million yen.
Zaif, operated by Tech Bureau Corp, revealed that a total of seven traders were able to purchase Bitcoin at a rate of zero yen within the 18-minute window. Some of the users that bought coins attempted to sell the coins which produced abnormal figures to appear on the exchanges transaction board. This drew attention, which Zaid responded immediately to the system?s malfunction.
Since the price calculation error, Zaif has corrected customer balances. However, on-going support is still going on for one of the seven buyers who attempted to transfer the coins out of the exchange following the bitcoin transaction. The glitch caused inaccurate trading data temporarily within the system. However, no other platform users were unaffected.
In a rough translation, the business stated: We apologize for any inconvenience and inconvenience caused to you by our customers. We will strive to prevent recurrence, and we will continue to work on improving our services.?
Zaif is one of 16 cryptocurrency exchanges that are currency certified by Japan’s Financial Services Agency (FSA). Since the theft of $390 million from leading Japanese bitcoin exchange, Mt. Gox back in February 2014, tighter crypto regulations were enforced. These new regulations occurred in April 2017 where crypto exchanges must register with the FSA.
The current 16 qualified cryptocurrency exchanges are currently present strategies to develop a self-regulatory body that will be registered with the FSA.