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Bitcoin Exchange Accidentally Drops Prices to Zero

Eric Limer
Photo credit: S3studio - Getty

From Popular Mechanics

A mix-up at Japanese cryptocurrency exchange Zaif accidentally reduced the price of Bitcoin to zero for 18 minutes last week. During the small window, seven customers were able to get cut-rate Bitcoin in trades that were later voided, according to Reuters. One of them managed a score worth a comical $20 trillion and promptly turned around to try and resell it.

Japanese outlet Asahi Shumbunreports that matters were resolved within two hours of the glitch's correction, but not before one buyer who managed to purchase 2,200-trillion-yen worth of Bitcoin ($20 trillion US) was already attempting to sell off his bounty which exceeded the cryptocurrency's roughly $180 billion market cap by several trillion dollars.

Japan’s Financial Services Agency is now investigating Tech Bureau, the group that owns the Zaif exchange, over the security flaws that lead to the situation. For now, it looks like the record for biggest Bitcoin heist remains at a relatively paltry $530 million.

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Source: Reuters, Asahi Shumbun

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