Crypto Stupidity — South Korean Crypto Exchange Airdrops $5 million In Bitcoin (BTC)

A South Korean exchange has taken the award of the first stupidity act relating to cryptocurrency of 2019. The exchange, accidentally, funneled $5 million in bitcoin and Korean won to its customers.

The exchange was attempting to airdrop ‘We Game Tokens’ (WGT), but due to a fault in their stars, the lines got mixed and Bitcoin and Korean won were airdropped instead of WGT.

The exchange posted a notice on its website:

‘The WGT token airdrop process caused a computer error that incorrectly reflected the deposit details of some customers’ assets … We took measures to immediately check the server to prevent any additional damage as a result of the sales and purchases of some misappropriated assets by some customers.’

As expected, the exchange soon got the news of this mega-blunder and did a quick damage repair by asking the customers to return the funds that were transferred. In addition, they rolled back their servers to before the incident but the people, knowingly or not, outsmarted the exchange by quick withdrawals of the ‘unexpected gifts’.

Although a large percentage of the assets lost in the blunder has been recovered, the withdrawn amount is gone. The exchange has not yet come forward with any compensation plan.

Coinnest seems to have a knack for getting into spotlights for the dumbest of things. Mistake Bitcoin airdrops or Kim Ik-hwan’s alleged embezzling of Korean won worth billions from client’s accounts, Coinnest needs to get to their process in order.

To all the people that withdrew funds before the exchange could take it back: you got real lucky.

Photo by Seth Doyle on Unsplash




Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Contact the editor at editor.opinions@blockpublisher.com

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