Posted on 02/21/2018 12:41:22 PM PST by dynachrome
A system glitch at a cryptocurrency exchange site run by an Osaka-based firm enabled users to obtain digital money for free, with one apparently “purchasing” Bitcoin valued at 2,200 trillion yen ($20 trillion) and then attempting to cash in on it.
Tech Bureau Corp., a registered cryptocurrency exchange operator, is now subject to a Financial Services Agency investigation into the safety of the system and other business practices.
The company announced Feb. 20 that the incident on its Zaif exchange website occurred four days earlier, when seven users obtained quantities of cryptocurrencies. Tech Bureau later invalidated the transactions and corrected the users’ balances.
The glitch, which lasted for 18 minutes from 5:40 p.m. to 5:58 p.m. on Feb. 16, affected Zaif’s price calculation system, enabling customers to buy cryptocurrencies for nothing.
(Excerpt) Read more at asahi.com ...
A trillion here, a trillion there...pretty soon you think you’ve got real money.
Boy, who could see that coming? /s
Crytocurrency - what could go wrong?.....
About 15 years ago I received a check as a contractor for doing some computer programming in the amount of about $5000. The teller at Bank One accidentally failed to hit the decimal point and credited my account for about half-a-million dollars.
I caught this as I was leaving the bank, and the teller was very grateful for me returning and allowing her to correct it. I asked what would have happened if she had not made the correction. She said it would have been flagged later that day.
The thought crossed my mind that perhaps I should have taken out a mid-six-figure loan that day and gone on a long vacation to somewhere where the cost of living is low. :-)
If it can be coded it can be hacked. Even God’s DNA is being hacked.
Twenty trillion, sounds like someone was trying to pay off the national debt.
Bitcoin is perfectly safe and secure because blockchain. Or something.
“I don’t know but I’ve been told
It’s hard to run with the weight of gold
Other hand I’ve heard it said
It’s just as hard with the weight of lead”
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