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South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop

South Korean exchange Coinzest reportedly lost around $5 million when it airdropped bitcoin and other cryptocurrencies instead of WGT.

Jan 21, 2019 at 7:40 p.m. UTC
Updated Sep 13, 2021 at 8:49 a.m. UTC

South Korean crypto exchange Coinzest is looking to take back cryptocurrencies accidentally sent to clients in an airdrop.

The exchange announced last week that some 6 billion Korean won (around $5.3 million) in bitcoin and other cryptocurrencies were sent to customers due to a computer error, according to CoinDesk Korea. The exchange was trying to airdrop We Game Tokens (WGT) when the incident occurred.

Further, due to the server issue, some customers also received Korean won from the exchange. The exchange has no plans to compensate users for any losses suffered through its server issues.

Coinzest's server issues were resolved by Jan. 19, and the company plans to roll back transactions to restore its assets. It has also asked customers to return funds they received by mistake.

As of Jan. 19, about half of the won was returned.

Some traders who received bitcoin instead of WGT reportedly sold their new holdings immediately, causing bitcoin's price to flash-crash to $50.

Correction: This article previously referred to the exchange as Coinnest. The exchange which airdropped bitcoin was Coinzest. CoinDesk regrets the error.

South Korean won image via Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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