Bitcoin
$64,013.05+0.28%
Ethereum
$3,062.97-0.75%
Binance Coin
$555.29+0.18%
Solana
$142.59+2.36%
XRP
$0.49537335-1.28%
Toncoin
$6.30+1.55%
Dogecoin
$0.14997055-1.95%
Cardano
$0.46839244+2.59%
Shiba Inu
$0.00002260-0.84%
Avalanche
$34.85-1.58%
Wrapped Bitcoin
$63,990.85+0.07%
Tron
$0.10951514-0.07%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
05
HR
23
MIN
25
SEC
Markets

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.

By Nikhilesh De
AccessTimeIconJan 21, 2019 at 7:40 p.m. UTC
Updated Sep 13, 2021 at 8:49 a.m. UTC
won
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.