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South Korean Exchange Lost $5 Million in An Airdrop Accident

By Chris Torres | January 24, 2019
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South Korean Exchange Lost $5 Million: Crypto Airdrop Crisis

South Korean crypto exchange Coinzest announced last week that it had accidentally made an airdrop of 6 billion Korean won worth of Bitcoin ($5.3 million USD) to its clients. 

Speaking of the incident, Coinzest explained that there was an internal server error while the exchange was trying to airdrop We Game Tokens (WGT) to its users. Some customers also received Korean won, according to Coindesk Korea.

The exchange then asked its users to return the fund along with rolling back its server. About haft of the lost fund was eventually recovered on Jan 19.

“There are currently no plans to compensate members for transactions caused by computer errors. There are members claiming to have lost opportunity costs due to a 9-hour server check. It is difficult to compensate the damage as realistic as it seems” said Coinzest.

Jong Hee, co-CEO of Coinzest made his public speech after the event: “I am very sorry that I have caused my customers to worry about unprecedented computer errors after the launch of the exchange.” He also promised that the firm will strengthen the system to prevent similar mistake in the future.

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