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Inside money, markets, and Big Tech

This article was published on January 22, 2019

Cryptocurrency exchange botches airdrop, gives $5.3M to its users

It's the airdrop no one asked for, but we all want

Cryptocurrency exchange botches airdrop, gives $5.3M to its users
Matthew Beedham
Story by

Matthew Beedham

Editor, SHIFT by TNW

Matthew is the editor of SHIFT. He likes electric cars, and other things with wheels, wings, or hulls. Matthew is the editor of SHIFT. He likes electric cars, and other things with wheels, wings, or hulls.

Every week we seem to read another new story about yet another cryptocurrency exchange hack or scam in which users’ funds are stolen. But this week, a South Korean exchange has flipped the narrative on its head.

In what is being called a “computer error,” CoinZest done^  goofed and gave away around $5.4 million worth of cryptocurrency to some of its customers, Cryptonews reports.

The blunder came as part of an airdrop of We Game Tokens (WGT), but instead the exchange credited accounts with Bitcoin and Ethereum, amongst other cryptocurrencies.

But don’t worry, not all is lost. CoinZest was able to restore its servers to a backup prior to the airdrop and recover some of the funds. Funny how exchanges can’t do that when their users lose money…

According to reports, $2.6 million worth of cryptocurrency is still yet to be accounted for. There’s a possibility the exchange will never get this back.

If users have already withdrawn the funds and moved them to alternative wallets, there’s little that CoinZest can do.

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