Recently, a South Korean cryptocurrency exchange reported that an internal error on the system caused some users to receive more money than they have requested. Users of Cashierest were able to withdraw five times bigger amounts than they initially asked.
Cashierest is a new cryptocurrency exchange on the South Korean market, launching in March of this year. It’s not clear what caused the problem, but Cashierest officials reported that they have suffered a loss of around $1,000,000.
The issue was first noticed when a Cashierest user tried to transfer coins to his Upbit account. He requested $11,086, but received $55,400. Upbit immediately detected a problem with the transaction and terminated it. While Upbit was able to detect the problem and halt the transactions from Cashierest around 12:40 PM, the damaged crypto exchange didn’t react until 1:30 PM. They resolved the error some three hours later, and Cashierest was back to its business around 4:40 PM.
$1 million in damages
By the time they detected the issue and Cashierest taking action, users managed to cause damage totaling close to $1,000,000. While some transactions were automatically retracted, some Cashierest users managed to complete them. That is why Cashierest is now asking users politely to return the money. Otherwise, they will have to take legal action against them.
We hope that this issue will resolve itself without anyone ending up in the court. However, if someone cashed out the money right away or even deposited it to some Bitcoin poker site they are in big trouble!