Airdrop news

A distribution of a cryptocurrency token or coin, usually for free, to a large number of wallet addresses.

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S. Korean Exchange Accidentally Sends $5 Million Worth of Bitcoin (BTC) In Error During Airdrop

An airdrop mishap worth $5 Million in Bitcoin (BTC) and other cryptocurrencies was sent to customers of the South Korean exchange of CoinZest. The exchange was meant to send an airdrop of We Game Tokens (WGT) but a computer error resulted in users not only getting BTC and other cryptocurrencies, but deposits in the fiat currency of the Won. The exchange posted the following notice on its website as soon as the incident was identified: The WGT token airdrop process caused a computer error that incorrectly reflected the deposit details of some customers’ assets … we took measures to immediately check the server to prevent any additional damage as a result of the sales and purchases of some misappropriated assets by some customers. Some Users Tried to Sell or Withdraw Their ‘New Funds’ Initially, 400 members were meant to receive the WGT tokens but the computer error resulted in the aforementioned deposit of $5 Million worth of BTC, other cryptocurrencies and fiat into their wallets. About 10 members tried to sell about $530,000 worth of cryptocurrencies or to withdraw money denominated in the Korean Won. The value of BTC and affected cryptocurrencies fell significantly on CoinZest as the users tried to sell their new fortune. The value of BTC managed to drop to around $883 at around 7pm, January 18th. After the incident was identified, CoinZest halted trading and performed necessary checks on its servers. Trading was resumed the next day with trading activities restored to 6:33 pm, January 18th, and right before the incident happened. The exchange identified this time as when there was the last normal transaction on the exchange. CoinZest went ahead and requested users to return the assets sent to their accounts by mistake. A majority of them have promised to return them. A representative of the exchange explained this as follows: More than 10 members have tried to pay about KRW 600 million worth of passwords and withdrawals worth KRW 600 million even though they have noticed a mistake in deposits and computer errors. We immediately contact the customer to request asset return.  Coinzest CEO Jeon Jong-hee, apologized about the incident and promised to increase the platform’s system response to such emergency situations. He is quoted as saying: I am extremely sorry that I have caused an unexpected computational error to customers … I am very sorry for my customers. What are your thoughts on the computer error that caused a massive airdrop of BTC and other cryptos to users of CoinZest? How can it be avoided? Could you have returned the airdroped digital assets? Please let us know in the comment section below.  [Image courtesy of Shutterstock] Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post S. Korean Exchange Accidentally Sends $5 Million Worth of Bitcoin (BTC) In Error During Airdrop appeared first on Ethereum World News.
Ethereum World News

Multiple Exchanges Announces Support For Tron’s BitTorrent Token (BTT) Airdrop

The BitTorrent Foundation intends to conduct several BTT airdrops to owners of Tron (TRX). Multiple Crypto Exchanges has started announcing support for Tron’s BitTorrent Token (BTT) airdrop. One of the first major exchange to announce it will be supporting the airdrop was OKEx. The team at the exchange announced that they will be taking a snapshot of the Tron network at block 6,600,000 which is predicted to occur on the said date of 11th February. World’s leading crypto exchange, Binance, has also announced support for Tron’s BitTorrent Token (BTT) airdrop. They too will be taking a snapshot of all TRX balances at block height 6,600,000 on the Tron blockchain. Tron (TRX) holders who have their tokens stored on Binance, will automatically be eligible for the airdrop, and will not need to do anything to participate as Binance will handle the airdrops. A list of exchanges and wallets that have also announced their support for the BTT airdrop can be found below. OKEx Binance Huobi and Huobi Wallet WazirX Koinex Coin Tiger Gate.io FCOIN KuCoin Bithumb Coinex Bitpie Wallet Cobo Wallet The airdrop is set to commence on 11 February 2019. The airdrop is set to continue until 2025, with allocations dispersed yearly. The first airdrop taking place next month, will see 1.1% of the total BTT token supply airdropped. This will occur at block height 6.6 million on the Tron Blockchain. The airdrop ratio is currently set at 1 TRX = 0.11 BTT. The BitTorrent Foundation will later provide details about the exchanges that will underpin the BTT airdrops mentioned above. So far, Indian exchanges Koinex and WazirX are in.
BitZamp

South Korea Exchange Loses $5 Million USD in Accidental Bitcoin Airdrop

Users of a prominent South Korean crypto exchange Coinzest has received a miraculous amount of BTC and other cryptocurrencies in their wallet due to an error during an airdrop by the exchange. The crypto company has accidentally made an airdrop of Bitcoin (BTC) to its clients in the value of 6 billion Korean won ($5.3 million USD) while trying to airdrop WGT tokens. Some users immediately sold the coins, causing the prices of a number of cryptocurrencies on the exchange to sharply fall. The exchange posted a notice on its website that at approximately 18:30 p.m. Korean time on Jan. 18: The WGT token airdrop process caused a computer error that incorrectly reflected the deposit details of some customers’ assets … we took measures to immediately check the server to prevent any additional damage as a result of the sales and purchases of some misappropriated assets by some customers. 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. The exchange said, however, that the majority of customers have agreed to return the assets. According to reports, some clients also had losses because of the downtime during the server issues, but the exchange does not have any plans to compensate these users. Further, due to the server issue, some customers also received Korean won from the exchange. Coinzest CEO Jeon Jong-hee was quoted by the publication as saying, “I am extremely sorry that I have caused an unexpected computational error to customers … I am very sorry for my customers.” He added that his exchange’s emergency response system will be strengthened to prevent the problem from recurring.
BitZamp

Bitcoin Whale Accumulation, Swiss Bank Crypto Account & Accidental Bitcoin Airdrop

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Airdrop Mishap Causes Korean Exchange to Accidentally Send BTC to Customers

A South Korean crypto exchange mistakenly sent its customers BTC and other cryptocurrencies due to an error during an airdrop. Some users immediately sold the coins, causing the prices of a number of cryptocurrencies on the exchange to sharply fall. The exchange said, however, that the majority of customers have agreed to return the funds. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Airdrop Error South Korean cryptocurrency exchange Coinzest reportedly sent its customers BTC and other cryptocurrencies while trying to airdrop WGT tokens. The exchange posted a notice on its website that at approximately 18:30 p.m. Korean time on Jan. 18: The WGT token airdrop process caused a computer error that incorrectly reflected the deposit details of some customers’ assets … we took measures to immediately check the server to prevent any additional damage as a result of the sales and purchases of some misappropriated assets by some customers. The exchange’s computer program “allocated a particular cryptocurrency to the event,” Sedaily explained on Monday, noting that “Coinzest originally tried to airdrop 30,000 WGT coins, but accidentally entered data to airdrop other coins.” An official of the exchange said that about 400 members were supposed to receive WGT tokens, Hankyung publication reported, adding that other cryptocurrencies such as BTC and ETH were sent to members’ wallets. The news outlet elaborated that “about 10 members tried to sell about KRW 600 million worth [~$530,000] of cryptocurrencies or to withdraw money in Korean won even though they recognized the mistake of depositing money and computer errors. [Therefore] there has been a problem of rapid price decline.” The price of BTC and a number of other cryptocurrencies on Coinzest subsequently plummeted at about 7 p.m. Korean time on Jan. 18, with BTC’s price falling to 999,000 won (~$883) from over 4 million won. Prices of cryptocurrencies on Coinzest at about 6 p.m. Korean time on Jan. 18. Image credit: Blockinpress/Coinpan. Image credit: Sedaily Asking Customers to Return Coins After detecting the problem, Coinzest immediately halted trading and performed a server checkup, according to a notice on its website. It then resumed trading the next day. “The asset and transaction information was restored to 18:33:18 on the 18th, the last time a normal transaction occurred before the computer error occurred,” the exchange clarified. Hankyung detailed: Coinzest immediately contacted the customers and asked them to return their assets. The majority of the members promised to return [them]. Coinzest CEO Jeon Jong-hee was quoted by the publication as saying, “I am extremely sorry that I have caused an unexpected computational error to customers … I am very sorry for my customers.” He added that his exchange’s emergency response system will be strengthened to prevent the problem from recurring. An official of another cryptocurrency exchange commented that the fact that a staff’s mistake can lead to this error means “there is always a possibility of tampering with the exchange system,” Sedaily reported. He further asserted that the government will not be able to trust exchanges to manage transaction records. In April last year, another South Korean crypto exchange, Cashierest, suffered an internal system error that allowed its users to withdraw more coins than they requested. What do you think of Coinzest’s airdrop error? Let us know in the comments section below. Images courtesy of Shutterstock, Coinzest, Blockinpress, and Coinpan. Need to calculate your bitcoin holdings? Check our tools section. The post Airdrop Mishap Causes Korean Exchange to Accidentally Send BTC to Customers appeared first on Bitcoin News.
Bitcoin News

Why the BitTorrent Airdrops Will Benefit the Value of Tron (TRX) and BTT For Years to Come

It is no secret that the cryptocurrency bear market that started from January 2018 has rolled over to 2019 with no particular end in sight. There are currently two camps of crypto analysts who have diverging views about what is going on in the crypto markets. The first camp believes that Bitcoin (BTC) hit a bottom on the 15th of December last year when its value was around $3,200. The second camp believes that the storm is not over and BTC could be going lower and below $3,000. Some have even predicted a $1,700 value for BTC in the coming days. With BTC being the King of Crypto, its value affects the entire crypto markets given its dominance is currently above 50% of the total market cap. The BitTorrent Airdrop Plan Will Benefit the Value of TRX and BTT for the Next Few Years Only time will tell if the we hit a bottom mid December last year or we are headed for more chaos in the markets. One thing is for sure, the Tron foundation and BitTorrent have launched a wonderful Airdrop plan that will keep traders and investors interested in the both TRX and BTT till the year 2025. The airdrop plan explains that BTT will be distributed to TRX holders every 11th of the month from February 2019 till February 2025. This then implies that many TRX investors will prefer to hold their coins for the 6 year period rather than selling. This will reduce the supply of TRX in the markets available for trading. Others will rush to buy more before the 11th of each month to get the BTT token airdrops thus boosting demand for TRX and its value. Such incentives will guarantee an interest in TRX in the crypto markets till 2025. In the case of BTT, exchanges have been advised by BitTorrent Inc. to initiate BTT trading on the 12th of February this year. This is 9 days after the token sale that ends on the 3rd of February. The additional airdrops will add to BTT’s liquidity thus creating great opportunities for trading. The Monthly Airdrop Plan The airdrop distribution plan till 2025 is as follows: 2019/03/11 – 2020/02/11: 990,000,000 BTT airdropped to TRX holders on the 11th day of each month during this period 2020/03/11 – 2021/02/11: 1,072,500,000 BTT airdropped to TRX holders on the 11th day of each month during this period 2021/03/11 – 2022/02/11: 1,155,000,000 BTT airdropped to TRX holders on the 11th day of each month during this period 2022/03/11 – 2023/02/11: 1,237,500,000 BTT airdropped to TRX holders on the 11th day of each month during this period 2023/03/11 – 2024/02/11: 1,320,000,000 BTT airdropped to TRX holders on the 11th day of each month during this period 2024/03/11 – 2025/02/11: 1,402,500,000 BTT airdropped to TRX holders on the 11th day of each month during this period Exchanges Confirmed of Supporting the BTT AirDrops At the moment of writing this, Ethereum World News has confirmed the following exchanges that support the BTT airdrops. Binance OKEx Huobi and Huobi Wallet WazirX Koinex Coin Tiger Gate.io FCOIN Bibox KuCoin What are your thoughts on the upcoming monthly BitTorrent (BTT) airdrops? Will they increase the market interest for TRX and BTT? Please let us know in the comment section below.  Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post Why the BitTorrent Airdrops Will Benefit the Value of Tron (TRX) and BTT For Years to Come appeared first on Ethereum World News.
Ethereum World News

Binance , OKEx and More to Support the Upcoming BitTorrent (BTT) Airdrop

The Tron (TRX) and crypto communities were made aware of the upcoming BitTorrent (BTT) airdrop by the CEO of both projects, Jusin Sun. He made the announcement two days ago via twitter and highlighted that the first airdrop will be on the 11th of February this year. His tweet was as follows: On February 11th, 2019, the BitTorrent Foundation will initiate its first airdrop of BitTorrent $BTT to the TRON $TRX holders. On February 11th, 2019, the BitTorrent Foundation will initiate its first airdrop of BitTorrent $BTT to the TRON $TRX holders. Learn how here https://t.co/fcMGqv2NP6 — Justin Sun (@justinsuntron) January 20, 2019 Binance , OKEx and More to Support the BitTorrent (BTT) Airdrop Of particular importance to many TRX holders, is which cryptocurrency exchanges and wallets will be supporting the airdrop. One of the first major exchange to announce it will be supporting the airdrop was OKEx. The team at the exchange announced that they will be taking a snapshot of the Tron network at block 6,600,000 which is predicted to occur on the said date of 11th February. The exchange will then carry out the airdrop for all TRX holders. OKEx also added the following vital information for users of the exchange. 1. Users who deposited their TRX in the OK PiggyBank will also receive the airdrop; 2. For margin traders who have an outstanding balance of TRX, they will also have to repay the BTT to the lender after the airdrop. Please repay the TRX before the airdrop if you do not wish to worry about the BTT repayment afterwards. In the case of Binance, the team at the exchange made the announcement only a few hours ago. They too will be taking a snapshot of all TRX balances at block height 6,600,000 on the tron blockchain. The ratio of distribution is 1 TRX to 0.11 BTT for the first airdrop and on all exchanges. Huobi will also be supporting the BTT token drop as well as the Huobi wallet. A List of Confirmed Exchanges Supporting the AirDrop A list of exchanges that have announcde supporting the BTT airdrop can be found below. Binance OKEx Huobi and Huobi Wallet WazirX Koinex Coin Tiger Gate.io FCOIN Bibox KuCoin The list of exchanges will continue to be updated as confirmation of supporting the event and announcements are made in the crypto-verse. What are your thoughts on the upcoming BitTorrent (BTT) airdrop? Please let us know in the comment section below.  Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post Binance , OKEx and More to Support the Upcoming BitTorrent (BTT) Airdrop appeared first on Ethereum World News.
Ethereum World News

South Korea’s Coinnest Exchange Makes Costly Bitcoin Airdrop Error and Loses $5 Million USD

You have probably never made such a huge mistake as a South Korean exchange called Coinnest has done it. The crypto company has accidentally made an airdrop of Bitcoin (BTC) to its clients in the value of 6 billion Korean won ($5.3 million USD). The major incident happened when the exchange was trying to airdrop We Game Tokens (WGT) to its clients. Due to an issue with the servers, people received many different cryptos from the company, including sending them the Bitcoin amount. According to reports, some clients also had losses because of the downtime during the server issues, but the exchange does not have any plans to compensate these users. As soon as the system was operational again, the exchange asked users to refund the money and used some systems to restore the transactions and got half of the money lost during the day. Some people sold their BTC right away and crashed the price at the exchange. At the moment, not all of the money was recovered, but the exchange is working on this at the time. This is not the first time that Coinnest is associated with bad news and controversies. The company has been raided before and its CEO, Kim Ik-hwan, has been detained by the local police for embezzling charges. However, it does not look like the whole incident might be linked to this at all. In fact, the glitch was probably caused by a technical issue unrelated to anything else and it harmed the exchange more than the customers.
Bitcoin Exchange Guide

South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop

South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop South Korean crypto exchange Coinnest 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… The post South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop appeared first on Altcoin Today.
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Enjin Crypto Wallet launches in-app token conversion

CryptoNinjas Enjin Wallet, a cryptocurrency wallet application that utilizes the latest NSA-grade encryption and supports over 700 cryptocurrencies including non-fungible ERC-721 and ERC-1155 tokens has today revealed that their next wallet update... Enjin Crypto Wallet launches in-app token conversion
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R3 And ING Bank Make 5-Year a Deal for Unlimited Corda Blockchain Development

The consortium startup Corda and the Dutch banking group ING have recently decided to make a 5-year partnership for the usage of the Corda blockchain. The announcement was made by R3 and the deal is set to let the ING group use an unlimited number of licenses for the platform. This way, the bank will be able to use the blockchain technology freely and CorDapps (Corda Distributed Applications) across all kinds of services. CorDapps is used to help in many activities like trading, finances, capital markets and identity. R3 CEO David Rutter has affirmed that ING will take full advantage of the technology created by the consortium and that the company is looking forward for this partnership so that they can help the bank to achieve better results with more efficiency, profitability and productivity. Annerie Vreugdenhil, head of innovation for ING, describes the deal as a huge milestone for the company and in the transition for a more distributed economy instead of a centralized one. According to her, the bank is on the verge of deploying DLT solutions for clients which will improve greatly the quality of the banking services. ING And R3 Have Partnered Before This is not the first time that these two companies are partnering up. ING, together with Commerzbank, Natixis and Rabobank (all banks from Europe) have used the Corda blockchain last year to make a commercial paper transaction worth $100,000 EUR. ING has also partnered with R3 in February 2018, when the companies used Corda to complete a proof of concept project together with Commerzbank and BNP.
Bitcoin Exchange Guide

Top 5 Investment Strategies for 2019 plus Plus Enjin and Japanese Amazon - Crypto News

There are many different ways to invest in crypto. Mattie talks about the 5 best investment strategies for 2019. He also gives you the latest from Enjin and news regarding Amazon in Japan. This is a daily segment! ----------------------------------------------------------------------------------- CHECK OUT OUR PODCAST: https://bit.ly/2sZCAiF New episode every Monday and Friday! ----------------------------------------------------------------------------------- Check out Altcoin Buzz Ladies! https://www.youtube.com/channel/UCxulvI2C9wUvvDDNS7S35fA/videos ---------------------------------------------------------------------------------- Connect with us on Social Media: Twitter: https://bit.ly/2GDAoCp Facebook: https://bit.ly/2wYksLB Telegram: https://bit.ly/2IAqDuI ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: https://bit.ly/2rWQnHa CoolWallet S: https://bit.ly/2Liy5bv Trezor: https://bit.ly/2IXrZic Ledger Nano S: https://bit.ly/2IyE3al KeepKey: https://bit.ly/2x5TlhM Read about them here: https://bit.ly/2rTdthZ --------------------------------------------------------------------------------- References: Top 5 Strategies in Crypto Investing Right Now https://www.altcoinbuzz.io/crypto-news/spotlight/top-5-strategies-in-crypto-investing-right-now/ Top 5 Cryptocurrencies in 2019 from The Altcoin Buzz Team https://www.youtube.com/watch?v=ylKEIbggJqc Tips on Masternodes & Staking: https://www.youtube.com/channel/UCGyqEtcGQQtXyUwvcy7Gmyg/search?query=masternode First Crypto ETF Has Been Approved In Switzerland! https://www.altcoinbuzz.io/crypto-news/first-crypto-etf-has-been-approved-in-switzerland/ Amazon of Japan, Rakuten, likely to introduce Bitcoin payments https://blockmanity.com/news/bitcoin/amazon-of-japan-rakuten-likely-to-introduce-bitcoin-payments/ 楽天が4月に組織再編:決済事業の子会社を新設、みんなのビットコインの仮想通貨事業も統括 https://jp.cointelegraph.com/news/rakuten-revailed-to-establish-new-payment-company-which-covered-cryptocurrency-exchange-service Enjin Announces Token Swap Functionality for Its Mobile Wallet https://www.altcoinbuzz.io/crypto-news/product-release/enjin-announces-token-swap-functionality-for-its-mobile-wallet/ Enjin Update https://twitter.com/enjin/status/1087099273228025858?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1087099273228025858&ref_url=https%3A%2F%2Fwww.altcoinbuzz.io%2Fcrypto-news%2Fproduct-release%2Fenjin-announces-token-swap-functionality-for-its-mobile-wallet%2F How Can Blockchain be Applied to The Healthcare Industry? https://www.altcoinbuzz.io/crypto-news/blockchain-technology/how-can-blockchain-be-applied-to-the-healthcare-industry/ -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Haven Protocol [XHV]’s “exit scam” put on hold as developer comes back to shoo away the FUD

The Haven Protocol community panicked as they believed that the developer might have abandoned the project and it could turn out to be yet another “exit scam”. The panic was thwarted as the developer came back from what seemed like a long absence and confirmed that the exit scam was just FUD. The developer’s Twitter handle @havendev was tagged in a thread on January 21, 2019, by a user @cryptoblkbeard saying that Haven Protocol was an exit scam. The thread contained a screenshot of a Discord chat of user @news.ctuler who seemed distraught due to the absence of the core developer of the project. news.cutler said: “Consider this project dead unless some devs take it over. @havendev is apparently the only person with access to the code repository was asked weeks ago to open it up so other contributor could help out and review the code. Ever since then we haven’t heard from him.” He continued saying that the developer was asked to make the dev fee transparent and there was still no reply from the core developer. news.cutler said that he would be gone even if the core developer showed up. Another Discord user @donjor said that he concurred with news.cutler and that they could fork the repository if need be and as long as it helped the Haven community. He said that he would try and connect with @havendev and gain access to the code. After all the commotion on Twitter and Discord, the developer reached out to the community and put an end to the FUD of Haven Protocol being an exit scam. He said: “Haven development has been ongoing. I have still been working on the offshore code through Christmas and new year. I stepped down from running the Discord and social networks 4-6 months ago and handed that control over to @donjor and @news.cutler. In light of the insane amount of FUD, and although I want to keep the offshore code under wraps I will prepare it and hand it all to the team so that they can hire new devs to work o nn it. I will continue to help the team where I can.” More updates from the community about the code repository are yet to surface. The price of XHV dropped on January 21, 2019, and it has spiked up from $0.3097 to $0.3679. The 24-hour price change shows a massive 9.17% increase after the positive news about the dev. The post Haven Protocol [XHV]’s “exit scam” put on hold as developer comes back to shoo away the FUD appeared first on AMBCrypto.
AMBCrypto

S. Korean Exchange Accidentally Sends $5 Million Worth of Bitcoin (BTC) In Error During Airdrop

An airdrop mishap worth $5 Million in Bitcoin (BTC) and other cryptocurrencies was sent to customers of the South Korean exchange of CoinZest. The exchange was meant to send an airdrop of We Game Tokens (WGT) but a computer error resulted in users not only getting BTC and other cryptocurrencies, but deposits in the fiat currency of the Won. The exchange posted the following notice on its website as soon as the incident was identified: The WGT token airdrop process caused a computer error that incorrectly reflected the deposit details of some customers’ assets … we took measures to immediately check the server to prevent any additional damage as a result of the sales and purchases of some misappropriated assets by some customers. Some Users Tried to Sell or Withdraw Their ‘New Funds’ Initially, 400 members were meant to receive the WGT tokens but the computer error resulted in the aforementioned deposit of $5 Million worth of BTC, other cryptocurrencies and fiat into their wallets. About 10 members tried to sell about $530,000 worth of cryptocurrencies or to withdraw money denominated in the Korean Won. The value of BTC and affected cryptocurrencies fell significantly on CoinZest as the users tried to sell their new fortune. The value of BTC managed to drop to around $883 at around 7pm, January 18th. After the incident was identified, CoinZest halted trading and performed necessary checks on its servers. Trading was resumed the next day with trading activities restored to 6:33 pm, January 18th, and right before the incident happened. The exchange identified this time as when there was the last normal transaction on the exchange. CoinZest went ahead and requested users to return the assets sent to their accounts by mistake. A majority of them have promised to return them. A representative of the exchange explained this as follows: More than 10 members have tried to pay about KRW 600 million worth of passwords and withdrawals worth KRW 600 million even though they have noticed a mistake in deposits and computer errors. We immediately contact the customer to request asset return.  Coinzest CEO Jeon Jong-hee, apologized about the incident and promised to increase the platform’s system response to such emergency situations. He is quoted as saying: I am extremely sorry that I have caused an unexpected computational error to customers … I am very sorry for my customers. What are your thoughts on the computer error that caused a massive airdrop of BTC and other cryptos to users of CoinZest? How can it be avoided? Could you have returned the airdroped digital assets? Please let us know in the comment section below.  [Image courtesy of Shutterstock] Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post S. Korean Exchange Accidentally Sends $5 Million Worth of Bitcoin (BTC) In Error During Airdrop appeared first on Ethereum World News.
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