Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
Home Global
Coinbase Users in Georgia Exploit Price Bug

Coinbase Users in Georgia Exploit Price Bug

by BitDegree
September 2, 2022
in Global
Reading Time: 2 mins read
2.8k
A A
0
Share on FacebookShare on Twitter

It seems that Coinbase’s pricing error haven’t gone unnoticed. 

Coinbase, a cryptocurrency exchange established in 2012, has discovered that Georgian users have exploited a price bug. 

According to the news report shared by Blockworks, Georgian users were able to manipulate the price bug by cashing out their digital assets for 100 times the actual exchange rate. 

You might also like

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

January 31, 2023
7.3k
Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

January 30, 2023
7.3k

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

On August 31st, the Georgian lari (GEL), the country’s national currency, due to a third-party technical issue, was rated as 290 GEL rather than 2.90 GEL.

Based on the data presented by Blockworks, the error was active for around 7 hours and was used by around 1000 people before it was fixed. According to Coinbase spokesperson: 

Upon detection, we fixed the issue and are taking action to retrieve the improperly withdrawn funds.

Although there is no information on how much money Georgian users managed to withdraw, Coinbase’s spokesperson noted that it is “a small non-material amount.”

One trader told Blockworks that despite them having to receive $150 after their transactions, they received $15,000. In the majority of cases, users transferred these funds straight to their personal bank accounts, where they expected them to be safe. 

However, it was not the case. Some Georgian banks noticed the suspicious transactions and notified customers that their bank accounts and Visa debit cards were frozen. One customer shared an email from their financial institution, which states:

Hello, we have marked your transactions with Coinbase as suspicious and we’re locking all your accounts and cards. Please be aware that Coinbase may request a clawback of the funds. Sorry.

As a result, some Georgian traders cannot use any of their funds regardless of whether they are connected to the exploit or not. 

It seems that users are more than happy to exploit the mistakes of cryptocurrency exchanges. On August 31st, the news broke that Crypto.com accidentally sent a user $10.5 million while attempting to refund the person $100. 

Aaron S. - Expert Reviewer

by Aaron S. – Expert Reviewer, BitDegree


This article was originally published in Bitdegree and can be viewed here:

https://www.bitdegree.org/crypto/news/coinbase-users-in-georgia-exploit-price-bug

Tags: Bitdegree
Previous Post

Crypto.com Withdraws From $495M UEFA Champions League Sponsorship

Next Post

Thailand Imposes New Rules for Crypto Advertising

BitDegree

BitDegree

Related Stories

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

by Maluh Bastos
January 31, 2023
0
7.3k

KleverChain’s launch in 2022 was one of the biggest accomplishments for the Klever Ecosystem.  Klever’s very own blockchain is bringing...

Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

by Warren Manuel
January 30, 2023
0
7.3k

The integrity of democratic voting systems is crucial for the functioning of a healthy democracy. In recent years, there has...

Choosing Klever Wallet, K5 is a smart decision

Choosing Klever Wallet, K5 is a smart decision

by Isabela Bellumat
January 30, 2023
0
7.3k

As a decentralized crypto wallet, the Klever Wallet offers all the necessary tools for crypto enthusiasts, including storage of assets,...

Introducing K5, The Crypto Wallet Of The Future

Introducing K5, The Crypto Wallet Of The Future

by Klever
January 26, 2023
0
7.4k

KleverOS, the revolutionary Klever crypto wallet operating system that powers K5, ushers in a new era of crypto wallets. Today,...

Next Post
Thailand Imposes New Rules for Crypto Advertising

Thailand Imposes New Rules for Crypto Advertising

Cardano’s Vasil Hard Fork Update is Set to Launch on September 22nd

Cardano’s Vasil Hard Fork Update is Set to Launch on September 22nd

Please login to join discussion
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
7.5k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
7.5k

Popular Story

  • Stand a chance to win your share of 10,000 KLV

    Stand a chance to win your share of 10,000 KLV

    8334 shares
    Share 3334 Tweet 2084
  • Test drive Klever Wallet, K5 and Win 1000 KLV & 1 KFI

    7021 shares
    Share 2808 Tweet 1755
  • Bitcoin battles back from record losses to $21,000

    5914 shares
    Share 2366 Tweet 1479
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    5358 shares
    Share 2143 Tweet 1340
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    5070 shares
    Share 2028 Tweet 1268

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Games
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

January 31, 2023
Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

January 30, 2023
  • Sponsored Content
  • Advertise
  • Contact Us
  • RSS Feed

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version