.coinbase users in the Eastern European country of Georgia were able to exploit a mispricing that allowed them to cash out their holdings for 100 times the exchange rate, pocketing thousands of dollars in profit. By JamieCrawleyCD
Coinbase users in the Eastern European country of Georgia were able to exploit a price bug that allowed them to cash out their holdings for 100 times the exchange rate, pocketing thousands of dollars in profit.
Georgia's national currency, the lari , was priced at $290 rather than $2.90 on Wednesday. In an email to CoinDesk, Coinbase attributed the missed decimal point to"a third-party technical issue." The error allowed users holding $100 worth of lari on Coinbase to withdraw it to their bank account for $10,000.after transferring their funds to them, which Coinbase said was not at its behest.While the size of the Coinbase's loss hasn't been disclosed, a spokesperson described it as"a small non-material amount."
"We fixed the issue and and are taking action to retrieve the improperly withdrawn funds,” the spokesperson said.
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