An Internal System Error Which Affected The Withdrawals!
Cashierest which is a new cryptocurrency exchange of South Korea has created a huge hassle on Friday. The crypto exchange has claimed to have an internal system error which affected the withdrawals. The local media reportedly presented the news when the crypto exchange narrated them the entire matter.
The exchange was launched in March and was new in the crypto market. Further, the exchange reportedly said that error allowed the users to withdraw more than five times the coins they have requested. While the error also hindered the withdrawals in some cases. As a result, some of the users could not withdraw any coins at all during that period of time.
As per the report presented by Money Today, the exchange has claimed the following issues:
The amount of money that has been withdrawn by the users is way more than the amount which was required to be sent to the other virtual currency trading site. Also, some of the users could not get any coins while withdrawing.
Trading Site Is Now Asking The Investors To Return The Free Coins!
Meanwhile, the trading site is asking the investors to return the Free coins which they have received. As per the reports, the crypto exchange is saying that the users were able the withdraw up to five times the amount requested. Additionally, the news outlet conveyed the following:
An investor said that he was making a transaction of 12 million won to Upbit. But the total amount of 60 million was deposited. The error was detected through the transaction confirmation system of The Kakao-backed crypto exchange Upbit. At 12:51 pm on Friday, the error was recognised and everything was back to normal at 4:39 pm.
According to Newsis report, Cashierest began halting withdrawals at 1:30 PM on Friday. Now the exchange had subsequently put a notice up on their website regarding this error and stating;
The users who have received the free coins have to return them within 24 hours. If not returned, we will seek civil liabilities and we will claim damages for the interest as long as it is delayed.
The damage amount throughout the error phase is estimated at around 1 billion won ($924,000).