An Accidental Airdrop Costed Crypto Exchange, Coinnest $15 Million

by | Jan 22, 2019 | Cryptocurrency, Cryptocurrency News

Coinnest | Airdrop | Cryptocurrency Exchange | South Korea

Coinnest, a South Korean-based crypto exchange reports a loss of $15 million due to an accidental airdrop they sent out to its clients.  Originally, the exchange’s intent was to airdrop We Game Tokens (WGT) but unfortunately, this accident occurred costing them way more.

In the previous week, Coinnest announced that the platform has lost over $5.3 million in bitcoins and other cryptocurrencies as the customers were wrongly sent these tokens due to a computer error. Moreover, some issue with the server, customers even received the local currency,  Korean won from the exchange.

Currently, the exchange firm has no plans in place to compensate its customer base for any losses suffered due to its server problems. Fortunately, by the 19th of January the server issues were dealt with and now the company is planning to roll back transactions in order to restore their assets. They have also requested their customers, who received the airdrop, to kindly return the mistakenly gained funds.

Only half of the Won could be accounted for as of now, the exchange is still waiting for the other half to be returned. Even when certain traders, who received the bitcoins decide to sell their new holdings immediately, causing a bitcoin’s price to flash-crash downwards to $50 in the process.

Read more: The Stock Exchange of Thailand (SET) Plans To Launch A Token Trading Platform

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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