Do you know those moments that Amazon is wrong with the price of a product and people start buying it en masse, even when the buyers a aware that it is a mistake and that they will not receive it, but still do it just to their luck? Last week, exactly the same thing happened in a Bitcoin exchange house.
For 20 intense minutes, the price of Bitcoin was zero dollars on the website of Zaif exchange , a Japanese exchange house.
According to Reuters , everything was due to an error that was quickly corrected, but the technical readiness did not prevent seven very savvy customers from trying to buy bitcoins at that attractive price during the 20-minute window.
Of course, Zaif ended up voiding all the transactions, although it had to separately solve the case of a client who had tried to transfer his cryptocurrencies to a personal address.
The company behind Zaif exchange, Tech Bureau Corp., is awaiting “an investigation into the security of the system and business practices” by the Financial Services Agency of Japan.
The problem could not have come at a worse time for the local cryptocurrency exchange business. The recent attack on the Japanese exchange house Coincheck (which resulted in the loss of more than 400 million dollars in NEM) led two independent industrial groups to form a self-regulatory body in order to protect investors.
The Japanese yen is by far the most traded national currency in the Bitcoin world, so regulating the business would have a global impact.