Foreign media: Coinbase's price glitch allows nearly a thousand traders to gain hundredfold profits

Chain Catcher news, sources revealed that in late August, due to an erroneous exchange rate for cryptocurrency trading pairs priced in Georgian Lari (GEL) on the Coinbase platform, about 900 traders in Georgia, USA, exploited the loophole to gain hundredfold profits. A Coinbase spokesperson stated that the decimal point misalignment issue was caused by third-party technology.

Coinbase is seeking to recover these funds from bank accounts. It is reported that the profitable traders received notifications that their bank accounts and related Visa debit cards had been frozen shortly after withdrawing the relevant funds from Coinbase.

Reports indicate that Coinbase's losses range from $14 million to $140 million, but this data has been refuted by Coinbase. (Source link)