Bitcoin cynics, for example, JPMorgan CEO Jamie Dimon have frequently claimed that Bitcoin “worth nothing.” For around 18 minutes at one digital currency trade in Japan, these doubters were correct.
On Tuesday, Zaif, a digital currency exchange worked by Osaka-based Tech Bureau Corp., uncovered in an announcement that a technical error had enabled a few traders to buy Bitcoin for 0 yen, a substantial discount off its fair value of 1.2 million yen.
Zaif said that the glitch happened amid an 18-minute window on Feb. 16, and seven clients could buy BTC at the 0 yen rate. The company has since amended client balances, in spite of the fact that it said that is as yet endeavoring to deal with the issue with one of the traders, who apparently endeavored to transfer the coins out of the exchange following the transaction.
The glitch made the framework temporarily report inaccurate trading information, however generally had no impact on the platform’s different clients.
“We apologize for any inconvenience and inconvenience caused to you by our customers,” the company said in the statement, according to a rough translation. “We will strive to prevent recurrence and we will continue to work on improving our services.”
As indicated by information from CoinMarketCap, Zaif processed $17.3 million worth of trading volume over the preceding 24 hours, positioning it 51st among exchanges that charge trading fees. This, in any case, does exclude the exchange’s BTC volume, which the site reports as portraying abnormal activity.
Reuters reports that Zaif is one of 16 digital currency exchanges that are at present licensed by Japan’s Financial Services Agency (FSA). Another 16, most outstandingly the as of late hacked Coincheck, have been permitted to keep working while their registration applications are pending.
The FSA led spot inspections of these exchanges following the Coincheck hack, which happened toward the end of January and brought about the theft of $530 million worth of NEM tokens (XEM), making it the biggest ever digital currency exchange heist.
As CCN revealed, the 16 licensed exchanges are as of now drafting plans to set up a self-regulatory body that will be registered with the FSA.