Let's consider a hypothetical scenario: What would happen if your favorite cryptocurrency exchange started offering Bitcoins at the lowest price you can imagine? Let's say, for example, at...zero price?
Let's see what really happened, as this scenario became a reality on a well-known Japanese exchange , which, due to a technical error, temporarily allowed investors to purchase bitcoins, completely free of charge.
Users of Zaif, a Japanese government-registered exchange, had the opportunity, for a full 20 minutes, to buy Bitcoins with zero yen value.
Once the bug was discovered, the exchange quickly blocked all transactions and restored users’ balances. Six transactions were successfully canceled, however, the exchange reportedly encountered a problem with a user who tried to transfer a huge amount of Bitcoins. According to international media reports, the user in question bought 2.2 trillion yen worth of Bitcoins at a negligible price and tried to cash them out.
This amount translates to approximately $20 trillion, which further complicates matters and raises questions, as the total Bitcoin transaction cap is only $180 billion.
This particular incident, especially after the theft of $530 million worth of digital currencies from the official Japanese exchange Coincheck, raised questions about the control and supervision systems implemented by the Japanese Regulatory Authority regarding these exchanges.
What are your thoughts on this amazing and unprecedented incident? Share your thoughts in the comments section.
