Exchange of cryptocurrencies coin base COIN threatened to sue up to 1000 of its users for allegedly exploiting a “price spread”.
What happened: On August 29, over 1,000 Coinbase users from Georgia took advantage of the pricing bug on the platform when the national currency of Georgia, the Lari (GEL), was priced at $290 instead of $2.90. Coinbase attributed the missing decimal point to “a third-party technical issue,” as per Coindesk.
The bug allowed users to withdraw 100 times more funds. Some users are reportedly holding $100 worth of lari coin base $10,000 withdrawn from the platform. The total amount of money Coinbase lost is “insignificant,” according to a company spokesman.
See more: BEST CRYPTOCURRENCIES ON COINBASE
What’s next: In a written statement to CoinDesk, the cryptocurrency exchange said it is “working with law firm Gvinadze & Partners to assist in retrieving the improperly credited funds. “We cannot comment on the status of specific claims or legal disputes,” the company representative was quoted as saying. “However, users who return the incorrectly credited funds will not be subject to further legal proceedings.”
Coinbase’s cryptocurrency exchange platform allows users to trade and hold coins such as Bitcoin BTC/USD and ether ETH/USD.
price action: Coinbase shares are up 9.71% in the last 24 hours. Live Coinbase price today is $69.60 according to Coinmarketcap.
Continue reading: Coinbase Gains Singapore’s Crypto Services Nod to Boost APAC Presence
