Crypto: A costly bug, 120 bitcoins (BTC) lost!

Like websites, web platforms can also be subject to computer problems. The Coinberry cryptocurrency trading platform paid the price after a software error that occurred in 2020. A software bug that would have cost it 120 bitcoins (BTC), or about 3 million.

Bitcoin relates the facts on his tweet

A software error that dates from 2020

On April 13, 2020, Coinberry performed a software update for its cryptocurrency trading platform. However, a software bug has occurred. Result: some users were able to initiate electronic transfers of CAD, credit accounts, buy BTC and cancel the initial transfer. Coinberry unfortunately never received the funds.

According to the court file, 546 users took advantage of this software error to withdraw bitcoins without paying. More precisely, Coinberry’s losses are estimated at 120 BTC (more than 3 million).

Coinberry is the only Canadian crypto platform registered with FINTRAC and compliant with PIPEDA. It can therefore be considered one of the most reliable cryptocurrency marketplaces in Canada. A very sad story!

Loss of 120 bitcoins: legal action against 50 users

Until today, it is known that Coinberry was only able to recover 37 BTC from 270 compliant users. Despite reminder emails, the 276 other customers refuse to return the bitcoins “unintentionally” pocketed during the famous software bug. This explains the legal action brought by the platform.

Coinberry filed an official complaint in June 2022. The latter concerns more exactly 50 users who allegedly deposited around 10 BTC in accounts hosted by Binance. The platform obviously contacted Binance, which admitted during the trial that it had identified a quantity of diverted BTC. He undertook to restrict all access to the accounts concerned.

Cryptocurrency traders aren’t the only ones taking risks. Companies like Coinberry also expose themselves to huge ups and downs when it comes to managing digital assets (or more specifically crypto wallets). Until now, Coinberry has not recovered the third of the BTCs lost during this software issue. Case to follow!

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