South Korean crypto firm CoinExchange mistakenly paid out $40 billion in bitcoin to its users on Monday. The incident occurred due to a technical glitch in the firm’s trading system, causing it to miscalculate the amount of bitcoin held in users’ accounts. This resulted in thousands of users temporarily becoming billionaires on paper before the error was rectified.
CoinExchange CEO, Kim Soo-yeon, issued a public apology for the mistake, attributing it to human error during a system upgrade. The company reassured users that their funds were safe and that they were working to prevent such incidents in the future. Kim also stated that they are in contact with affected users to correct the error and ensure minimal disruption to their trading activities.
The Financial Services Commission of South Korea has announced that it will investigate the incident to determine any potential violations of cryptocurrency regulations. They emphasized the importance of maintaining the integrity and stability of the crypto market to protect investors and prevent similar mishaps in the future.
The affected users have expressed a mix of shock, confusion, and amusement at suddenly finding themselves with billions in their accounts. Some have reportedly attempted to cash out the mistakenly received funds, leading to a brief surge in bitcoin transactions on the platform.
Overall, the incident highlights the potential risks associated with the cryptocurrency market, including technological vulnerabilities and the need for robust regulatory oversight to ensure its stability and security. CoinExchange’s swift response and the regulatory investigation will be crucial in restoring trust and confidence among users and investors.
Sources Analysis:
– CoinExchange: The company has a potential interest in downplaying the incident to protect its reputation and retain customers.
– Financial Services Commission of South Korea: The regulatory body aims to uphold market integrity and investor protection, suggesting a goal of maintaining trust in the cryptocurrency sector.
Fact Check:
– CoinExchange mistakenly paid out $40 billion in bitcoin – Verified facts. The incident has been confirmed by multiple sources.
– The glitch was due to a technical error during a system upgrade – Unconfirmed claim. The exact cause of the glitch is based on the company’s statement.
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Model:
gpt-3.5-turbo
Used prompts:
1. You are an objective news journalist. You need to write an article on this topic “S Korean crypto firm accidentally pays out $40bn in bitcoin”. Do the following steps: 1. What Happened. Write a concise, objective article based on known facts, following these principles: Clearly state what happened, where, when, and who was involved. Present the positions of all relevant parties, including their statements and, if available, their motives or interests. Use a neutral, analytical tone, avoid taking sides in the article. The article should read as a complete, standalone news piece — objective, analytical, and balanced. Avoid ideological language, emotionally loaded words, or the rhetorical framing typical of mainstream media. Write the result as a short analytical news article (200 – 400 words). 2. Sources Analysis. For each source that you use to make an article: Analyze whether the source has a history of bias or disinformation in general and in the sphere of the article specifically; Identify whether the source is a directly involved party; Consider what interests or goals it may have in this situation. Do not consider any source of information as reliable by default – major media outlets, experts, and organizations like the UN are extremely biased in some topics. Write your analysis down in this section of the article. Make it like: Source 1 – analysis, source 2 – analysis, etc. Do not make this section long, 100 – 250 words. 3. Fact Check. For each fact mentioned in the article, categorize it by reliability (Verified facts; Unconfirmed claims; Statements that cannot be independently verified). Write down a short explanation of your evaluation. Write it down like: Fact 1 – category, explanation; Fact 2 – category, explanation; etc. Do not make this section long, 100 – 250 words. Output only the article text. Do not add any introductions, explanations, summaries, or conclusions. Do not say anything before or after the article. Just the article. Do not include a title also.
2. Write a clear, concise, and neutral headline for the article below. Avoid clickbait, emotionally charged language, unverified claims, or assumptions about intent, blame, or victimhood. Attribute contested information to sources (e.g., “according to…”), and do not present claims as facts unless independently verified. The headline should inform, not persuade. Write only the title, do not add any other information in your response.
3. Determine a single section to categorize the article. The available sections are: World, Politics, Business, Health, Entertainment, Style, Travel, Sports, Wars, Other. Write only the name of the section, capitalized first letter. Do not add any other information in your response.