The South Korean cryptocurrency exchange- CoinZest airdropped 5.3 million worth cryptocurrencies. The airdrop took place accidentally in a promotional event. Basically, CoinZest was attempting to airdrop We Game Tokens to its users but accidentally airdropped other coins. Due to the accidental airdrop, the users, therefore, received coins such as Bitcoin BTC, Ethereum ETH, and other altcoins.
The company, therefore, is requesting its customers to return the amount through cryptocurrencies such as Bitcoin, Ethereum, Altcoins, etc. The company says it is a result of computer malfunction. The glitch also resulted in several of the company’s users getting Korean won into their accounts, due to the accidental airdrop.
According to reports, there have been cases in which some of the customers immediately selling off the coins that they received into their accounts. This has further pushed the situation into a critical position and created a sharp price drop.
As per the reports, one of the officials of CoinZest said,
“About ten members tried to sell about KRW 600 million worth [~530 K U.S. Dollars] of cryptocurrencies or to withdraw money in Korean won even though they recognized the mistake of depositing money and computer errors. Therefore there has been a problem of rapid price decline.”
In terms of the recovery of the accidentally thrown away amount, CoinZest has been able to recover almost half of the total amount. The recovery still needs to cover the journey to 2.6 million dollars still. On the other hand, when it comes to the losses that its users face, the company has not revealed any compensatory intentions for them yet.