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Coinberry Sues 50 Users who Exploited Software Glitch to Acquire $3 million Without Paying

FP | Ethan Lou | Sep 8, 2022

coinberry - Coinberry Sues 50 Users who Exploited Software Glitch to Acquire $3 million Without Paying

Image: Unsplash/Tech Daily

WonderFi’s Coinberry exchange lost 120 bitcoins and has yet to recover more than two-thirds of it

  • The Toronto cryptocurrency marketplace Coinberry, owned by Kevin O’Leary-backed WonderFi Technologies Inc., says it has lost some $3 million in bitcoin due to a software glitch and has yet to claw back two-thirds of it from hundreds of customers.
  • Glitch: Coinberry in 2020 underwent a software upgrade and accidentally let people buy bitcoin with Canadian dollars that had yet to be properly transferred to their accounts. Customers could initiate an Interac e-transfer, get the amount credited to their Coinberry accounts, buy bitcoin and transfer the coins out, and then cancel the original e-transfer, retaining their own funds and getting free bitcoin, Coinberry’s lawsuit read.

See:  Kevin O’Leary-backed WonderFi acquires Coinberry for $38.5 million

  • Coinberry’s lawsuit, filed in June, targets 50 customers of 500 who took advantage of vulnerability and also names the world’s biggest crypto exchange, Binance, because some people had allegedly transferred their ill-gotten bitcoin to that platform.
    • Coinberry said its list of bitcoin misappropriation does not include people who have taken and not yet returned amounts under $5,000, valued in May 2020.
  • “Coinberry was able to secure the return of approximately 37 of the misappropriated bitcoins from 270 of the affected registered users.” That leaves 83 bitcoins outstanding from about 270 other users.

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NCFA Jan 2018 resize - Coinberry Sues 50 Users who Exploited Software Glitch to Acquire $3 million Without PayingThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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