Other
"Coinbase Users Across Georgia Milk Price Bug for 100x Profit"
Primary Source ↗Affected
1K
individuals/accounts
Incident Details
Some Coinbase customers in Georgia (the country, not the state) took advantage of an hours-long price bug where a misplaced decimal point altered the exchange rate of the Georgian Lari (GEL) to 100x its actual value. Users were able to sell their cryptocurrencies for GEL to receive, in some cases, thousands of dollars more than the trades were worth. According to Blockworks, some users exchanged $150 worth of crypto for $15,000, more than three times the national average salary in the country.Some users who took advantage of the bug and withdrew funds to their bank accounts found their accounts frozen shortly after, when Coinbase noticed the error and began working to claw back the funds. According to Coinbase, about 1,000 users took advantage of the error.
Technical Details
- Initial Attack Vector
- Software bug / unintentional loss
- Vendor / Product
- Coinbase bug
Timeline
- 2022-09-02 Breach occurred
- 2022-09-02 Publicly disclosed