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"Coinbase Users Across Georgia Milk Price Bug for 100x Profit"

2022-09-02 [vendor] Coinbase bug
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

  1. 2022-09-02 Breach occurred
  2. 2022-09-02 Publicly disclosed