Updated: We would like to apologise to our readers for making a mistake with the exchange name in the first version of the following article. Thanks to our user Oleh, who kindly provided us with the source, we would like to announce that the correct name of the exchange that conducted the accidental airdrop is Coinzest, NOT Coinnest.
Being an AirdropAlert bystander, you most likely got used to receiving legit airdrops on the regular basis. But what about airdropping tokens back into an issuer’s account?
If you were a customer of a South Korean crypto exchange Coinzest, most likely, you would have to face the extreme moral choice not so long ago.
Last week, Coinzest conducted one of the biggest giveaways in the history of blockchain out of the clear blue sky and sent their users 6 billion Korean won (around $5.3 million) due to a computer error.
Once their software was operational again, the exchange, however, appealed to all its customers to refund the money.
What do you think the majority of the users did?
And, most importantly, what would you do if you had airdropped a couple of bitcoins from nowhere?
The answer is up to you. But the ground truth is that a substantial amount of the exchange users sold their new funds in the blink of an eye and crashed the bitcoin price on their way.
Ironically, the incident occurred while Coinzest was preparing to airdrop We Game Tokens (WGT).
Lately it has become a good practice for exchanges to promote a new listing with an airdrop. Take a look at the Kratos giveaway listed by Trade.io.
Getting back to Coinzest, as a result of the unfortunate airdrop, some customers not only received many different coins, Bitcoin (BTC) including, but also lost their funds.
Still, the real present question is this. How do you think the exchange is going to deal with the lost money of their users?
According to the company, they are planning to roll back transactions to restore its assets.
Still, it is claimed that they are not going to restore the customers’ lost funds.
Thank God, AirdropAlert has always got a plan B, and with us you will only receive tokens, not give them back 🙂
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A blockchain enthusiast and a content writer at AirdropAlert.com. My final goal is to help readers find what they need, understand what they find, and use what they understand appropriately. Favourite mystery – Satoshi Nakamoto, favourite crypto – Bitcoin (BTC), favourite airdrop – BRD.