Toronto-based cryptocurrency exchange Coinberry reported that a software glitch occurred on the site, which allowed 546 users to take possession of about 120 BTC worth more than $2 million.
Coinberry said that users initiated electronic money transfers to replenish their exchange account through the Interac e-Transfer service. They then bought BTC from the exchange, transferred the cryptocurrency to a personal wallet or another exchange, and then canceled the initial wire transfer – all without spending real Canadian dollars.
Before the problem was discovered and fixed, 546 exchange clients took advantage of the failure.
It is interesting that the failure occurred in the middle of summer, but until recently the exchange hid it, hoping to recover the stolen funds on its own. However, out of 546 users contacted by the exchange, only 37 BTC were returned.
Coinberry filed a lawsuit with the Canadian judiciary, as well as for help from the Binance exchange, which reported that it had found part of the embezzled BTC on the accounts of its clients.
In April, crypto-currency company WonderFi Technology announced that it was going to buy the Coinberry exchange for $38.6 million.
Source: Bits
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