- A Nigerian man said his account swelled into billions of Naira and saw it deflate back into a few thousands minutes later after it was discovered that it was a technical issue
- Coinbase users became momentary billionaires overnight when a technical glitch sent their accounts pumping into billions
- The platform said that a technical problem was to blame for the mistake and said the problem has been fixed
How would you react to waking up one morning to see that your account is running into billions and only to discover that a technical glitch made you a one minute billionaire?
Anyhow you are feeling right now is how users on Coinbase, a cryptocurrency exchange platform, felt when a glitch sent them into a frenzy as they thought they had hit the jackpot and became billionaires overnight.
According to Nairametrics, on the evening of Tuesday, December 14 2021, Coinbase users checked their accounts and discovered massive gains, leading some to believe they’d become billionaires until the company clarified on social media that it was a glitch.
It was a glitch
The platform agreed on Twitter that some of its clients were seeing “inflated values” after social media users reported huge cryptocurrency gains that increased their assets into the millions around 10 pm.
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According to Forbes, Coinbase said the malfunction was a display issue only and had not impacted trading — it said it has resolved the issue on the website at about 5:30 p.m on December 14, 2021, and on its Coinbase Wallet app.
Richest man in Nigeria?
Nigerian users were also affected by the glitch.
Bank of England makes prediction on bitcoin, fear the worst is coming for traders amid reports of app glitch
Chinedu John Gordon said he found his account went from N871,000 ($2099) to N567.965bn ($13,541,335.98).
How I lost everything on my way to becoming a crypto billionaire
Using a popular social media website, the anonymous Reddit user claimed he made $1.3million (N532.97 billion) after investing in SQUID, the digital currency inspired by the Netflix series Squid Game.
But after seeing its value rise to over 2 million dollars in a flash, the coin's value dropped to $0