Zaif exchange bug makes Bitcoin temporarily worth nothing

The cryptocurrency exchange platform based in Japan has recently experienced an anomalous event connected with the price of Bitcoin. Last week, Bitcoin was worth nothing for 20 minutes on this exchange, reminding of the bearish statements of conservative investors about it having no intrinsic value.

According to the exchange management, seven users of the exchange have exploited this opportunity. This all became possible after someone allegedly tried to sell $20 trillion of Bitcoin. In reality this trader did not have this sum at all, or else the market would already see a price collapse as big as the one after the hack of Mt Gox.

While this exchange continues to operate as usual and has managed not to harm its reputation as a result of the story, Coincheck will not be able to rebuild it back to normal any time soon. The unknown hacker group stole over $500 mln from this trading platform which is also based in Japan. This theft made the Financial Services Agency of Japan to think about the review of other similar organizations, as the latest reports on this theme suggest.