– An hours-long bug by crypto exchange Coinbase has allowed numerous traders from the country of Georgia to sell their cryptocurrencies for as much as 100 times their market value at other exchanges.
– The company is currently attempting to retrieve the funds from bank accounts in the nation that lies at the intersection of Eastern Europe and Asia.
– An error that is believed to be caused by a third party provider allowed an estimated 900 Georgian traders to sell various cryptos at a highly profitable exchange rate for the countrys fiat currency, GEL, which is currently priced at about USD 0.35 per GEL 1.
– Shortly after withdrawing related funds from Coinbase, Georgians said they received notification from their financial institutions advising them their bank accounts and associated Visa debit cards had been frozen.
– As of 9 a.m. UTC, Georgia was not included on Coinbases list of supported countries, in contrast with its neighbors Armenia and Turkey.
– Georgias government is making efforts to update its crypto regulation in line with the European Union in the hope that the move will help the nation become a hub for the global industry.