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Bug Induced Error on Brazilian Bitcoin Exchange Platform Sends User $35 million

Alan Muli

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Brazilian Bitcoin exchange platform Bitcambio erroneously sent Kaique Nunes $35 million dollars following his withdrawal of reals worth $128. The overnight millionaire received a cool 137 million reals as a result of the bug induced error and was not eager to relinquish his millions when Bitcambio contacted him. This incident happened in early November 2018.

“Early last month, I issued some normal draft orders and after a while, Bitcambio called. They wanted to let me know that they had erroneously issued all this value and they needed me to recognize a document in a notary’s office,” remarked Nunes. He went on to further add, “I thought that it was a coup.”

The sudden rise in cryptocurrency scammers could have meant that he has been scammed. A fraudster could have been working his way to his signature. It could also have been an employee from Bitcambio looking to make an easy buck. The amount was too huge to let go of and the exchange platform was quick to explain the importance of the reversal procedure.

The reversal procedure

To reverse the transaction, Nunes had to go to the registry office and append his signature to a document. The exchange platform had initiated the reversal process but due to the significant amount involved, Kaique had to sign an approval.

Was it really an error?

On the 4th of December, Nunes wrote to Bitcambio platform vendor Rodrigo Souza to seek clarification. He did so through his social media page. The platform vendor confirmed that it was a mistake and promised that the company would compensate Mr. Kaique for his commitment to rectification of the issue.

“The mistake really happened. Mr. Nunes will be reimbursed for all the costs he incurred going to the notary’s office to solve all this mess. The transaction has already been reversed,” Rodrigo posted in response. He went on to further add, “At Bitcambio everything is done strictly within the law. Mistakes happen, we are not afraid to attend to them.”

Nunes agreed to help with the reversal and was hopeful that he would not land into trouble with the revenue authority.

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