BlockFi incorrectly rewards users with “Couple Hundred” Bitcoin

BlockFi cryptocurrency lending platform mistakenly lent users a “few hundred” bitcoin in botched giveaways.

BlockFi cryptocurrency lending platform has accidentally deposited significant amounts of Bitcoin into users’ accounts while apparently intending to deposit less valuable USD stablecoin as part of a promotional bonus program, according to Reddit users.

In a message on the BlockFi subreddit, a company spokesperson described the big BTC bonuses as a bug with payouts for promotions.

“On May 17, 2021, fewer than 100 customers were mistakenly credited with the cryptocurrency associated with an advertising payout that did not belong to them,” they wrote. “BlockFi has contacted these customers and is working with them to resolve the issue. The situation does not affect the ongoing operation of BlockFi and measures have been taken to ensure that such an error is no longer possible in the future. “

On Twitter, BlockFi CEO Zac Prince stated that the platform had incorrectly credited “a few hundred BTC” and made it clear that “the risk is a fraction of the BTC we own with equity and a fraction of the loss reserves that we have we perform exactly for this purpose. ”

An unverified screenshot posted by u / donkumon shows a 701.4 BTC bonus payment known as a “Promotion” that results in an apparent total BlockFi account value of more than $ 34.8 million.

Another user wrote: “This happened to my friend with 5 BTC who he thought won. It’s called a promo. He could move it and now BlockFi is threatening to give it back. “

Another Reddit user has claimed that BlockFi sent them an accusing email regarding the advertising rewards they were given but were not supposed to withdraw. Bitcoin transactions recorded on the blockchain are irreversible.

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