Such was the case for Chris Williamson, a nursing student in Georgia, who woke up one more to find out that the $20 he dumped into the cryptocurrency Rocket Bunny had apparently rocketed in value to over $1 trillion due to a “glitch in the Coinbase app,” according to MSN.
On Tuesday of this week, he logged into his account to see a balance of $1,189,313,417,915.16.
Williamson said to FOX 5: “I woke up, it’s like 9am and I always check my phone to check how my crypto to see how it’s doing and I’m just like, ‘Naw, I’m sleeping’. I look at it again and I’m like… at that point I fall out of my bed, literally.”
He then phoned a friend: “I got him on the phone and I’m like ‘Dude, you need to help me figure out how to sell this now!’ He’s like: ‘Chris, something’s wrong.'”
His friend was right; something was wrong. When he went to offload his stake in the crypto, the balance corrected. Coinbase later confirmed that the balance was “shown in error and will be corrected”.
Williamson tried to contact Coinbase and Rocket Bunny, the cryptocurrency he owned. Coinbase said it was “looking into the issue” while Rocket Bunny didn’t even respond.
Rocket Bunny has a max circulating supply of 777 Quadrillion tokens but “burns” tokens every time it is transacted, to effectively remove tokens from the available supply. Rocket Bunny’s website says: “As volume increases, the amount burned increases logarithmically, eventually leading to an exponential decrease in supply. This means the Rocket Bunny supply will become more scarce, (and) your holdings will continue to increase.”
Williamson took to Twitter after the ordeal, writing: “If I’m not invited to the Coinbase Christmas party this year I’m going to be ticked off. I think I’m being a pretty good sport about this considering ya’ll got my account looking like Elon Musk.”
He says his Coinbase account actually showed the balance going up in the days after the glitch, and that his account is now frozen until the issue is cleared up. “Support responded to the user on June 18. Also, I wanted to clarify that the user’s account was never locked and he never lost access to the account,” Coinbase told the Daily Mail.
Wed, 06/23/2021 – 05:45
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Author: Tyler Durden