Some people suddenly received 701 Bitcoins

Cryptocurrency lending startup BlockFi mistakenly sent large amounts of Bitcoin to some customers, turning them into millionaires. However, this exchange recovered the Bitcoins.
The incident occurred a few days ago when BlockFi rewarded customers for participating in a promotion in March for trading a certain amount of USD. Zac Prince, co-founder and CEO of BlockFi, said that the amount of Bitcoin was mistakenly transferred to dozens of customers. Some people voluntarily returned the funds, while BlockFi took the initiative to reverse transactions from those accounts that had not yet withdrawn to cold wallets.

“BlockFi has always had provisions for loss in accordance with its accounting policy. This is part of the provision so it doesn’t have a big impact on the equity or operation of the platform,” Prince said that the mis-transfer problem has been fixed dress. BlockFi also developed additional measures to prevent a similar situation from happening in the future. A BlockFi user received 701 Bitcoins due to the crash. Screenshots. BlockFi’s Twitter page states that some participants in the promotion may “see incorrect bonuses in transaction history”. Those withdrawing to cold wallets were emailed by BlockFi asking to send their funds back. Share with CoinDesk , a BlockFi user said he withdrew a large amount of Bitcoin received from BlockFi to a cold wallet, claiming that this was a reward of a promotion. After realizing the problem amount, he requested to cancel the withdrawal. However, it is not clear why the Bitcoins are still withdrawn to cold wallets. The next day, this user received emails and calls from BlockFi, threatening to get legal intervention if the money was not returned. On the Internet, many BlockFi users have shared images of receiving large Bitcoins from “falling from the sky”. “I thought BlockFi was going to transfer 701 USD but mistaken it for 701 Bitcoin”, Twitter user Ric Burton share. Another said that he received 5 Bitcoins but was also asked to return it by BlockFi. “I got to be a millionaire in 3 hours”, account nebrijo comment, with a picture of an account balance of more than $1.5 million before transferring the mistakenly sent Bitcoin to BlockFi. According to the Bloomberg , BlockFi is a platform that provides lending and trading services for cryptocurrencies. Despite having just experienced a sharp price crash, the world’s most valuable cryptocurrency is trading at around $40,000, as of May 21. BlockFi’s large Bitcoin transfer by mistake is reminiscent of last year’s incident, when Citibank mistakenly transferred $900 million to several creditors of cosmetics firm Revlon, instead of just paying $8 million in interest. Expensive price for Bitcoin mining Since the advent of cryptocurrencies, the amount of electricity required for mining has increased significantly. This leads experts to believe that cryptocurrency mining is not environmentally friendly.