Sources: About 900 traders took advantage of Coinbase exchange rate error to gain 100 times profit, Coinbase is seeking to recover funds from bank accounts

According to a report by Blockworks citing sources, in late August, due to the wrong exchange rate of cryptocurrency trading pairs denominated in Georgian Lari (GEL) on the Coinbase platform, about 900 Georgia traders in the United States took advantage of the loophole to obtain a hundredfold profit. Seeking to recover these funds from bank accounts. Shortly after the traders withdrew the associated funds from Coinbase, they were notified by the financial institution that their bank accounts and associated Visa debit cards had been frozen. At least two domestic banks are said to have been involved in the freeze, which was not at Coinbase’s direction, according to a person familiar with the matter. A Coinbase spokesperson said the decimal point misplacement issue was due to third-party technology. Coinbase has refuted reports that its losses ranged from $14 million to $140 million.