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Coinbase Mispricing Allows Users in Georgia To Get 100x Profit

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Coinbase (COIN) users from the Eastern European country of Georgia take advantage of an error in pricing 

That lets them transfer their funds at 100 times the rate of exchange and pocket thousands of dollars of profit.

The lari (GEL) Georgian currency was priced at $290 instead of $2.90 the previous Wednesday. 

In an email sent to reporters, Coinbase attributed the error in the decimal value to "a technical issue with a third party."

The issue allowed users who held 100 dollars worth of lari with Coinbase to transfer it into their bank accounts for $10,000

Certain users who could use the service complained that their accounts at banks and debit cards were blocked by their banks

Following the transfer of their money to them, which Coinbase claimed did not happen at its discretion. 

Coinbase stated that the problem was made available to 0.001 per cent of its total customers, or around 1,000 customers. "

We have fixed the issue; we are now taking steps to recover the incorrectly withdrawn cash," the spokesperson said.