It turns out that an Ethiopian bank had a 'malfunction' that allowed unlimited cash withdrawals, and local media reported that the damage was over 6 billion yen.
It has been discovered that a system glitch at the state-run Ethiopian Commercial Bank had caused customers to be able to withdraw cash without limit. The Commercial Bank of Ethiopia stopped all transactions within a few hours of the problem, but it seems that a total of more than 2.4 billion birr (about 6.4 billion yen) was withdrawn.
CBE Glitch Transforms a Routine Weekend into a Jackpot
Commercial Bank of Ethiopia 'glitch' sees customers withdraw millions
According to local media, Ethiopian Commercial Bank suffered a major system failure that left them unable to withdraw their deposits without limit, forcing nearly 66,000 customers to make at least 25,000 transactions totaling approximately 2.4 billion birr. It is said that funds were illegally leaked as a result of such activities.
There were many people, especially university students, who took advantage of the glitch to make remittances, and there were long lines at ATMs on campus. This glitch is said to have affected a wide range of services, including ATM transactions, internet banking, and mobile interbank transfers.
The Commercial Bank of Ethiopia announced that the incident was caused by an internal malfunction, not a cyberattack, and reported that it had begun an investigation. They are urging customers to return their fraudulently obtained funds, but they say it will take time to distinguish between legitimate and fraudulent transactions. Some services will also be unavailable during the investigation, impacting customers who are used to the convenience of digital payments.
የኢትዮጵያ ንግድ ባንክ የሳይበር ጥቃት እንዳልደረሰበት ተገለፀ።
— Commercial Bank of Ethiopia (@combankethiopia) March 18, 2024
A ጋገጫ እንዳገኘ አቶ አቤ ገልፀው፣ በዚህ ረገድ ደንበኞች ስጋት ሊገባቸው እን ደማይገባ ገልፀዋል። pic.twitter.com/VRBQenftHT
Experts say the incident was caused by a 'fault in the central ledger system,' possibly triggered by a software update or configuration issue. Experts called for continued investment in cybersecurity measures and digital banking expertise to prevent similar incidents from occurring in the future.
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