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Toss Bank. (Photo = Toss Bank) |
[Alpha Biz= Kim Jisun] A system error in the Toss Bank app temporarily caused the Japanese yen to be exchanged at roughly half its normal rate, the bank said on March 10.
According to Toss Bank, the issue occurred for about seven minutes starting at 7:29 p.m., during which the app applied an exchange rate of around 472 won per 100 yen.
At the time, the actual market rate was about 934 won per 100 yen, meaning the yen was briefly sold at roughly half its normal value.
As the yen price suddenly dropped, some users who had previously set automatic buy orders at lower exchange rates were reportedly able to purchase yen at the erroneous rate.
Some users attempting to exchange currency also saw a message stating that the system was undergoing maintenance.
After detecting the issue, Toss Bank temporarily suspended yen exchange transactions, and the exchange rate has since been restored.
The bank said the error occurred during an internal system check, adding that the exact cause is still under investigation.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
