Ethiopian Bank Grapples with Massive Withdrawals Due to Technical Glitch

A "glitch" at Ethiopia's largest bank, the Commercial Bank of Ethiopia, allowed customers to withdraw unlimited funds, resulting in over $40 million being withdrawn or transferred before transactions were halted. The bank's president stated that a large portion of the cash was withdrawn by students, with several universities urging students to return the money. The bank confirmed the service interruption but denied it was due to a cyber attack, while Ethiopia's central bank stated that it was a result of system security checks and not a threat to the financial system.