"Ethiopian Bank's Technical Glitch Enables Unlimited Withdrawals of Millions"

1 min read
Source: Newser
"Ethiopian Bank's Technical Glitch Enables Unlimited Withdrawals of Millions"
Photo: Newser
TL;DR Summary

A "systems glitch" at the Commercial Bank of Ethiopia allowed customers to withdraw more money than they had in their accounts, resulting in over $40 million being withdrawn or transferred before the bank could freeze transactions. The glitch was first discovered by students and spread through universities via messaging apps and phone calls, leading to long lines at campus ATMs and police intervention. The bank is now working to recoup the money, and the bank president has stated that anyone who returns it will not be charged with a crime.

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