Coinbase Mispricing Allows Users in Georgia to Cash Out for 100 Times Rate

The bug saw Georgia's national currency, the lari (GEL), priced at $290 rather than $2.90.

AccessTimeIconSep 2, 2022 at 10:24 a.m. UTC
Updated May 11, 2023 at 4:15 p.m. UTC

Coinbase (COIN) users in the Eastern European country of Georgia were able to exploit a price bug that allowed them to cash out their holdings for 100 times the exchange rate, pocketing thousands of dollars in profit.

  • Georgia's national currency, the lari (GEL), was priced at $290 rather than $2.90 on Wednesday. In an email to CoinDesk, Coinbase attributed the missed decimal point to "a third-party technical issue."
  • The error allowed users holding $100 worth of lari on Coinbase to withdraw it to their bank account for $10,000.
  • Some users who were able to take advantage reported that their bank accounts and debit cards were frozen by their banks after transferring their funds to them, which Coinbase said was not at its behest.
  • Coinbase said the issue was exploited by 0.001% of its total users, or about 1,000 customers.
  • While the size of the crypto exchange's loss hasn't been disclosed, a spokesperson described it as "a small non-material amount."
  • "We fixed the issue and and are taking action to retrieve the improperly withdrawn funds,” the spokesperson said.
  • The mispricing was reported earlier by Blockworks.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Read more about