An unfortunate incident for the financial system occurred in Ethiopia. In one of the state-owned banks (Commercial Bank of Ethiopia), there was a glitch – the system “allowed” customers to withdraw any amount, regardless of their account balance. Due to a failure, $40 million was withdrawn. CNBC writes about this.
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In general, students took advantage of this situation and quickly spread information among themselves about a banking error and the opportunity to quickly get rich. Clients withdrew cash from ATMs, huge queues formed and only the police stopped the daring collective robbery.
In addition, bank clients transferred money to their accounts in other banks.
The publication emphasizes that Commercial Bank of Ethiopia is one of the largest in the country. The financial institution itself reported that the failure was not due to a hacker attack, but because of the work carried out to check the security of the bank.
Several universities have already called on students to return other people’s money – they will not be held criminally liable will be.