Ethiopian Students Take Advantage of Bank Glitch to Withdraw Millions

TLDREthiopian students exploit a computer glitch in Ethiopia's largest bank, allowing them to withdraw millions of dollars. The glitch was a result of the bank's failure to monitor withdrawals, and students took advantage of the situation to drain the bank. The bank is now urging students to return the money, but it is uncertain how much will be recovered.

Key insights

💰Ethiopian students exploited a computer glitch in the Commercial Bank of Ethiopia to withdraw millions of dollars.

🔄The bank's failure to monitor withdrawals allowed the glitch to go unnoticed for a significant amount of time.

💸Students from various universities in Ethiopia took advantage of the opportunity, resulting in a major loss for the bank.

🔒The bank has halted all transactions and is working to fix the glitch, affecting online payments and bank-to-bank transfers.

⚖️The bank is urging students to return the money, but it remains uncertain how much will be recovered.

Q&A

How did the students withdraw millions of dollars?

—The students exploited a computer glitch in the bank's system that allowed them to continue withdrawing money even after their accounts ran out.

How did the bank discover the glitch?

—The bank became aware of the glitch when Ethiopian students started draining the bank by taking advantage of the computer glitch.

What actions has the bank taken to address the situation?

—The bank has halted all transactions and is working to fix the glitch. They are also appealing to the students to return the money they took.

What is the potential loss for the bank?

—The exact amount of the potential loss is unknown, but estimates range from 2.4 to 6 billion Ethiopian beer (approximately 42 to 105 million USD).

Will legal action be taken against the students?

—The bank's CEO has promised that no legal action will be taken against the students if they return the money.

Timestamped Summary

00:03Ethiopia, with a young population, experiences a major bank heist by students taking advantage of a computer glitch.

01:19The bank's failure to monitor withdrawals allowed the glitch to go unnoticed for a significant amount of time.

01:59Students from various universities in Ethiopia drain the bank by taking advantage of the glitch.

02:53The bank urges students to return the money they took, promising no legal action.

03:29The bank halts all transactions to address the glitch, affecting online payments and bank-to-bank transfers.

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