A glitch in Toss Bank's mobile application caused the Japanese yen exchange rate to plunge to nearly half its actual value temporarily.
According to financial industry sources on the 10th, the yen rate on Toss Bank's app dropped to around 472 won per 100 yen at approximately 7:30 p.m. that day. The actual yen exchange rate at the time was around 932 won. The rate was restored to normal levels about 10 minutes later, at around 7:40 p.m.
Online communities were flooded with reports claiming users had successfully completed currency exchanges at the erroneous rate. Some users reported that automatic exchange orders had been processed. Users posted comments such as "I had set up an exchange request on Toss for when the yen fell below 900 won, and it actually went through" and "When I saw the 427 won figure, I thought something catastrophic had happened in Japan." Others expressed regret, writing "I can't believe I missed this bargain sale."
Toss Bank suspended yen exchange transactions immediately upon detecting the issue. Normal trading reportedly resumed around 9 p.m.
A Toss Bank spokesperson said, "An incorrect exchange rate was temporarily applied during an internal system check," adding that "we are currently assessing the volume of exchanges conducted during this period."