A glitch in Toss Bank's mobile application temporarily displayed the Japanese yen exchange rate at roughly half its actual value, causing confusion among users.
According to financial industry sources on the 10th, the yen exchange rate on the Toss Bank app plunged from around 932 won per 100 yen to approximately 472 won for about seven minutes starting at 7:29 p.m. Given that the yen was trading at around 930 won per 100 yen in the foreign exchange market at the time, the displayed rate was effectively half the actual price.
The error reportedly occurred during an internal system check at Toss Bank. A Toss Bank spokesperson explained, "An error in the exchange rate display occurred for approximately seven minutes during an internal inspection process. We are currently working to normalize the system and are investigating the cause and the volume of currency exchanges affected."
While the exchange rate has returned to normal levels, the currency exchange service has not yet been fully restored.
Some users may have purchased yen based on the erroneous rate during the incident. Toss Bank is currently conducting a system inspection with some selling functions restricted to stabilize the service.
Meanwhile, system input errors on digital financial platforms have been occurring with increasing frequency. Last month, cryptocurrency exchange Bithumb mistakenly disbursed a total of 620,000 bitcoin while paying out event prize money after entering the wrong unit. The error occurred when staff input the prize amount in "bitcoin" instead of "won," resulting in payouts far exceeding actual holdings.
