"Exchanging 100,000 yen for 500,000 won" – Toss Bank hit by 'half‐price yen' error

[The Financial News] Toss Bank experienced a temporary foreign‐exchange glitch in which the exchange rate for the Japanese yen (JPY) briefly dropped to about half its normal level.
According to Toss Bank on the 10th, a temporary display error in the yen exchange rate occurred for about seven minutes from 7:29 p.m. that day while the bank was conducting an internal system check.
Because of this, the yen exchange rate shown in the Toss Bank mobile application, which had been around 932 won, suddenly and abnormally plunged to 472 won at about 7:29 p.m.
Users reported that they were actually able to make exchanges at the sharply lower rate. One customer told News1 that they exchanged 105,909 yen for 499,996 won and 21,181 yen for 99,999 won.
In a notice, Toss Bank stated, "We are identifying the detailed cause and working to resolve it," adding, "Some foreign‐currency exchange transactions via foreign‐currency accounts are currently restricted. Domestic and overseas payments with debit cards were briefly delayed, but service has now returned to normal."
The cause of the error is still under investigation, and Toss Bank is said to have reported the incident to the Financial Supervisory Service (FSS) immediately after it occurred.

bng@fnnews.com Reporter Kim Hee-sun Reporter