Mumbai, March 20: Ever imagined waking up to find an infinite money glitch? The dream has become a reality for Ethiopian people as the ATM's technical glitch is allowing them to withdraw millions. The incident prompted massive queues at ATMs nationwide, with individuals seizing the moment to withdraw funds.

According to a BBC report, in an extraordinary turn of events, Commercial Bank of Ethiopia customers woke up to a financial windfall as a technical glitch following a routine system update allowed withdrawals exceeding account balances. The glitch resulted in approximately 500,000 transactions, as stated by the bank’s CEO, Abe Sano. While the exact sum withdrawn remains undisclosed, local media estimates suggest a staggering loss of around 2.4 billion Ethiopian Birr (approximately USD 42 Billion). Ethiopia Rejects Allegations Its Forces Massacred Civilians as the West Urges an Investigation.

Root Cause and System Shutdown

The central bank of Ethiopia has attributed the malfunction to a ‘routine system update and inspection,’ ruling out the possibility of a cyber-attack. The banking system experienced a temporary shutdown for several hours to address the issue, leaving customers unable to access cash.

Ongoing Recovery Efforts

Under CEO Abe Sano's leadership, the bank is working closely with law enforcement to recoup the misplaced funds. Surprisingly, the bank has decided against legal proceedings for students who made unauthorized withdrawals. Ethiopia Floods: Flooding Hits 1.5 Million People, Routing 600,000 From Their Homes, Says UN.

The glitch on Saturday became viral on social media, largely disseminated by university students who capitalized on the bank’s predicament to extract significant sums of money.

(The above story first appeared on LatestLY on Mar 20, 2024 04:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).