A nursing student in Georgia woke up to find the $20 he invested in the cryptocurrency Rocket Bunny exploded in value to over $1trillion due to a glitch in the Coinbase app - but sadly he won't be able to cash in.
Chris Williamson shared his stunning story last week after he checked his investment on Tuesday morning and saw that it had ballooned to $1,189,313,417,915.16.
'I woke up, it's like 9am and I always check my phone to check how my crypto to see how it's doing and I'm just like, "Naw, I'm sleeping,"' Williamson told FOX 5.
'I look at it again and I'm like… at that point I fall out of my bed, literally.'
Unfortunately when Williamson attempted to move the newly-found crypto fortune into another digital wallet, it showed a much lower price.Insurance Loans Mortgage Attorney Credit Lawyer
Coinbase later confirmed that his balance was shown in error and will be corrected.
Chris Williamson, a nursing student in Georgia, woke up to find the $20 he invested in the cryptocurrency Rocket Bunny exploded in value to over $1.4trillion due to a glitch in the Coinbase app - but sadly he won't be able to cash in
Williamson shared his stunning story last week after he checked his investment on Tuesday morning and saw that it had ballooned to $1,189,313,417,915.16
Rocket Bunny is a new cryptocurrency 'deflationary token with a max circulating supply of 777 Quadrillion' according to their website
Describing his frantic phone call to a friend, Williamson said: 'I got him on the phone and I’m like: "Dude, you need to help me figure out how to sell this now!" He's like: "Chris, something's wrong."'
He contacted both Coinbase, the cryptocurrency exchange platform he uses, and Rocket Bunny. A representative from Coinbase simply replied that they were looking into the issue, while Rocket Bunny did not immediately respond, Williamson said.
Described by as ‘the next evolution in decentralized finance,’ Rocket Bunny is a recent entry into the cryptocurrency market, having launched back in February.Insurance Loans Mortgage Attorney Credit Lawyer
With a max circulating supply of 777 Quadrillion tokens, Rocket Bunny offers a unique take on cryptocurrency, with one percent out of the four percent transaction rate being 'burned to The Rabbit's Hole,' as the company describes.
Burning cryptocurrency effectively removes tokens from the available supply, increasing its relative scarcity, according to Investopedia.
‘As volume increases, the amount burned increases logarithmically, eventually leading to an exponential decrease in supply,’ their website states.
'This means the Rocket Bunny supply will become more scarce, (and) your holdings will continue to increase.'
Rocket Bunny's business model comes at a crucial time in the crypto market, as Bitcoin fell almost 10 percent on Monday