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The price of a wrong keystroke at Citigroup was heavy: $322 billion was deleted

This time, a Citigroup employee made the wrong typing errors, which are seen from time to time in the crypto world. This mistake cost the company dearly. As a result of the investigation, which ended approximately 2 years later, Citigroup was fined $78 million.

Same period as the Terra LUNA crisis

In this incident, which took place in May 2022, when the cryptocurrency world was experiencing a major collapse due to the Terra LUNA crisis, the Citigroup trader caused a major collapse in the first minutes of the markets opening in Europe.

$322 billion was deleted

The transaction, which brought a major decline in the OMX Stockholm 30 Index (OMXS30), an index that includes the stocks of the 30 largest and highest volume companies traded on the Stockholm Stock Exchange, caused $322 billion to be deleted from the index.

58 million dollars, 58 million units!

According to the information provided by the US media Bloomberg, the trader actually wanted to "hedge" his company's position in the MSCI World Index. The trader, who wanted to create a total basket of 58 million dollars from some stocks, mistakenly wrote 58 million in the quantity section. This actually caused the company to open a huge transaction worth $444 billion.

In fact, Citi also had a control mechanism for such errors. Although most of the transaction was canceled by this mechanism, some of it was realized and a transaction worth 1.4 billion dollars was implemented.

“The error could not be detected by the system”

The Bank of England Prudential Regulation Authority, one of the UK regulators, completed its investigation on the issue and stated that the error was not detected "instantly" by the systems that should work automatically, but by the person who opened the transaction, 15 minutes after the transaction started.