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Student's cryptocurrency investment explodes to over $1trillion

Daily Mail logo Daily Mail 6/21/2021 Matt Mcnulty For Dailymail.Com
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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.   

Coinbase later confirmed that his balance was shown in error and will be corrected. 

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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. 

Rocket Bunny tokens offer crypto 'burning' to slow down inflation

Described by as ‘the next evolution in decentralized finance,’ Rocket Bunny is a recent entry into the cryptocurrency market, having launched back in February.

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 and has lost over 20 percent in the last six days alone.

'So, that's when I'm like, 'Okay, I'm just going to have fun with it at this point.' So, I went to Twitter,' said Williamson. 

Williamson tweeted to both Coinbase and Rocket Bunny, making light of the situation, writing: 'If I'm not invited to the coinbase Christmas party this year I'm going to be ticked off. 

Video: Crypto pros: Haven't returned to bull market territory (CNBC)


'I think I'm being a pretty good sport about this considering ya'll got my account looking like Elon Musk.' 

'I thought for sure because he trolls people all the time,' he said of Musk's social media presence. 'I am hoping he's actually saw it and maybe he's been following it, but I don't know. That is an Elon Musk wallet.'

While he figured the cryptocurrency exchange platform would fix his grossly-inflated account balance, Williamson was surprised to see the amount actually increased in the days following his discovery of the initial glitch. 

He claimed his Coinbase account is currently frozen until the issue could be cleared up.

However, Coinbase Support provided a vague response to when asked about Williamson's account. 

A representative said his account was never locked and would not say when his balance will return to normal. 

'Support responded to the user on June 18. Also, I wanted to clarify that the user's account was never locked and he never lost access to the account,' the representative said. 

As for Williamson, he's realistic about the whole thing, knowing full well that the massive account balance is nothing more than a glitch. 

However he did jokingly write to Coinbase Support that he would settle for 5-cents on the dollar.

'You know when you look at it, it's like you know there's no way I’m ever going to get this amount of money,' he said. 

Williamson had invested his $20 in Rocket Bunny tokens, a new cryptocurrency 'with a max circulating supply of 777 Quadrillion,' according to their website.  

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In comparison, the much more popular Bitcoin has a total maximum supply of 21 million, but tumbled almost 10 percent on Monday over China's expanding crackdown on bitcoin mining in thin liquidity for the losses.

Bitcoin fell as low as $32,094 to its lowest in 12 days, dragging smaller coins like Rocket Bunny down. It was last down 8.3 percent, on course for its biggest daily drop in a month. 

The world's biggest cryptocurrency has lost over 20 percent in the last six days alone and is down by half from its April peak of almost $65,000. Still, it has still gained over 10 percent this year.

Meanwhile, Williamson is taking the whole experience in stride. 

'The ongoing joke right now between me and like my friends in Coinbase and one of the emails I sent them was like: "Look, I need y'all to let me know what's going on because I got a mega-yacht company ready to build me a penguin-shaped yacht,"' he said in jest. 

'So, you know, let me know.' 

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