Dollar Soars to 1,440 Won... Toss Securities Exchange Incident at 1,298 Won

SC Jeil Bank, Partnered with Toss Securities, Experiences 26-Minute Error
Currency Arbitrage 'Verified Post' Also... Toss Securities "Will Not Reclaim Customer Profits"

[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] On the 28th, when the KRW-USD exchange rate soared to 1,440 KRW intraday, setting a new record high, Toss Securities experienced an incident where currency exchange occurred at the 1,200 KRW level.

From 1:51 PM to 2:17 PM the previous day, for about 26 minutes, an error occurred in the dollar purchase exchange rate information provided by SC First Bank to Toss Securities, showing a rate of 1,298 KRW. Toss Securities' currency exchange service operates by linking to the exchange rates of its partner bank, SC First Bank. SC First Bank explained, "During the upgrade process of the exchange rate system provided to Toss Securities, an issue occurred, and it was corrected to the normal exchange rate immediately after confirmation."

Various internet forums posted verification messages claiming that users exchanged dollars at the erroneous rate and then resold them to gain foreign exchange profits. Toss Securities stated, "It is true that transactions occurred at the lower exchange rate provided by SC First Bank during that time," and added, "We do not plan to recover profits from customers."

An SC First Bank official said, "It has been confirmed that other transaction exchange rates were not affected," and added, "We are currently investigating the cause of the error."

Meanwhile, on the previous day in the Seoul foreign exchange market, the KRW-USD exchange rate closed at 1,439.9 KRW, up 18.4 KRW from the previous day's closing price. Intraday, it surged to 1,442.2 KRW, breaking through 1,440 KRW for the first time in 13 years and 6 months since March 16, 2009.

This content was produced with the assistance of AI translation services.