
The Commercial Bank of Ethiopia experienced a significant technical glitch in its ATM and digital payment system, allowing customers to withdraw and transfer unlimited funds over approximately 12 hours. This incident led to a reported loss of more than $40 million. In response, the bank has announced plans to publicize the names and images of individuals, particularly students, who took advantage of this malfunction to illegally withdraw large sums of money. The bank has set a deadline for the return of the illicitly acquired funds. Subsequently, efforts to recover the lost money have seen some success, with the bank managing to recoup nearly $11 million, which is approximately 80% of the lost funds.



⚠️ COMMERCIAL BANK OF ETHIOPIA RECOVERS $11 MILLION LOST IN SYSTEM GLITCH Full Story → https://t.co/TfOH4GDxmT https://t.co/P2rVJHELXn
Ethiopia’s biggest bank says it has recouped nearly 80% of the cash it lost during what it says was a glitch in its system that allowed customers to take out more money than they had in their accounts. https://t.co/VMpfGu2fgY
Ethiopia's largest bank recovers majority of funds lost in system glitch https://t.co/ZPLx7Ik3kJ https://t.co/Hy71Npifme