Ethiopian Bank Faces $40 Million Loss After Technical Glitch

The glitch allowed customers to withdraw excess funds, with university students among the first to exploit the issue.

Ethiopia's largest bank, the Commercial Bank of Ethiopia, faces a major issue after a technical glitch allowed customers to withdraw more money than they had, resulting in a loss of over $40 million.
The glitch was first exploited by university students who spread the news on social media, leading to widespread withdrawals across the country.
Officials have ruled out a cyberattack, attributing the glitch to a routine system update gone wrong.
The bank is actively attempting to recover the lost funds and has stated that students who return the money will not be prosecuted.
The incident has sparked a broader discussion on banking security and the need for modern fraud-fighting tools.