According to Cointelegraph, a viral TikTok trend known as the 'infinite money' glitch, which allegedly allowed users to withdraw large sums from Chase Bank ATMs, has resulted in significant debts and frozen accounts for those who attempted it.
Users on social media posted videos of themselves supposedly exploiting the 'glitch' by depositing fake checks and withdrawing money before the checks cleared, despite not having sufficient funds in their accounts. Chase Bank has since addressed the issue, with some individuals now reporting massive negative balances or holds on their accounts.
A spokesperson for Chase Bank did not confirm all the online claims but advised consumers to be skeptical of such schemes. 'We are aware of this incident, and it has been addressed,' the spokesperson said. 'Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.' Banks typically have a cooling-off period to authenticate transactions and fraud detection systems to flag unauthorized activities.
In a post on X, Bloom Institute of Technology CEO Austen Allred described the 'glitch' as check fraud under a different name. 'So the 'Chase unlimited money glitch' that went viral on TikTok was: Writing yourself a giant check, mobile depositing that check, going to an ATM to withdraw cash before the check cleared. Literally just committing check fraud,' he said.
Jim Wang, an author who discusses financial topics on TikTok, also debunked the 'glitch' as check fraud, warning that it could lead to severe consequences. 'So what people discovered over the last few days was that Chase was having problems with their ATMs. They were able to deposit checks and get the balances and were able to withdraw them,' he said. 'Chase was pretty on top of it, within a day it was all fixed and the people that were doing this were seeing big holds in their accounts or huge negative balances.'
Cointelegraph has contacted Chase for further comment.
