Forbes CNBC has suspended its Million Dollar Portfolio Challenge due to an exploit that some contestants used to reach the top of the leaderboard.
The contest draws participants from around the world. The object of the contest is to create a fantasy portfolio of stocks and currencies. The contestant with the best (i.e., most profitable) investment strategy wins the grand prize. The contest is not limited to those with real-world investing experience: previous winners include a jazz musician and a waitress.
However, a “technical glitch” has been discovered, and the contest has been postponed until it can be remedied. “The contest accidentally allowed what our rules specifically prohibited,” according to a letter sent to contestants by CNBC. “Out of fairness to all registered contestants and as is our right,” the letter continues, “according to the rules of the contest, we are suspending the contest and will restart it Sunday, October 30 at 5:00 p.m. ET. Upon relaunch, all player accounts will be reset to their opening balance. Play will begin anew for the final five weeks of the contest. All winners from the first five weeks, including this week, will retain their prizes.”
CNBC has not revealed the nature of the glitch.