In Brief:
- The glitch resulted in high figures for pricing for a lot of crypto coins and lasted for an hour.
- Trust Wallet, Coinbase, Exodus, etc got impacted due to the bug
- Coinmarketcap stated that there was no hacking involved in this incident.
The most absurd thing sent the whole crypto community into a frenzy and happiness at the same time but the latter only lasted for a short moment of time as the Binance-owned CoinMarketcap suffered a glitch yesterday.
CoinMarketCap is one of the top crypto value data providers and it suffered a glitch which lasted for an hour before it was fixed. The bug resulted in astronomically high figures for pricing, market capitalizations, and other metrics for a lot of crypto coins.
Bitcoin was worth $850,867,136,053.72, Ethereum was worth $179,598,602,169.65, and BNB was at $33,520,911,478. Even stablecoins had surged in value, with USDC trading at $42,042,904 and USDT at $69,894,267.23.
Various digital assets such as Solana were worth $338 million, Cardano was worth $2 million, Wrapped Bitcoin was worth $250 billion.
The glitch even caused meme coin Shiba Inu to become the top ranked cryptocurrency in the world.
Even if the data was inaccurate, it may have contributed to a meaningful halt in the crypto market’s rebound if people hurried to cash out before verifying.
BTC prices have risen to just around $48,700 after dipping to $46,600 the day before. Since the issue was found, prices have remained relatively unchanged.
One of the products affected was Trust Wallet, which uses CoinMarketCap for price data. While coin and token balances appeared in user accounts correctly, the dollar amounts were incorrect.
Exodus figures also revealed inaccurate currency balances. Even Coinbase was impacted because it uses CoinMarketCap data to illustrate the value of assets it doesn’t list, such as XRP.
Trading bots that use the CoinMarketCap API were likely affected by the problem, which would have responded to the absurd higher prices.
Crypto Twitter users were quick to react, bringing out possibly the most up-to-date stockpile of smart jokes and memes to “enjoy” their newly acquired fortune before returning to reality.
The Coinmarketcap team engaged with their audience after the incident happened and even made sarcastic and hilarious remarks.
Even though there was no explanation for the inaccuracy, Coinmarketcap insisted that it was not a hack. Nonetheless, this possibility was hotly debated on social media.
This definitely is not the first time crypto prices have gone abnormal due to bugs. In October BItcoin price dropped 87% from around $65,000 to $8,200 on Binance U.S. The glitch happened due to a bug in their trading algorithm.
