Due to an error that has not yet been described in detail, CoinMarketCap has made mistakes when calculating the price of many crypto securities.
Crypto data service CoinMarketCap caused a lot of buzz Tuesday night. An error on the website showed absurdly high prices and market caps for crypto stocks. The rate of Bitcoin was given at 789 billion US dollars. BTC’s market capitalization stood at 14.7 trillion on the website. The bug lasted for about an hour and has now been fixed. The website operators confirmed the problems with the courses in a tweet. They communicated:
After the irregularities we observed on our platform this afternoon, although the problem has been fixed, as a final step we will restart our servers according to our internal remediation plan. We apologize for any inconvenience.
Rumors of a hack on CoinMarketCap circulate
Of course, this lapse found an immediate response on social media. Other services using CoinMarketCap data were apparently affected by bugs as well. This includes TrustWallet and Coinbase, as Bloomberg writes. Since some DeFi protocols also use CoinMarketCap courses for reference, this bug also attracted wider circles. The loans may also have been paid off due to incorrect pricing data. Some Twitter users have already speculated that a hack could have caused the error.
We have not found any evidence to date to suggest that today’s outage was caused by an external party.
, CoinMarketCap, which is owned by Binance, said about the incident. “How did it feel to be a billionaire for a few hours?” joked the company on twitter a little late. But not everyone can laugh at that. Some report that they were on the verge of a heart attack while looking at the courses. “If this continues, people will look elsewhere for their data,” said Aaron Brown, a crypto investor who writes for Bloomberg.