Due to a bug that has not yet been described in more detail, CoinMarketCap has made errors in the price calculation of many crypto values.
The crypto data service CoinMarketCap caused a lot of commotion on Tuesday evening. A bug on the website showed absurdly high prices and market capitalizations for crypto stocks. The Bitcoin rate was given as 789 billion US dollars. The BTC market capitalization stood at 14.7 quintillion on the website. The error lasted for about an hour and has now been fixed. The website operators confirmed the problems with the courses in a tweet. They communicated:
Following the anomalies we observed on our platform this afternoon, although the problem has been resolved, as a final step we will restart our servers according to our internal remedial plan. We apologize for the inconvenience.
Rumors of a hack at CoinMarketCap made the rounds
Of course, this lapse found an immediate response on social media. Other services that use data from CoinMarketCap were apparently also affected by errors. This includes TrustWallet and also Coinbase, how Bloomberg writes. Since some DeFi protocols also use the CoinMarketCap courses for reference, this error also drew wider circles. Loans may also have been liquidated due to incorrect pricing data. Some Twitter users have already speculated that a hack could have triggered the error.
So far, we haven’t found any evidence to suggest that today’s disruption was caused by an outside 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 bit later. But not everyone can laugh about that. Some report that they were on the verge of a heart attack while looking at the courses. “If this continues, people will be looking for their data elsewhere,” said Aaron Brown, a crypto investor who writes for Bloomberg.