CoinMarketCap glitch caused cryptocurrency prices to soar

The exchange rate of BTC turned out to be at $789 million and ETH $40 million

15.12.2021 - 07:45

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2 min

What’s new? On the night of December 15, the CoinMarketCap portal experienced a technical glitch that caused cryptocurrency rates to be inflated thousands of times. The exchange rate of BTC appeared at $789 million and ETH at $40 million. As a consequence, the TrustWallet users' balances were incorrectly displayed. The users were sharing screenshots of their wallets on the Twitter social network using the hashtag #Trustwallet.

Is #Trustwallet bugging or am I a billionaire 😂😂 pic.twitter.com/vqczgAM5hC— Steven Wheeldon (@stevenwheldon93) December 14, 2021

What do the CoinMarketCap representatives say? As the company's representatives explain on their blog, it was not a hacker attack. They had to resort to rebooting the servers to solve the problem.

Following the irregularities we observed on our platform this afternoon, despite the issue having been fixed, we will be rebooting our servers as a final step in accordance with our internal remediation plan. Apologies for the inconvenience.— CoinMarketCap (@CoinMarketCap) December 15, 2021

What other sites were affected by the glitch? The same problems were observed on the Coinbase exchange. Some decentralized finance (DeFi) protocols also use CoinMarketCap as a data provider. The DeFi DeFiChain team reported that due to an error in the CoinMarketCap API, all activity on the site was automatically halted to ensure the safety of customer funds.

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