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Monday, October 7
Astronomical gains on CoinMarketCap and Coinbase due to technical failure: Crypto.com considers them unreliable
Due to a technical glitch in CoinMarketCap and Coinbase, “super inflated earnings” were displayed in some cryptocurrencies and virtual wallets. Getting many user portfolios to show them “virtually billionaires” for a moment.
This “glitch” bothered the Crypto.com application team , one of those affected, and decided to withdraw from these companies as “unreliable”. This was announced by Kris Marszalek, CEO of Crypto..com, who asserted that these exchanges are not a reliable source of prices.
showed multi-million dollar wallets in the Trust Wallet. Imagine going to check your balance in your wallet and see that a Bitcoin was worth $ 779 billion dollars; or an Ether was worth 9 billion.
Values display issues were fixed both On CoinMarket, as on Coinbase on the same Tuesday night, however, users continued to report “temporary problems” accessing the Coinbase platform.
It was not possible to know if it was really a technical failure, as it looked like a “ hack “. Reason why people end up thinking that the problem came from the platform that is directly oriented to the client, that is, a third party and not the main platform.
On the other hand, it is not known what was the reason for the technical failure, but it is believed that it had to do with the programming interface of said Applications; they may also be the role of the API which apparently have had a lot of trouble recently.
According to Bloomberg, Coinbase did not respond on the question of how it obtains its price data, he only sent for answers to Coinbase Support.
At the time, both Coinbase and Crypto.com did not respond to the question on “how much do they pay for Coinmarkey’s data feed.
These kinds of glitches occur frequently on platforms dedicated to cryptocurrency transactions , and the worst thing is that they usually happen at the time of “greatest commercial activity.”
The exchange in question, announced that the problem had been fixed on restart servers and apologized for the inconvenience, but did not reference the astronomical gains that were exposed in some cryptos. It also did not refer to the affected apps.
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
Along with the apology, CoinMarketCap joked or was ironic when asking its users How did it feel to be a billionaire for a few hours? and even recommended “cancel Forbes interviews” for that that they were no longer billionaires.
Meanwhile, many users of the platform expressed concern about possible security problems.