For a small span of time, crypto holders around the globe were multi billionaires and millionaires as data from the chief crypto price aggregator CoinMarketCap portrayed some dazzling figures for the values of crypto along with their market data and capitalization. Experts predict that there are chances of a CoinMarketCap hack. The same issue was reported on the CoinMarketCap app as well.
CoinMarketCap On The Price Issue
Opposing crypto market cap aggregation portal CoinGecko.com looked to be unaffected and had typical pricing data across the duration of CoinMarketCap hack problems. As of this writing, the condition for CoinMarketCap looked to have stabilized with general valuations.
The timing for this huge mishap is especially bad because the Senate Banking Committee hearing prior to the day was generally negative in respect to stablecoins and digital currency in general. However, it is unlikely that there are many retail investors who would be hurt by such raised values on digital currency exchanges, offering that the distorted values would be out of their range. It will be fascinating to have a look at the blockchain, when this is done, to witness whether anyone successfully sold their cryptos at sky-high — yet highly fake — pricing.
CoinMarketCap asserted this, writing that its
“Engineering team is aware of incorrect price information appearing on (the site) and that they were currently investigating and will update this status when we have more information.”
Even though many thought there was a CoinMarketCap hack, the company has termed it as a glitch. While this issue has since been fixed, the values of some assets like BTC were as high as $1.5 quadrillion. Other virtual assets like Solana had a price of $338 million, Wrapped Bitcoin had a price of $250 billion, Cardano $2 million, while the stablecoins like USD Coin, Binance USD, DAI, witnessed their value increase to more than $10 million per coin.
The glitch which was mistaken as the CoinMarketCap hack also led to Shiba Inu shortly ranking as the biggest crypto asset by market capitalization, even though its price was much lower at $5,536. Also, the market capitalization of the crypto space generally increased to $20 quintillion.
While the glitch appears to have been fixed, the crypto aggregator witnessed the fun side to it asking its Twitter followers on how they felt to be a trillionaire for a few hours. Also, CoinMarketCap recognized the problem through its Twitter handle and stated that the issue is being addressed.
“Our website is currently undergoing Price Issues
The Engineering team is aware of incorrect price information appearing on https://t.co/3AD93ocjMp.
We are currently investigating and will update this status when we have more information. 👍 🙏
— CoinMarketCap (@CoinMarketCap) December 14, 2021”
There was a rapid reaction on Twitter with some predicting that the website was hacked.
CoinMarketCap On The Price Issue
Opposing crypto market cap aggregation portal CoinGecko.com looked to be unaffected and had typical pricing data across the duration of CoinMarketCap hack problems. As of this writing, the condition for CoinMarketCap looked to have stabilized with general valuations.
The timing for this huge mishap is especially bad because the Senate Banking Committee hearing prior to the day was generally negative in respect to stablecoins and digital currency in general. However, it is unlikely that there are many retail investors who would be hurt by such raised values on digital currency exchanges, offering that the distorted values would be out of their range. It will be fascinating to have a look at the blockchain, when this is done, to witness whether anyone successfully sold their cryptos at sky-high — yet highly fake — pricing.
Conclusion
Yesterday experts predicted that there was a CoinmarketCap hack, as the values of the cryptos skyrocketed. The value of many cryptos went up as high as a quadrillion. But later, CoinmarketCap tweeted the issue and promised to fix it. At the time of writing this, the issue has been fixed by the company and it was termed as a glitch. Now you can use the website safely and there is also an option for CoinMarketCap app download.
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