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DECEMBER 2021

GLOBAL

COINMARKETCAP

DESCRIPTION OF EVENTS

"CoinMarketCap is a website that tracks the price movement of cryptocurrency. Binance Capital Management, which runs cryptocurrency exchanges, acquired CoinMarketCap in April 2020." "A recent report by statistics firm HypeStat claimed that every day more than 20 lakh 70 thousand people from countries like the US, India and Japan visit the platform to price-track and stay updated on cryptocurrencies."

 

"Crypto market data firm CoinMarketCap experienced a glitch in pricing data for approximately two hours on Wednesday, Dec. 15, 2021. Bitcoin shot to $850B, while Ethereum supposedly hit $179B. This sent traders reeling headfirst into utopia. Many believed they were crypto trillionaires. CoinMarketCap burst their bubble by announcing that a glitch had occurred in its price calculation engine due to the high volume of users on the platform."

 

"Binance Coin was listed at more than $2B, with its actual price at around $527. Shiba Inu’s price shot up to $22,026. Its actual price was around $0.000034." "Bitcoin hit $850 billion this past Tuesday while Ether popped to $179 billion per token. The prices weren’t real, of course. But they highlight how vulnerable crypto data providers and exchanges are to glitches and hacks."

 

"Whether the mistake was due to a security breach or simply a software bug is unclear." "It was an error in the display of the price. Coinbase’s non-tradeable asset data was affected, and assets in Coinbase Wallet were affected."

 

"Twitter user @michaeljknowles tweeted that he appeared to have $7.7B worth of Ethereum in his Coinbase Wallet and decided to sell, despite the $1.2 miner fee. He only received $48.05."

 

“A drastic volume of users...caused huge pressure in our servers and impacted our price calculation engine,” CoinMarketCap said in an email to Barron’s, adding that the issue was quickly fixed.

 

"CoinMarketCap’s website announced at approximately 21:36 UTC that the engineering was aware of the incorrect prices but worked to resolve the issue. The issue was deemed resolved at 21:39 UTC on Dec. 15, 2021. CoinMarketCap’s systems are currently all operational."

On December 15th, 2021, the price on CoinMarketCap glitched. As far as we can observe, there were relatively limited impacts due to this incident.

Sources And Further Reading

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