For a few hours many people were millionaires: a mistake triggered the price of cryptocurrencies on Coinbase

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Imagine waking up one morning and seeing that you have practically unlimited money in your wallet. This was the situation for many CoinMarketCap and Coinbase users last Tuesday. And is that the aforementioned websites showed exaggeratedly high price spikes in several of the cryptocurrencies on the market. This, of course, led to confusion, causing many of its users to believe they were becoming billionaires.

The values ​​were such that, in the figures of the crypto data provider bitcoin appeared with a value of more than 800,000 million dollars per unit, something tremendously far from its real value. However, it was not the only cryptocurrency affected, since the error caused practically all of them to show totally crazy prices.

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Billionaire, but only for a few hours

coinbase

There is currently no way to know what could have caused this failure. From CoinMarketCap they were aware of the situation and their engineering team was trying to solve the error, a situation that lasted for a couple of hours. They finally found the solution, although from the website they assure that they do not know what could cause it.

This situation also led to many jokes from the community, and even from the website itself on Twitter. CoinMarketCap wrote a tweet asking “what it felt like to be a billionaire for a few hours.”

The error in question only showed astronomical figures, but did not affect cryptocurrency trading at all. The confusion caused and the attempt to calm the waters by CoinMarketCap even caused Kris Marszalek, CEO of crypto.com, to assure in a tweet who are already working on ‘removing said data provider from their product’.

The fact that hundreds of Blockchain applications depend on this type of tool as a source to display financial data, has been able to have a colossal impact on the market, since multiple users could have been harmed due to false settlements.

CoinMarketCap finally apologized, commenting in a tweet that due to the observed irregularities, they were forced to restart the servers.

Via | Business Insider

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