A bug in Coinbase and CoinMarketCap causes some coins to skyrocket in value, unfortunately this is a simple display error.
If IT services are essential in our lives today, they are not free from errors. Their consequences can be very diverse, some of them can be very superficial, others can destroy the economy or entire companies. The one that interests us today has certainly made several leaps in the hearts of interested users. Explanation.
A bug on Coinbase and CoinMarketCap causes some coins to skyrocket in value.
If you own cryptocurrencies like Bitcoin, chances are you will be watching their value on a regular basis. Depending on when you entered the market, you could have a pretty decent amount of money in your wallet, but it looks like a mistake by Coinbase and CoinMarketCap has turned all cryptocurrency holders on these platforms into millionaires, even billionaires.
The error in question revealed an erroneous value of $878 billion for bitcoin. As a result of the transaction, many bitcoin holders suddenly saw the value of their wallets rise to millions, billions or, in some cases, trillions of dollars. And Bitcoin was not the only cryptocurrency affected, Ethereum and Ripple were also affected.
Unfortunately, a simple bug with the display
And of course, unfortunately, it was all too good to be true. Many affected users have turned to the platforms for information. In a tweet posted by Coinbase, the company explains: “We are aware that some clients are seeing much higher values for non-tradable crypto assets on Coinbase.com and in the Coinbase wallet. It’s just a display issue, it doesn’t affect exchanges in any way.”
CoinMarketCap also stated that it is investigating the cause of this error in value and clarifies that it was not some kind of hack. In this case, it seems that only these two platforms were affected. In other words, if you have a wallet on some other exchange, you certainly did not have the false joy of seeing the value of your account with so many zeros.