CoinMarketCap seems to have landed into a soup with Crypto.com CEO Kris Marszalek coming down heavily at them for misreporting the former’s trading volume. According to Marszalek, CoinMarketCap had arbitrarily changed the ranking to 14th, with a trading volume of $1.8 billion.
However, CoinGecko put Crypto.com’s rank as 3rd, with a trading volume of $3.1 billion.
Calling Out CoinMarketCap
Marszalek took on CoinMarketCap in a tweet published on Christmas day, stating,
“Merry Christmas to team CoinMarketCap, who, a week after my response to their poorly worded tweet, arbitrarily reduced our exchange ranking to 14th. We are 2nd/3rd on CoinGecko, so you guys know where to look for real and market neutral data.”
The tweet that the Crypto.com CEO is referring to is an exchange between the two, with Marszalek eventually stating that Cyrpto.com is working on removing CoinMarketCap’s unreliable price feeds from their product. CoinMarketCap had seen a significant spike in user complaints due to a glitch that they were going through at that time.
The bug resulted in CoinMarketCap showing a significant increase in the price of cryptocurrencies that had a knock-on effect on crypto services relying on data from CoinMarketCap.
The CoinMarket Bug That Sent Prices Into Orbit
The CoinMarketCap bug attracted a tremendous amount of attention to the aggregator, but for all the wrong reasons. Prices on CoinMarketCap went sky high due to the bug, with all major cryptocurrencies affected by the bug. The price of Bitcoin was shown as a mind-boggling $789 billion per coin. The bug was live on the website for over an hour until engineers finally swung into action and fixed the glitch.
CoinMarketCap Acknowledges Bug, But Makes Light Of Situation?
The sites operators posted a tweet at 5 pm ET, stating,
“The Engineering team is aware of incorrect price information appearing on [CoinMarketCap]. We are currently investigating and will update this status when we have more information.”
While the bug was live on the website, it showed BTC’s value at $14.7 quintillion, with lowly Cocos-BCX placed first. CoinMarketCap put up a follow-up tweet, stating, “How did it feel to be a trillionaire for a couple hours?” However, the seriousness of the situation created a wave of attention on social media, with several users such as TrustWallet experiencing significant issues.
Several DeFi platforms that also use CoinMarketCap as a data source were affected, with DeFiChain tweeting,
“Some decentralized finance (DeFi) protocols also use CoinMarketCap as a source of price data. DeFi protocol DeFiChain tweeted, “Due to an error with the @CoinMarketCap API, all DeFiChain Vaults have automatically been halted, for now, ensuring the safety of your loans.”
This tweet implied that there could have been loans that were liquidated based on the incorrect data supplied by CoinMarketCap. The bug also likely had an effect on trading bots that use the CoinMarketCap API.
The CoinMarketCap Data leak
CoinMarketCap has been in the news for all the wrong reasons lately, with the price-tracking website also falling victim to a hack that saw the email addresses of nearly 3.1 million users leaked. The data leak was first reported by the website “Have I Been Pwned.”
The breach took place on the 12th of October, according to the website, and came to light when the hacked email addresses were found to be trading on several hacking forums online. CoinMarketCrap was quick to assure its users that the breach had only resulted in email addresses being stolen, while no passwords were compromised during the leak.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
