CoinMarketCap Glitch Sent BTC Wallet Balances To Trillions: Report

A CoinMarketCap glitch sent BTC wallet balances to reach trillions which means the users saw the wrong dollar balance in their accounts so let’s find out more in today’s Bitcoin latest news.

Sadly for many users, SafeMoon didn’t hit the moon, and also Shiba Inu didn’t rally by 50 decimals, it was all some bad data. The source of the incorrect data is CoinMarketCap as one of the top crypto price data providers and according to the data provider, one single BTC today surged past ,000 resistance to become worth 9 billion while ETH goes for billion as it was shown in the users’ BTC wallet balances.
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Trust Wallet which relies on the CoinMarketcap provider for price data is one of the affected products. The coin and token balances seemed to be in the correct user balances but the dollar values were not.

#CoinMarketCap probably hacked or broke, showing insane figures pic.twitter.com/S1mmxll77c

— Ashok Arora (@ashokarorain) December 14, 2021

Trust Wallet was not alone. Exodus members showed incorrect dollar balances and even Coinbase got affected since it uses CoinMarketCap figures to display the values of the asset that it does list anymore like XRP. coinmarketcap hasn’t responded to requests for more information about whether the error was a result of a glitch but it did tweet an acknowledgment of the issue:

“The Engineering team is aware of incorrect price information appearing on http://CoinMarketCap.com. We are currently investigating and will update this status when we have more information.”

The data was incorrect but it may have contributed to a real stall in the market recovery which was already happening especially if the users rushed to cash out before taking a closer look. After dropping to $46,000 a day ago, the BTC price increased today to just under $48,700 but the prices remained flat over the past hour since the error occurred. This is not the first time that crypto users saw incorrect balances actually. The crypto lender BlockFi credited 100 users with BTC that didn’t actually belong to them as one person said they got 700 BTC worth $34 million at today’s prices. It then asked the users to return the funds and even threatened legal action at someone that withdraw.

As recently reported, The market troubles from a week ago haven’t settled down. Bitcoin and Ethereum were both down by 6% on Monday according to Coingecko. The previous week ended with the news that Chinese real estate developers Evergrande and Kaisa missed the US dollar bond payment which caused the crypto markets as well as bond markets to crash. The analyst Alex Kruger said that we should be soon seeing the impact of performance fees, audits, wash sales, and bonuses.