Hi HODLers,
You probably all noticed the bug from CoinMarketCap which made us all billionaires at least on paper. I guess Bitcoin and ETH whales even became trillionaires.
The proximate source of the incorrect data is CoinMarketCap. According to CoinMarketCap, a single Bitcoin today blew well past the $50,000 resistance to become worth $799 billion. Ethereum now goes for $43 billion. Thanks, EIP-1559!
This also highlights how other wallets and exchanges may be reliant on single point of failures. We have 2 big crypto prices aggregators at the momentL CoinMarketCap (acquired by Binance a while back) and CoinGecko.
TrustWallet, one of the popular one that relies 100% on CoinMarketCap was one of the most affected of course.
https://twitter.com/ashokarorain/status/1470872500720390144?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1470872500720390144%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F88344%2Fcoinmarketcap-glitch-sends-bitcoin-wallet-balances-trillions
- ashokarorain
According to Coindesk:
CoinMarketCap has not yet responded to Decrypt's request for more information about whether the error was the result of a glitch or hack.
I guess we might never know the true story behind this glitch/hack.
As I read it in some Discord Channel, I hope not too many bots were only based on CMC MarketPrices; otherwise they might have entered some trades based on fake numbers.
In any case, the cryptomarket bounce has not been altered by this event, let's hope it continues going forward.
Stay safe out there,
Source: https://decrypt.co/88344/coinmarketcap-glitch-sends-bitcoin-wallet-balances-trillions
