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Crypto prices on the popular trading app Coinbase and data provider CoinMarketCap.com surged sharply on Tuesday, leading some investors to believe they had grown into the trillions overnight.
Screenshots shared on Twitter showed popular coins like Ethereum, Tether, Binance Coin, Solana, Cardano, Polkadot, and Dogecoin hit billions and trillions in prices on CoinMarketCap.com early Tuesday.
JUST IN: CoinMarketCap, one of the world’s largest sources of crypto news, reportedly hacked. pic.twitter.com/Fln9R86TdQ
– Watcher.Guru (@WatcherGuru) December 14, 2021
Coinbase also admitted to posting inflated prices on its website.
We are aware that some customers are seeing inflated values for non-tradable crypto assets on https://t.co/ohqDivCZYw and Coinbase Wallet. This is a display issue only and has no impact on trading.
– Coinbase Support (@CoinbaseSupport) December 14, 2021
The surge in prices led many crypto users to believe that they had apparently become billionaires and trillions overnight.
My crypto is at the Fyre Festival it’s so hot ???!
It’s time to buy NFTs !! Thanks @coinbase! Https: //t.co/kS48sIJDjk pic.twitter.com/Msjh9WMTK8
– messina.eth (@chrismessina) December 14, 2021
Thank you Coinbase? pic.twitter.com/jPO8gNPldx
– Will Hershey (@maybebullish) December 14, 2021
I just logged into my Coinbase account to see what’s good today and? pic.twitter.com/zTr2QBFu5W
– Michael Starrbury (@StarrburyMike) December 14, 2021
Coinbase and CoinMarketCap both acknowledged the problem but did not explain the source of the problem. Some speculated that the platforms had been hacked while others wondered if it was human error.
“Engineering is aware of incorrect pricing information appearing on CoinMarketCap.com. We are currently investigating and will update this status when we have more information, ”the referral service said in a statement. The company later wrote, “Engineering has rolled out a fix, all pricing must be correct. ”
CoinMarketCap then mocked the situation on Twitter with a series of memes:
How does it feel to be a billionaire for a few hours?
– CoinMarketCap (@CoinMarketCap) December 14, 2021
The pricing issues are resolved, but …… https: //t.co/kL8gS5x8im pic.twitter.com/5yT1ZGiQ1D
– CoinMarketCap (@CoinMarketCap) December 14, 2021
The company added that it was “restarting our servers as a final step,” and said it had yet to find any evidence of foul play by an outside party.
Coinbase called the issue a “display only” issue and said it would not impact trading.
We are aware that some customers are seeing inflated values for non-tradable crypto assets on https://t.co/ohqDivCZYw and Coinbase Wallet. This is a display issue only and has no impact on trading.
– Coinbase Support (@CoinbaseSupport) December 14, 2021
On Tuesday evening, the coins returned to their actual prices much to the dismay of crypto investors around the world, although many were inspired to think about what the cryptocurrency markets might look like in the future.
In other news, Elon Musk said Tesla will accept Dogecoin for “some commodities.”
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