CEO lashes out at CoinMarketCap for inaccurate trading volumes

CoinMarketCap appears to have landed in a soup with CEO Kris Marszalek, who is heavily criticizing them for misreporting the former’s trading volume. According to Marszalek, CoinMarketCap had arbitrarily changed the rankings to 14th place, with a trading volume of $ 1.8 billion.

However, CoinGecko placed in third place, with a trading volume of $ 3.1 billion.

Calling CoinMarketCap

Marszalek confronted CoinMarketCap in a tweet posted on Christmas Day, stating:

“Merry Christmas to the CoinMarketCap team, who, a week after my response to your poorly worded tweet, arbitrarily lowered our exchange ranking to 14th. We are second / third on CoinGecko so you guys know where to look for real, neutral data in the market. “

The tweet the CEO is referring to is an exchange between the two, with Marszalek finally indicating that is working to remove CoinMarketCap’s unreliable prices for its product. CoinMarketCap had seen a significant increase in user complaints due to a glitch they were going through at the time.

The bug caused CoinMarketCap to show a significant increase in the price of cryptocurrencies that had a ripple effect on crypto services that are based on data from CoinMarketCap.

The CoinMarket mistake that put prices into orbit

The CoinMarketCap bug attracted an enormous amount of attention to the aggregator, but for all the wrong reasons. Prices on CoinMarketCap went through the roof due to the bug, and all major cryptocurrencies were affected by the bug. The price of Bitcoin was shown as a mind-boggling $ 789 billion per coin. The bug was active on the website for over an hour until the engineers finally jumped into action and fixed the problem.

CoinMarketCap acknowledges error, but clarifies the situation?

The operators of the sites posted a tweet at 5 p.m. ET, stating:

“The engineering team is aware of incorrect pricing 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 the value of BTC at $ 14.7 trillion, with Cocos-BCX in first place. CoinMarketCap posted a follow-up tweet that read, “How did it feel to be a billionaire for a couple of hours?” However, the seriousness of the situation generated a wave of attention on social networks, and several users, such as TrustWallet, experienced significant problems.

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. The DeFi DeFiChain protocol tweeted: “Due to a bug with the @CoinMarketCap API, all DeFiChain vaults have been automatically stopped, 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 provided by CoinMarketCap. The bug has likely had an effect on trading bots using the CoinMarketCap API as well.

The CoinMarketCap data leak

CoinMarketCap has been in the news lately for all the wrong reasons, and the price-tracking website was also the victim of a hack that saw the email addresses of nearly 3.1 million users leaked. The data leak was first reported by the “Have I Been Pwned” website.

The breach took place on October 12, according to the website, and came to light when it was discovered that the hacked email addresses were being traded on various online hacking forums. CoinMarketCrap was quick to assure its users that the breach had only resulted in the theft of email addresses, 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..


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