CoinMarketCap Recognizes Tether (USDT) as Glitch, Apologizes for the Problems

CoinMarketCap Recognizes a Glitch and Apologizes for the Problems

We recently wrote an article about how CoinMarketCap was displaying a glitch in which most virtual currencies registered extraordinary gains. Indeed, some of them were shown more than 1,000% times their real price.

About it CoinMarketCap wrote a tweet in which they explain what happened with the platform. Apparently, there was a price calculation error on Tether and caused listings with a Tether market to be inflated artificially.

We apologize for the glitch earlier. There was a price calculation error on Tether which caused any listing with a Tether market to become artificially inflated. We will release a post mortem in the near future giving more details and our plans for preventing this in the future.

— CoinMarketCap (@CoinMarketCap) August 3, 2018

The company explained that they will be releasing a post mortem in the near future in order to explain the situation with more details. Additionally, they said that they will be working in order to prevent the situation happening again.

CoinMarketCap is one of the most important websites all over the world and not only in the cryptocurrency space. At the moment of writing, CoinMarketCap is the 301st website in the world and it is ranked 251. In March it was in the 103rd place.

It is important to mark that CoinMarketCap was not hacked, as the company explained in another comment: ‘it was a glitch.’

Hello, no, not hacked. It was a glitch. Thank you.

— CoinMarketCap (@CoinMarketCap) August 3, 2018