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Home Prices and Markets

Coinbase bug makes bitcoin punters overnight billionaires

"My Coinbase account is up almost $59 Billion in less than 5 minutes. I quit my job and i’m free", one person said.

Jack Peat by Jack Peat
2021-12-15 08:06
in Prices and Markets
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A bug in the popular Coinbase app turned its punters into overnight billionaires for a few hours yesterday evening.

Crypto data aggregator CoinMarketCap experienced a technical fault that resulted in eye-popping figures for prices, market capitalizations and more.

The bug was live for about one hour and has now been fixed.

In a tweet at around 10pm, the site’s operators acknowledged the pricing issues, saying that “[t]he Engineering team is aware of incorrect price information appearing on [CoinMarketCap]. We are currently investigating and will update this status when we have more information.”

According to the website, Bitcoin’s market cap appears to be $14.7 quintillion, when it is actually closer to $1 trillion.

“How did it feel to be a trillionaire for a couple hours?” the site, which is owned by crypto exchange Binance, said in a follow-up tweet.

How did it feel to be a trillionaire for a couple hours?😂

— CoinMarketCap (@CoinMarketCap) December 14, 2021

As expected, the bug triggered a wave of social media attention.

Here’s what people had to say:

lol, @coinbase you’re drunk. (WAGMI) pic.twitter.com/2W8DIQqFon

— Josh Ong (@beijingdou) December 14, 2021

I was expecting to be landed on the moon not the farthest star in universe 😅😅😅 #CoinMarketCap #Coinbase pic.twitter.com/cyBa2QO7me

— T (@designerty) December 14, 2021

I should sue for playing with my emotions and blood pressure 😭 #Trustwallet #coinbase #Saitama pic.twitter.com/uj6Revz9NW

— CherryofMiami🍒 (@cherryof_miami) December 14, 2021

I’m Rich, Biiatch!! @coinbase @DaveChappelle pic.twitter.com/k93SCKv2kf

— RYB Collectibles (@RYBstuff) December 14, 2021

So @CoinbaseWallet showed my having $7.7 billion worth of Ethereum. I felt that was a tidy profit, so I decided to sell, despite the $1.2 billion miner fee. But so far I’ve only received $48.05! Where’s the rest of my money, @coinbase? pic.twitter.com/uWc3xelEsH

— Michael Knowles (@michaeljknowles) December 14, 2021

My Coinbase account is up almost $59 Billion in less than 5 minutes. I quit my job and i’m free for the next hour. AMA#Coinbase $bsv #Crypto pic.twitter.com/InOkwHOTdH

— Fren 👽🛸 (@neo112011) December 14, 2021

I was temporarily a billionaire. It’s overrated.#XRP #CoinMarketCap #Coinbase #Crypto #cryptocurrency pic.twitter.com/5UgMqotLZf

— GRAF GIRAFFE GANG 🦒 (@GrafGiraffeGang) December 14, 2021

Related: Covid: MPs back all ‘plan B’ measures amid huge Tory rebellion

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