On Friday (3 August 2018), around 15:15 (UTC), CoinMarketCap started showing wildly inflated prices on its site (e.g. over $73,000 for Bitcoin on some exchanges). And this situation persisted for around 30 minutes, until the staff managed to fix the problem that was causing these incorrect prices to be shown. Roughly another two and a half hours later, the company had an explanation: it wasn’t hacked; it was just “a glitch”.

Crypto traders/investors all over the world were very confused when they first saw some of the prices being displayed by CoinMarketCap. Here are a few reactions from users on Twitter, stating with CNBC's “Crypto Trader”, Ran NeuNer:

In his next tweet, he called what he was seeing “the worst thing anyone has ever done to us!”

Twitter user “Laurinna90” was seeing even more crazy price increases, as can be seen in the following two tweets:

Meanwhile, another Twitter user “DesiCryptoHodlr” was seeing CoinMarketCap’s site display BTC prices of over $73,000 on BitForex, CoinBene, CoinEx, BigONE, and FCoin:

Then, around 16:30 (UTC), or about one hour after CoinMarketCap started showing wrong prices for many cryptocurrencies, people started noticing that Tether (USDT) had disappeared from the list of cryptocurrencies shown by CoinMarketCap:

Fortunately, the CoinMarketCap team was able to fix this problem within roughly 30 minutes (like the earlier pricing issue).

At 17:01 (UTC), CoinMarketCap replied to one Twitter user that had accused them of market manipulation:

Finally, at 18:25 (UTC), CoinMarketCap users on Twitter got the apology (if not quite the full explanation) that they had been impatiently waiting for:

However, not everyone seemed impressed with this apology. For example, here is what one Twitter user had to say in reply to the above tweet:

 

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