CoinMarketCap: Suspected Hack Leaves Crypto Investors Concerned About 'Trust Wallet' Security

If you opened up your crypto wallet and saw that you're a trillionaire, that's because crypto and other alt-coin investments suddenly skyrocketed to insane levels. Prices of cryptocurrencies listed on data provider briefly went haywire on Tuesday before 5 p.m. ET with many tokens wildly showing inaccurate gains on the site, and several relatively unknown virtual currencies grabbing the top 10 spots on the list.

Digital assets like Bitcoin (BTC) surged to$789,432,690,634.70, while price of Ethereum (ETH) became worth $38,884,629,258.24 for a brief period on CoinMarketCap. The site also listed Cocos-BCX (CRYPT: COCOS) as the top crypto in the market priced at $25,241,256.57.

HEX coin was also ranked as the 10th biggest crypto and priced at $610,947.85. Many crypto investors suspected the sudden rise in crypto prices in their trust was the result of scammers hacking the website.

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But, it was later confirmed that it was only a technical glitch at Coinbase and CoinMarketCap that led to the surge in crypto prices, deflating the hopes of investors. in its statement on Twitter clarified that the issue had been resolved and that trading wasn't impacted. However, the company didn't provide an explanation of what went wrong.

However, CoinMarketCap has informed users that it will be rebooting their servers as part of the final step to secure their platform.

"Following the irregularities we observed on our platform this afternoon, despite the issue having been fixed, we will be rebooting our servers as a final step in accordance with our internal remediation plan. Apologies for the inconvenience," the platform tweeted.

Suspected Hack of CoinMarketCap Leaves Investors Concerned

The platform even jokingly tweeted, "How did it feel to be a trillionaire for a couple of hours?" to which a user replied, "I quit my job and bought a lamborghini, this ain't no laughing matter."

"With coins there is nooooo trust...I have trust more trust," another added.

While a third user slammed the platform saying, "That shouldn't even be a laughing matter you guys are supposed to be accurate. That is what your business is practically relied on. Those kinds of errors can effect the Cyrpto market and you guys should be held accountable for errors such as those!"

Recently, amid the crypto market crash, crypto exchange BitMart lost around a whopping $200 million worth of cryptocurrencies due to a security breach. Safemoon, BabyDoge, Shiba Inu were some of the tokens involved traded during the hack. And this wasn't the only crypto hack this year.

In August, scammers took away $450 million worth of over 300 cryptocurrencies from Bilaxy and $600 million of coins from Poly Network in some of the biggest crypto market hacks.