Coinbase Glitch Displaying $306 Million In Bitcoin Sold For 18 Cents Had Users Freaking Out
Coinbase made headlines not too long ago when it’s been revealed that the famous crypto exchange was able to hit a brand new milestone.
The US-based crypto exchange said that the retail platform had processed more than $200 million worth of Bitcoin and crypto transactions since it launched in February 2018.
Other than this, Coinbase CEO, Brian Armstrong made a bold crypto-related prediction amidst the global crisis in which we are these days due to the coronavirus pandemic.
Recently, via a few tweets, he said that he believes the stock market drop and the massive reduction in interest rates could boost the crypto industry in 2020.
Coinbase glitch was discovered
There’s a crypto trader and tech analyst who said that they spotted a massive error while checking out the order book on the leading crypto exchange Coinbase, as reported by the online publication the Daily Hodl.
He goes by the name Captain Scio, and he posted an image of the exchange’s trade history on the past Sunday. It really seems that someone picked up 42,085 BTC for 18 cents!
“Just saw this happen in the daily. 42,000 BTC at 18 cents? That’s a heavy error and overload for Coinbase,” he posted.
This isn’t the first time traders have tracked a major price glitch on Coinbase and the Daily Hodl revealed more similar events. We suggest that you head over to their original article to check out more data on the matter.
The online publication also updated their article and said that Coinbase acknowledged the UI issue that triggered a glitch.
Coinbase communications director Elliott Suthers told the Daily Hodl that the problem had been fixed.
“We’re aware that there was a UI issue this morning that briefly displayed an incorrect price for BTC on our BTC/USD book. No trades were executed at this price and the issue has since been fixed.”
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.