Ethereum Hits $80,000 on Crypto.com after System Bug
The price of Ethereum reached a peak of $80,000 per unit on crypto.com after the exchange was hit by a system bug. This unprecedented glitch enabled some users to sell their Ethereum for fortunes before the exchange shut down transactions.
Users Quickly Amassed Huge Fortunes in Minutes
The incident occurred on September 20 with the exchange undertaking unscheduled technical maintenance which surprised many. The reason? The price of Ethereum had reached record levels trading at nearly $80,000 on the ETH/USDT pairs.
This resulted in many users getting huge profits within a few minutes with some managing to withdraw their fortunes from the platform. It is understood that the glitch lasted for a few minutes with Crypto.com quickly shutting down all deposits, withdrawals and transactions from its mobile application and exchange.
Some of the users posted screenshots of the incident with a particular user showing his wallet growing from $850 to $146,000. Some users also hinted that the price of Ether even touched $1,000,000. There were also several buy orders on the platform when the incident occurred leading to a backlog of transactions.
It should be noted how grave the situation was since if the price of Ether really reached $80,000 its total capitalization would be around $9 trillion which is the equivalent of that of gold.
To solve this problem, Crypto.com shut down all transactions and announced plans for technical maintenance that would take 24 to 48 hours on the platform.
A Hard blow for Crypto.com
In the midst of a trade war with its rival Binance, this curious bug will undoubtedly have a significant impact on Crypto.com.
Separately, the price of the CRO token fell rapidly after Crypto.com paused operations, dropping from $0.16 to $0.14 in just 8 minutes, before recovering.
It remains to be seen whether the users affected by this incident will be entitled to any compensation. The emotional rise must have been strong for some, thinking they had become millionaires overnight without being able to withdraw their funds.
This latest bug on Crypto.com shows the fickle situation that several crypto exchanges face with attacks from hackers. Despite this, crypto.com remains poised to recover from the situation.