CoinMarketCap.com was the latest culprit for getting crypto enthusiasts psyched about oversized returns in the crypto markets as they logged into to see their instant riches. But alas Bitcoin did not reach $799,091,721,736.05 as the website showed for around an hour today.
Instead something was wrong with the Matrix. Their dev team was on it though, and they resolved the matter quickly.
What You Need To Know About CoinMarketCap.com
Coinmarketcap.com is one of the leading providers of cryptocurrency pricing data to exchanges, crypto accounting technology, and investment firms. If you didn’t know how far reaching their influence was or who used them before, now you will.
What We Learned
Our technology partners were as good as we thought they were. Take Ledgible for example, they were in touch with our team throughout the outage and are making sure none of our clients were affected.
Huge shoutout to the team there – much appreciated!
What You Need To Do
Make sure you know where your company’s cryptocurrency vulnerabilities are. During the outage, we evaluated for our clients:
- The potential impact on in house developed tools that use coinmarketcap.com to price cryptocurrency payments
- The potential impact on the accounting data feeds
- The potential impact on data in certain exchanges
And the outage only lasted an hour.
What Can We Do To Help Protect You
We recently implemented a procedure to do a full cryptocurrency accounting risk assessment and tech stack design before onboarding new cryptocurrency business clients. So if you use cryptocurrency in your business for payments or accept cryptocurrency from customers, please reach out to talk to Tyler. If you found this blog helpful, and are looking to mitigate risk by doing your crypto accounting the right way, we’d love to help.