Perhaps nothing this week ruffled crypto investors’ feathers quite like the Tuesday incident in which CoinMarketCap’s API glitched and set out misleading data to several other sites.
Coinbase and Crypto.com, which use the API to display crypto prices, took a lot of flak from community members after data feeds erroneously displayed the value of some currencies shooting up 10,000 times.
As if this wasn’t bad enough, what followed was an incredulous exchange of tweets by the company in the wrong.
CoinMarketCap tried to laugh the issue off, but that only incurred the wrath of Crypto.com and Coinbase who are now removing the aggregator’s feeds from their websites as a form of protest.
Meanwhile, the Bank of England called Bitcoin (BTC) “potentially worthless”, reiterating its stance that, because crypto is not based on anything “real”, it could cost people their money.
After all, crypto is a new space and it’s normal to see a lot of skepticism coming from mainstream financiers.
Speaking of skepticism, we cannot miss the story involving the Meta Instagram account which got deleted. We don’t mean Facebook. Meta was an account owned by Thea-Mai Baumann, an Australian artist.
The account was registered back in 2012. However, since Facebook rebranded as Meta, it seems the company might have had something to do with the account’s deletion, as explained by CGN.
The week did not go without news of another hack, of course. Vulcan Forged did the honorable thing and quickly restored the funds that consumers lost in the hacking attack.
Regulation was also a hot topic. US Securities and Exchange Commission commissioner Hester Peirce criticized the regulator’s latest agenda which failed to properly address crypto. At the same time, the Bank of Russia announced that mutual funds would be prohibited from investing in crypto.
Earlier this week, Binance confirmed that it would be winding down its operations in Singapore. The move is due to changing regulation in Singapore and Binance pivoting towards new markets. However, the company may not choose to leave Singapore as a base of its operations.
Following up on regulation around the world, the UK decided to suspend certain ads promoting crypto products earlier this week. Essentially, the country wants such ads to be socially responsible, with many promising instant riches without much credible evidence to back up the claims.