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Bitcoin drops 90% due to bugs
BTC fell 90%, but only on the Solana (SOL) network
Sep 24, 2021
1 min read
Anna BakkerNews analyzer

On the Pith platform, which is owned by major financial companies on Wall Street, about 90 percent of bitcoins fell below $ 5,500.

This alarmed investors, but such a fall in the main cryptocurrency was not recorded on other platforms, and soon the price of the most important cryptocurrency on Pyth returned to its normal level (more than $ 43,000).

During the investigation of this incident, the Pyth platform employees discovered that the data from two from two projects on Solana were to blame.

Due to the digital inconsistency, the software on the platform found the advertised price to be close to zero. When calculating total quotes, the Pyth algorithm also pays great attention to data.

According to the Pyth team, this glitch affected various protocols on the Solana network. For example, the Bonfid project reported that the strongest price drop caused the closure of a number of positions in perpetual bitcoin options on the Audaces platform.

The Pith developers said they will make some changes to the software to avoid similar incidents in the future. However, this mistake allowed skeptics to re-criticize the unreliability of the cryptocurrency market. From his point of view, the constant occurrence of such bugs and real fluctuations in bitcoin do not allow the first cryptocurrency to claim the status of a full-fledged means of payment.

It is worth recalling that a few days ago a serious error occurred in the Solana block that stopped working for about 17 hours. According to the project team, the incident was triggered by a robotic spam attack based on IDO grape protocol chips on the Raidium platform.

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