business, money, money news, bitcoin, computers bungle basic math to show erroneous data of bitcoin’s 90 per cent crash on pyth

Bitcoin slid about 90 per cent earlier this week on a data network run by several of Wall Street’s biggest players after their computers bungled basic computations.

The Pyth Network briefly reported in error on Monday that the digital currency had plunged to US$5,402, far below its level everywhere else.

In a subsequent autopsy of the incident, Pyth said two unidentified firms that supply data to the platform encountered trouble dealing with decimals, causing them to report extremely low bitcoin prices. Those incorrect numbers got averaged with bitcoin prices from nine other Pyth contributors, leading to the inaccurate result.

Digital currencies aren’t traded on Pyth. Instead, the service feeds data on the current prices of stocks, currencies (cryptocurrencies and conventional ones) and metals to software running on the Solana blockchain. Customers use Pyth to, for instance, automatically decide when to sell positions. Pyth said in its blog post that the plunge caused some liquidations.

It was an especially eye-catching error considering the credentials of Pyth’s backers – about two dozen traders and exchanges that count among the most sophisticated companies in global markets.

One of the contributors used Pyth software that had a bug, according to the blog post. The firm submitted its bitcoin price as a floating-point number, but the software expected an integer. Instead of presenting an error message, it converted the submitted value to zero and published it.

The other company encountered a race condition, or a situation where software must do two or more things in a certain order to get the right result. The programmes took the wrong route, and a zero was used as an exponent when it should’ve been negative 8.

Compounding the problem, Pyth said it gave those erroneous figures too much weight when calculating its aggregated price for bitcoin.

“Pyth core developers are taking several steps to prevent these issues from happening again,” according to the blog post.

Internet Explorer Channel Network


LATEST NEWS

China's property and construction sectors contract in third quarter as Evergrande crisis and tougher regulation hit home

Why Asia's CEOs fear inflation as biggest hurdle to coronavirus recovery

Chinese investment in UK welcome despite tensions, overtures won't be ‘pitchforked away', Johnson says

How new blockchain, cryptocurrency rules can give Hong Kong an investment edge

China can ‘contain' economic, financial risks posed by Evergrande crisis, central bank chief says

Centralcon's Sha Tin project sees sales pick up as smaller flats attract price-sensitive end users rather than investors

Is this China's ‘Great Resignation'? Freelancers find both hope and uncertainty in bid to escape 9-to-5 grind

Effects of China's regulatory onslaught felt in Hong Kong as large IPOs fall by the wayside

Investors in two-thirds of companies listed globally risk losing US$8.4 trillion because of declining ocean health: WWF

Centralcon's Sha Tin housing project launch gets off to a slow start as buyers hold out for better options amid robust supply

Hong Kong court slaps jail time on four people over plot to defraud Convoy, in a win for city's anti-corruption investigator

China's education crackdown sparks lawsuits against defunct institutions, while some tutors keep teaching in secret

What China's Evergrande crisis means for its real estate market and the world

China Evergrande crisis caused by ‘poor management', but an exception in healthy property market, central bank says

Debt-stricken China Evergrande suffers huge blow as US$1.7 billion deal to sell its Hong Kong headquarters collapses

Estonia joins global regulators in tightening the noose on digital tokens, weighing firmer oversight of cryptocurrency trading

NEWS RELATED

Rains force auto companies to shut production at Uttarakhand plants

Production at most of the automotive and component manufacturing plants at Pantnagar in Uttarakhand has come to a standstill following incessant rain that has claimed at least 34 lives in the hilly state. The National Disaster Response Force (NDRF) carried out rescue operations at several waterlogged areas in Rudrapur while the Indian…

Read more: Rains force auto companies to shut production at Uttarakhand plants

Xpeng-backed HT Aero secures US$500 million in Asia's largest financing deal for a flying car start-up

HT Aero, a Chinese company that is developing flying cars, has raised US$500 million from a clutch of investors, the most for any urban air transport start-up in Asia. The Guangzhou-based firm, an affiliate of Xpeng Motors, said it is trying to get its vehicles certified as airworthy by regulators.…

Read more: Xpeng-backed HT Aero secures US$500 million in Asia's largest financing deal for a flying car start-up

Evergrande: concerns linger even as embattled developer's Hengda unit makes interest payment on US$327 million onshore bond

China Evergrande Group made its first interest payment on its corporate bonds in nearly a month on Tuesday as questions continue to swirl about its ability to service its massive pile of debt accumulated from years of aggressive expansion beyond its core property business, according to people familiar with the…

Read more: Evergrande: concerns linger even as embattled developer's Hengda unit makes interest payment on US$327 million onshore bond

Volvo Car launches S90, XC60 with petrol mild-hybrid powertrains

(Image: Reuters) Volvo Car India on Tuesday launched two models — S90 and XC 60 — with petrol-mild hybrid powertrains as part of its plans to shift to the petrol-only portfolio by this year-end. The new S90 B5 Inscription sedan and XC60 B5 Inscription SUV now feature a 1,969 cc…

Read more: Volvo Car launches S90, XC60 with petrol mild-hybrid powertrains

Jack Ma is on a study tour of agriculture in Europe as Alibaba's founder travels abroad for the first time in more than a year

Jack Ma, the co-founder and former chairman of Alibaba Group Holding, is currently in Europe for a series of business meetings, as the entrepreneur who spent one of every three days travelling in 2018 made his first overseas trip in more than a year. Ma, who retired as Alibaba’s chairman…

Read more: Jack Ma is on a study tour of agriculture in Europe as Alibaba's founder travels abroad for the first time in more than a year

Wealth Management Connect makes positive start as customers rush to open accounts, invest on both sides of the border

The Wealth Management Connect, the new cross-border scheme for the Greater Bay Area, made a solid debut on Tuesday, with most banks indicating strong demand for their investment products in the mainland and Hong Kong, according to bankers. HSBC, Standard Chartered, Bank of China (Hong Kong) (BOCHK) and 10 other…

Read more: Wealth Management Connect makes positive start as customers rush to open accounts, invest on both sides of the border

India delays COVID-19 vaccine supplies to WHO-backed COVAX: Sources

File image of a vial of Covaxin vaccine India has delayed committing supplies of vaccine to the COVAX global sharing platform, two sources told Reuters on Tuesday, a day after one of its key backers, the WHO, said the agency could not “cut corners” to approve a domestically developed vaccine.…

Read more: India delays COVID-19 vaccine supplies to WHO-backed COVAX: Sources

Sheela Foam opens new facility in Gujarat

Sheela Foam Ltd, makers of popular mattress brand Sleepwell, on Tuesday announced opening of a 100 per cent export-oriented new unit at Nandi Gaon in Gujarat. Sheela Foam Ltd, makers of popular mattress brand Sleepwell, on Tuesday announced opening of a 100 per cent export-oriented new unit at Nandi Gaon…

Read more: Sheela Foam opens new facility in Gujarat

Jeep India recalls 39 Jeep Wrangler units to fix fuel supply part

Bharti Airtel launches Video Platform as a Service offering Airtel IQ Video'

Godrej Properties ranks 1st amongst listed global residential developers by GRESB

Mortgage borrowers should seek professional advice before making a purchase decision

P&G India launches Rs 500 crore fund to accelerate growth in rural areas

Tesla supplier CATL defends US$9.1 billion fundraising as ‘reasonable' on rosy EV outlook after Shenzhen exchange query

Auto sector shifts gear towards recycling parts, batteries

This Chinese electric scooter company will shift production base to India

OTHER NEWS