Who is behind the collapse bitkoyna

Crypto-currencies lost more than $ 100 billion of capitalization due to the actions of the founder of CoinMarketCap.
The rate of bitcoins and dozens of other crypto-currencies fell sharply on January 8, causing their total market capitalization to decline by more than $ 100 billion. The starting point for this global collapse was the apartment in a new residential building in Long Island City, New York. There works 31-year-old programmer Brandon Chez, creator of the site coinmarketcap.com. This resource appeared in 2013 and became the leading source of data on the bitcoin rate and other crypto-currencies, as well as one of the most visited websites in the world.

CoinMarketCap has competitors sites. Also, the exchange operator Interncontinental Exchange, the owner of the New York Stock Exchange, recently announced plans to begin providing data on bokoynoy investment banks and professional traders. Nevertheless, the site of Cheza has a strong influence on the market.

On January 7, Chaz decided to exclude from the CoinMarketCap algorithms, without warning, data on trading on exchanges in South Korea, as the prices there were significantly higher than in other countries. Some participants in the industry thought that Korean traders artificially overestimate the bitcoin rate. But without data on trades in South Korea, the quotes for the Crypto-currency on CoinMarketCap fell sharply the next day. This caused discontent among many traders. "[The site] caused a collapse," wrote Mati Greenspan, an analyst at eToro, who claims to be an international social platform for trading. - I suggest immediately boycotting this site. "

While this appeal did not work. According to Alexa Internet (service Amazon), CoinMarketCap has since risen from 142nd to 117th place in the ranking of the most visited sites in the world, ahead of even the Chinese online retailer Alibaba and most US news sites. This is a good result for a company that does not have an office and uses mainly Twitter and Facebook accounts to communicate with the outside world. The site does not contain information about employees and contact information, except for e-mail.

Part of the growth of the popularity of the site is connected with the Ceso rally crypto currency, in addition to bitkoyna. CoinMarketCap displays quotations of more than 1100 such currencies - from the second most popular etherium (Ethereum) to AppleCoin, whose market capitalization on Monday was only $ 23.

According to public databases, CoinMarketCap is registered in New York as a limited liability company, and Chaz owns the company. At the indicated address is a seven-story building, built less than two years ago, and Chaz is his tenant. But he declined an interview in January, and the man in the apartment did not open the door.

Chaz received a bachelor's degree in computer science from the Rochester Institute of Technology in 2009, and later worked for Lockheed Martin and Mediabistro, according to a previous version of his profile on LinkedIn. Later the profile was changed. In 2013, he founded CoinMarketCap and began working as a software engineer in Rocketrip, helping companies manage costs. In 2015, Chaz left the company. Mediabistro confirmed his employment, and Lockheed and Rocketrip did not respond to requests.

CoinMarketCap collects data on trading with crypto-currencies from various exchanges and calculates on their basis unified quotes, according to which it is easier for investors to monitor the rates of crypto-currencies. Also, the site reflects information on the market capitalization of the Crypto-currency. Apparently, CoinMarketCap makes money selling online advertising through Google. In the form for potential advertisers it is said that it costs at least $ 20,000.

In an e-mail to WSJ Chaz said that he decided to change the algorithm on January 7. But it is still not clear when exactly it came into force. On Monday, January 8, the rate bikkoyna and dozens of other crypto-currencies fell, in some cases by 15% or more. On the same day, it became known that the South Korean authorities were checking the use of large banks by the crypto currency, and after lunch CoinMarketCap reported on Twitter about the exclusion of data from some Korean exchanges from the calculation of quotations. According to Chaz, many users complained about the inaccuracy of quotations, but he "did not realize what a great impact" this step would have. "I think that at that moment the market had already begun to decline, so the time was chosen rather unsuccessfully," he said.