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CryptoCom Reverses LUNA Trades From May 12th

cryptopotato.com 13 May 2022 17:06, UTC
Reading time: ~2 m

In the aftermath of Terra (LUNA)’s price collapse, multiple crypto exchanges have begun preventing users from buying or selling the token. However, Crypto.com has taken measures a step further, opting to reverse LUNA trades taking place in a certain time frame on May 12th.

  • In an “important update” on Friday, CryptoCom claimed that users who traded LUNA in the hour from 12:40 – 13:39 (UTC) were “quoted an incorrect price”.
  • Trading of the token was halted after the exchange detected the error, and remains frozen at the time of writing.
  • However, the exchange has also stated that all LUNA buys and sells within that hour will be reversed, and affected users will be notified by email.
  • “Affected users will be credited USD $10 in CRO for the inconvenience caused,” reads the statement.

  • Binance – the world’s largest crypto exchange – has also halted both futures and spot trading for LUNA, as has the Canadian exchange Coinberry.
  • The cryptocurrency’s value has collapsed to less than that of a satoshi – the smallest unit of a Bitcoin – within a week.
  • This is due to TerraUSD (UST) losing its intended peg to the dollar, causing many holders to redeem their holdings for LUNA all at once.
  • LUNA’s supply has now hyperinflated, rising from an estimated 3.45 billion yesterday to a whopping 6.5 trillion as of today.
  • Terraform Labs were even forced to temporarily freeze the Terra blockchain yesterday, which would have prevented holders from withdrawing their LUNA holdings to a non-custodial wallet.

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