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MoonXBT to Offer Full Refund to Users Involved in LUNA-Driven Crisis

www.financemagnates.com 19 May 2022 21:41, UTC
Reading time: ~2 m

MoonXBT, a social trading platform, said on Thursday that it plans to compensate those who suffered losses for their positions on non-LUNA-and-APE due to an emergency shutdown launched on May 10.

According to the press release, the LUNA and APE token prices decoupled from other trading platforms as a result of traders taking advantage of the vulnerability and manipulating the price. MoonXBT launched an emergency shutdown on May 10 and resumed full service soon after.

As a result, all LUNA and APE trading orders generated during the data anomaly were rendered invalid by the platform. “Michael, Co-Founder of VB Margin and VB Capital thought highly of MoonXBT’s measures towards LUNA crisis. He expressed that MoonXBT performed its duty as a responsible big trading platform when the platform took immediate action to protect the users’ assets from being affected by the sharp market fluctuations. By showing cares to users, MoonXBT has once again demonstrated its responsibility as a fair, responsible and just platform that is committed to providing a sustainable and safe trading environment to its users,” the company noted in the press release.

The platform also promised its users in this crisis more investment opportunities and compensation in addition to the compensation it offers. Web3.0 projects invested by MoonXBT will benefit from priority and extra benefits for platform users, the firm pointed out.

MoonXBT added: “MoonXBT reaffirms its goal to create a safe and just trading and investment environment for its users. It has been MoonXBT’s mission to protect the safety of users’ assets. The platform will make unremitting efforts to help the users profit from legitimate trading activities that comply with the regulations.”

Binance and LUNA Trading

Similar maneuvers of suspending LUNA trading were taken by other platforms and crypto exchanges such as Binance. In a series of tweets on May 13, Changpeng Zhao (CZ), the Chief Executive Officer at Binance, cleared the situation regarding LUNA and expressed his disappointment with the way the Terra team handled the recent situation.

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