Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto.com Reverses Trader’s LUNA Transactions From May 12

CryptocurrencyMay 14, 2022 07:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Crypto.com Reverses Trader’s LUNA Transactions From May 12

    • Crypto.com has announced that its users who traded Terra’s native token, LUNA, on May 12 between 12:40 and 13:39 (UTC) did so with the wrong price.
    • Terra’s death spiral is expected to be the reason for the mispricing.
    • LUNA’s loss in value has led multiple exchanges to delist LUNA and TerraUSD (UST) assets.

Crypto exchange Crypto.com has announced that its users who traded Terra’s native token, LUNA, on May 12 between 12:40 and 13:39 (UTC) did so with the wrong price. Terra’s death spiral is expected to be the reason for the mispricing.

Crypto.com stated that they were able to spot the problem very quickly which led to trading being suspended on the platform till further notice. Crypto.com stated that “trading remains halted until further notice.”

Market participants interpreted this to mean that the exchange had reversed profitable LUNA transactions by traders attempting to exit the cryptocurrency after it had been in a death spiral for the last few days. Unfortunately, traders are not happy with the compensation, but Crypto.com is trying to rectify this by offering affected users $10 worth of Cronos (CRO), the exchange’s native token.

LUNA’s loss in value has led multiple exchanges to delist LUNA and TerraUSD (UST) assets. Crypto.com is one of these exchanges.

Another exchange making the same move is Binance, the biggest crypto exchange in terms of trading volume. The firm’s CEO, Changpeng Zhao, stated that “I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team.”

He added that “we requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all.”

Another exchange making the decision to delist LUNA is OKX. The director of OKX, Lennix Lai, state dthat “seismic crypto market movements like we’ve seen this week tend to deliver some pretty brutal lessons, and we’re seeing a flight away from direct investment in DeFi protocols in the wake of the UST breakdown.”

Continue reading on CoinQuora

Crypto.com Reverses Trader’s LUNA Transactions From May 12
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
taylor jason
taylor jason May 14, 2022 10:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
if only the fed reserve warned about this in a paper dedicated to evaluating the risks of stable coins.. o wait they did..
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email