Failed exit? Traders complain Crypto.com reversed profitable LUNA transactions

Bybit
Failed exit? Traders complain Crypto.com reversed profitable LUNA transactions
Bybit



Cryptocurrency exchange Crypto.com has halted trading of Terra (LUNA) tokens after determining that user transactions were being quoted at “incorrect prices,” sparking a community backlash.

Crypto.com said in a Friday press release that LUNA trading has been halted due to a pricing error between 12:40 and 13:39 UTC on May 12.[U]Clients who traded LUNA were quoted incorrectly,” the exchange said. “Our systems quickly detected the error and stopped trading. Trading remains suspended until further notice. “

Market participants believe this means the exchange has essentially reversed a profitable LUNA trade for traders trying to exit the cryptocurrency, which has been in a death spiral for several days. This could explain why Crypto.com tried to make up for the mistake by offering $10 worth of Cronos or CRO (the exchange’s native token) to affected users.

Instead of punishing traders for executing lucrative trades, some observers have pointed out that Crypto.com should be held responsible for any mispricing on its platform.

Binance

Multiple exchanges have delisted LUNA and TerraUSD (UST) assets amid the collapse of the protocol’s stablecoin. As Cointelegraph reported, Binance delisted the LUNA/USDT contract on Thursday after the pair fell below 0.005 USDT. On Friday, the exchange suspended all spot trading in LUNA and UST. Binance’s delisting begins a day after Huobi canceled the LUNA margin swap.

Related: Why did Terra LUNA and UST crash? | Understanding Market Reports

The price of LUNA is down more than 99% this week, and was last traded at essentially zero, or $0.00013, according to CoinMarketCap. Its UST stablecoin, which never managed to re-peg to the U.S. dollar, last traded at $0.15, down 57.7% on the day.



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