The crypto exchange Crypto.com has now initially stopped trading the Terra (LUNA) cryptocurrency, which has caused a lot of headwind in the crypto community, as this move comes relatively late and the trading platform has canceled several trades that have already been made.
According to Friday’s related press release, the transactions in question were “mispriced” for LUNA. This alleged glitch allowed some crypto investors to gain up to 30x profits for just under an hour before the “system noticed the glitch and stopped trading.”
The transactions in question were subsequently reversed, which is all the more annoying for the crypto traders given that LUNA has been falling into the abyss for several days and investors may have been just trying to sell their existing cryptocurrency assets or at least minimize their losses. As compensation, Crypto.com offers those involved a $10 compensation in Cronos (CRO), the company’s cryptocurrency.
JUST IN: https://t.co/gp8AK4709L Returns Profitably $LUNA transactions as of May 12, users claim “were quoted at an incorrect price.”
— Watcher.Guru (@WatcherGuru) May 13, 2022
This approach is unacceptable to some observers, which is why parts of the crypto community are already demanding that the trading platform take responsibility for its mistake. The Twitter user cryptowolf says he would leave such a crypto exchange immediately.
@cryptocom you need to take responsibility for providing wrong prices to your customers, personally i would leave any exchange that would do this
— wolf ⛓ (@Thecryptowolf4) May 13, 2022
Several crypto trading platforms have already suspended trading in LUNA and the associated stablecoin TerraUSD (UST). As Cointelegraph reported, market leader Binance cut futures for LUNA/USDT on Thursday, before ending direct trading with LUNA and UST on Friday.
Terra (LUNA) is down more than 99% this week. The once successful blockchain project is now worth just $0.0002313, making it almost worthless. The Terra stablecoin UST is now far from the target of 1 US dollar, a renewed connection to the US reserve currency seems unlikely.