Crypto.com unblocks users, reverses glitched LUNA trades that made 30-40x

A close up of a helmet Blockchain

Crypto.com unblocks users, reverses glitched LUNA trades that made 30-40x

On May 13, Crypto.com abruptly barred users from trading after an internal tool detected the system quoting incorrect prices for LUNA.

Crypto.com was one of the few crypto exchanges to keep LUNA trades open as Terra’s death spiral saw an unrecoverable price crash of LUNA and stablecoin UST. However, a technical glitch on Crypto.com’s mobile application allowed users to get away with a 30-40x profit on LUNA trades momentarily.

On Friday, Crypto.com abruptly barred users from trading after an internal tool detected the system quoting incorrect prices for LUNA due to some error. Just when Crypto Twitter started raising concerns about trade reversals on the exchange, Kris Marszalek, CEO of Crypto.com, revealed details about a glitch that allowed users to make away with massive profits.

According to Marszalek, users who traded “during those 59 minutes” are eligible for a buyback option at the market price for LUNA tokens, which has since fallen to $0.0004685 at the time of writing. It is important to note that LUNA achieved its all-time high market price of nearly $120 on April 5. 

Marszalek noted:

The validators are expected to relaunch the network only after implementing a new patch to disable further delegations.

Rate article
( No ratings yet )
FORECRYPTO