Crypto.com was among the couple of crypto exchanges to help keep LUNA trades open as Terra’s dying spiral saw an unrecoverable cost crash of LUNA and stablecoin UST. However, a technical glitch on Crypto.com’s mobile application permitted users to find a way having a 30-40x profit on LUNA trades momentarily.
On Friday, Crypto.com abruptly barred users from buying and selling after an interior tool detected the machine quoting incorrect prices for LUNA because of some error. Just when Crypto Twitter began raising concerns about trade reversals around the exchange, Kris Marszalek, Chief executive officer of Crypto.com, revealed information regarding a glitch that permitted users to create away with massive profits.
There is lots of customers who have been buying at wrong prices not to mention some also leaped to the chance to take advantage of the glitch towards the maximum.
We reversed ALL trades.
Some customers saved a lot of $ and therefore are thanking us, some didn’t abuse the glitch and therefore are bashing us.
— Kris Crypto.com (@kris) May 13, 2022
Based on Marszalek, users who traded “during individuals 59 minutes” are qualified for any buyback option in the market cost for LUNA tokens, that has since fallen to $.0004685 during the time of writing. You should observe that LUNA achieved its all-time high market cost of nearly $120 on April 5.
Marszalek noted:
“The real cause was a mix of multiple exterior factors (tick size changes because of Luna dying spiral, withdrawals & entire Luna chain stopping) together resulting in cost dislocations which should typically be caught by index prices, but were not.”
Following a day’s review around the LUNA trade debacle, Marszalek informed that “all user accounts happen to be re-enabled.”
While Crypto.com reversed the LUNA transactions, the organization has offered $10 price of its in-house token Cronos (CRO) like a goodwill gesture for affected investors.
Related: Breaking: Terra blockchain formally stopped following LUNA cost collapse
With LUNA’s cost collapsing greater than 99%, validators for that Terra blockchain formally stopped the network planning to prevent governance attacks.
The Terra blockchain was formally stopped in a block height of 7603700.https://t.co/squ5MZ5VDK
Terra validators have made the decision to prevent the Terra chain to avoid governance attacks following severe $LUNA inflation along with a considerably lower cost of attack.
— Terra (UST) Operated by LUNA (@terra_money) May 12, 2022
The validators are anticipated to relaunch the network once applying a brand new patch to disable further delegations.
The patch release has gone out:https://t.co/BZ8t86cuwA
Delegations is going to be disabled once block production resumes.
The network is going live once 2/three of the voting power comes online. An update is going to be provided accordingly. https://t.co/vffpjw7uom
— Terra (UST) Operated by LUNA (@terra_money) May 12, 2022
