Crypto.com reverses Luna’s trading glitch that allowed users to trade the coin for 30-40x above the actual market price. Many users suffered losses, and some even exploited the glitch to make profits. However, Crypto.com has reversed all trades that were involved in this price glitch. They barred the users for a while from trading Luna until the error was fixed.
Reversal of the trades on Crypto.com
As you might expect, Crypto.com’s step of reversing Luna trades was met with some criticism. Those who were able to exploit the glitch obviously didn’t want to part with their profits. So the CEO of the exchange, Kris Marszalek, tweeted regarding the same. He wrote, “We reversed ALL trades. Some customers saved a ton of $ and are thanking us, some didn’t abuse the glitch and are bashing us.”
The glitch lasted for around 59 minutes, and users who traded Luna during the price are also eligible for a buyback during the market price.
Talking about the reason for the price error, Kris explained that Luna’s death spiral, withdrawals, the blockchain being paused, and tick size changes led to this price ‘dislocation.’ It would have been otherwise caught by index pricing. While the reversal of the trades means most users haven’t faced any losses due to the glitch, the exchange still offered $10 of CRO tokens to the affected ones.
About Crypto.com
Crypto.com is a cryptocurrency exchange where you can buy, sell, invest, and stake crypto. There is also support for wallets, NFTs, and other services. This exchange offers over 250 different currencies, reasonable fees, and discounts for those who have a significant amount of Crypto.com Coin (CRO). Its ecosystem of crypto-related things may make it desirable to those who want to do a lot with their currency.
However, lately, the native currency of the exchange hasn’t been doing that well. And the latest changes in their reward system of cards have gotten them a lot of backlash as most users got their card only for the rewards they announced initially. As a result, their native CRO token hit a 6-month low nearly 10 days back.
What are your thoughts as Crypto.com reverses Luna’s trading glitch? And were you one of the affected users? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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