Crypto.com Reverses Traders’ LUNA May 12 Transactions

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Leading crypto exchange, Crypto.com, has announced that its users who traded embattled Terra’s native token, LUNA, on May 12 at around 12:40 – 13:39 (UTC) did so with the wrong price.

According to the platform, the error was detected by its system, and LUNA trading has now been suspended on the platform till further notice.

LUNA, in recent days, has been in the eye of a storm that has seen its value drop by 100% on the back of the de-pegging of UST, its network stablecoin.

The value loss has led to several exchanges suspending LUNA-related transactions via their platform.

Crypto.com, one of such exchanges, has revealed that traders involved in the concerned transactions would have their transactions reversed, and a $10 reward in CRO, the native token of the platform, would be given to them as compensation for the inconvenience.

Top Exchanges Delist $LUNA 

The largest crypto exchange by trading volume, Binance, announced that it was delisting all the trading pairs involving Terra’s LUNA, earlier today.

According to the exchange, the decision was made to protect its users. Changpeng Zhao, the firm’s CEO, also stated that he was displeased with Terra’s response to the issues.

In his words,

I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all.

Another top exchange that revealed it was delisting LUNA was OKX. In a statement sent to pressmen, Lennix Lai, Director at OKX, said: 

Seismic crypto market movements like we’ve seen this week tend to deliver some pretty brutal lessons, and we’re seeing a flight away from direct investment in DeFi protocols in the wake of UST breakdown. The reality is that centralized exchanges are set up to provide much greater levels of protection for users whatever the markets are doing.


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