As Terra’s death spiral saw an unrecoverable price drop of LUNA and stablecoin UST, Crypto.com was one of the only crypto exchanges to keep LUNA trading open. However, a technical problem on Crypto.com’s mobile app allowed users to make a 30-40x profit on LUNA trades for a brief period of time.
After an internal tool spotted the system reporting false prices for LUNA owing to an error, Crypto.com immediately prohibited customers from trading on Friday. Kris Marszalek, CEO of Crypto.com, gave details about a bug that let customers to make big profits just as Crypto Twitter was raising worries about transaction reversals on the exchange.
Users that traded “within those 59 minutes” are eligible for a buyback at the current market price for LUNA tokens, which is $0.0004685 at the time of writing, according to Kris Marszalek, CEO of Crypto.com. It’s worth noting that on April 5, LUNA hit an all-time high market price of approximately $120.
“All user accounts have been re-enabled,” . Kris Marszalek, CEO of Crypto.com said after a day of study of the LUNA trade catastrophe.
While the LUNA transactions were reversed, Crypto.com offered affected investors $10 worth of their in-house cryptocurrency Cronos (CRO) as a goodwill gesture.
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