Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-14 | Selina Mathew
After an internal tool spotted the system reporting false pricing for LUNA on May 13, Crypto.com unexpectedly prohibited customers from trading.
As Terra's death spiral witnessed 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 customers 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.
Users that traded "within those 59 minutes" are entitled for a repurchase at the current market price for LUNA tokens, which is $0.0004685 at the time of writing, according to Marszalek. 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," Marszalek said after a day of study of the LUNA trading catastrophe.
While the LUNA transactions were reversed, Crypto.com paid impacted investors $10 worth of their in-house cryptocurrency Cronos (CRO) as a goodwill gesture.
Validators for the Terra blockchain formally paused the network to avoid governance assaults after the price of LUNA fell by more than 99 percent.
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