Sunday, December 4, 2022

Crypto.com Reversed The LUNA Trades From May 12th: Report

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Crypto.com reversed the LUNA trades from May 12th and claims that the price was quoted improperly in a specific time window on Thursday so let’s read more today in our latest cryptocurrency news.

In the aftermath of Terra’s price collapse, multiple exchanges were preventing users from buying or selling the token so Crypto.com reversed the Luna trades a step further. In the update on Friday, crypto.com claimed the users who traded LUNA in the hour from 12:40 to 13:39 were quoted an incorrect price. The trading of the token was halted after the exchange noticed the error and remains frozen at the time of writing. The exchange also stated that all LUNA buys and sells in that hour will be reversed and the affected users will be notified by email:

“Affected users will be credited USD $10 in CRO for the inconvenience caused.”

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Binance is the world’s biggest crypto exchange and also halted both futures and spot trading for LUNA and Coinberry did the same. The crypto’s value collapsed to less than one satoshi which is the smallest unit of a BTC within a week. This happened due to TerraUSt losing its peg to the dollar and causing most holders to redeem their holdings for LUNA all at once. The LUNA supply got hyperinflated and increased from the estimated 3.45 billion a day ago to a whopping 6.5 trillion as of today. TerraForm Labs was forced to freeze the blockchain which will prevent holders from withdrawing their holdings to a non-custodial wallet.

As recently reported, The Crypto.com CEO Kris Marszalek said the company will continue offering staking rewards to card users one day after eliminating the program. The decision led to a huge backlash from community members on social media like Twitter and Reddit. Most comments were negative while the prices of Crypto.com native CRo token dropped by 11% in the hours after. Crypto.com was backtracked on the decision to end the staking rewards where the card users locked up CRO for a 180-day period and earn yields.  Crypto.com restarted the staking rewards program but the rewards are still lesser than those now offered with some users still expressing dismay

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