Crypto.com Unblocks Users, Reverses 30-40x Failure of LUNA Transactions

Crypto.com is one of the few remaining cryptocurrency exchanges Luna Trading is open as Terra’s death spiral sees irreversible price slump LUNA and the stablecoin UST. However, a technical glitch in the Crypto.com mobile app allowed users to temporarily earn 30-40x profits on LUNA trades.

Crypto.com abruptly banned users from trading on Friday after internal tools detected that the system was quoting LUNA incorrectly due to some error.Justified Crypto Twitter starts to spark fears of trade reversal At the exchange, Crypto.com CEO Kris Marszalek revealed details about the glitch that allowed users to make huge profits.

According to Marszalek, users who traded “during these 59 minutes” were eligible to buy back options at the market price of the LUNA token, which had fallen to $0.0004685 at the time of writing.have to be aware of is LUNA hits record high Nearly $120 on April 5.

The marshal pointed out:

“The root cause is a combination of external factors (due to the Luna death spiral, withdrawals, and the halt of the entire Luna chain) leading to a price dislocation that should normally be addressed through index pricing, but this is not the case.”

After a day-long review of the LUNA transaction debacle, Marszalek informed that “all user accounts have been re-enabled.”

While Crypto.com reversed the LUNA transaction, the company offered $10 worth of internal tokens Cronos (CRO) as a gesture of goodwill to affected investors.

related: Breakout: Terra Blockchain Officially Halted After LUNA Price Plunges

As the price of LUNA plummeted by more than 99%, validators of the Terra blockchain officially halted the network designed to prevent governance attacks.

Validators will restart the network only after implementing a new patch to disable further delegation.