Cryptocurrency exchange Crypto.com has discontinued Terra (Luna) tokens have sparked a community backlash after it was determined that user transactions were being quoted at “incorrect prices.”
Crypto.com said in a Friday press release that LUNA trading has been halted due to a pricing error between 12:40 and 13:39 UTC on May 12.[U]Incorrect quotes for clients trading LUNA,” the exchange said. “Our systems quickly detected the error and stopped trading. Trading remains suspended until further notice.”
Market participants believe this means the exchange has essentially reversed the lucrative LUNA trade in which traders were trying to exit the cryptocurrency, which has been in Death spiral for days. This would explain why Crypto.com tried to make up for the mistake by offering $10 worth of Cronos or CRO (the exchange’s native token) to affected users.
— Watcher.Guru (@WatcherGuru) May 13, 2022
Instead of punishing traders for executing lucrative trades, some observers have pointed out that Crypto.com should be held responsible for any mispricing on its platform.
@cryptocom You are responsible for giving wrong prices to your customers, I personally would leave any exchange that does that
— Wolf⛓ (@Thecryptowolf4) May 13, 2022
Multiple exchanges have delisted LUNA and TerraUSD (UST) assets amid the collapse of the protocol’s stablecoin.As Cointelegraph reported, the LUNA/USDT contract is Delisted from Binance After trading below 0.005 USDT on Thursday. On Friday, the exchange suspended all spot trading in LUNA and UST. Binance’s delisting begins a day after Huobi removed LUNA margin swaps.
The price of LUNA is down more than 99% this week, and was last traded at essentially zero, or $0.00013, according to CoinMarketCap. Its UST stablecoin, which never managed to re-peg to the U.S. dollar, last traded at $0.15, down 57.7% on the day.