Crypto.com Is Reversing All Terra Luna Trades Initiated At An “Incorrect Price” Since May 12th
Terra Luna has been the talk of the town this entire week, all courtesy of its astonishing price crash. Many investors have been affected by this market movement, and exchanges are moving to protect their customers. The latest exchange to do so is Crypto.com.
In a recent update to customers, the exchange has announced plans to reverse all Luna trades initiated on May 12 between 12:40 – 13:39 (UTC). Apparently, these trades were quoted at an incorrect price.
Crypto.com has been one of the exchanges that have already suspended Luna trading on their platforms. In fact, in the case of Crypto.com, the suspension of trading was automatically triggered by the system when the incorrect prices were detected at the said time.
Affected Users To “Earn” $10
While some people may not be happy with this move especially if they are in profit, Crypto.com is making up it to them with a $10 CRO credited to their accounts. The exchange is now moving to communicate this update to all affected users via email.
FTX Delist Luna
FTX, another crypto exchange, is also joining the others in suspending Luna trading on its platform. However, in the case of FTX, Luna is being delisted altogether. Note that various other exchanges, including Crypto.com and Binance, have only halted Luna trading. It seems that, on its part, FTX has elected a more permanent measure.
While announcing this move, the exchange intimated that all Luna trading activity will be suspended on May 13 at 4:45 pm (UTC). All LUNA-PERP trigger orders will be canceled and those in progress will expire in 1 hour at their corresponding index price.
It’s still not clear whether Terra Luna will be able to make a comeback in the popular exchanges. At the moment, the crypto stands at position 215 on CoinMarketCap, a notable improvement from the 320 positions a few hours back. The price is currently at around $0.0001.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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