One of the few crypto exchanges to continue trading LUNAs after the collapse of Terra’s death spiral was Crypto.com, which kept LUNAs open as Terras’ fatal decline saw an unrecoupable price plummet for LUNA and UST’s stablecoin.
Although it appears that the technical issue on Crypto.com’s mobile application was responsible, some users were able to profit by 30-40 times on LUNA trades for a short time.
After a software inside Crypto.com detected an error in the system’s price calculations for LUNA, the company abruptly halted trading on Friday, according to reports.
Kris Marszalek, CEO of Crypto.com, revealed details about a malfunction that let users to steal enormous gains just as Bitcoin’s price was beginning to rise on the exchange.
Users who traded during those 59 minutes are eligible for a buyback option at the market price for LUNA tokens, which has since dropped to $0.0004685, says Marszalek. On April 5, LUNA had a market capitalization of nearly $120, which it previously surpassed on March 22.
Marszalek stated on May 26, 2018, after a day of discussion on the LUNA trade failure: “All user accounts have been re-enabled.”
After Crypto.com reversed the LUNA transactions, it compensated $10 in Cronos (CRO) as a goodwill gesture to disgruntled investors.
Validators for the Terra blockchain have officially halted the network, attempting to prevent governance assaults, after LUNA’s price fell more than 99%.
After releasing a new patch to disable any future delegations, the validators are anticipated to restart the network only after it has been repaired.