Crypto News

CryptoCom cancels LUNA trades starting May 12th

Following the Terra (LUNA) price drop, several crypto exchanges have started blocking users from buying or selling the token. However, Crypto.com has gone a step further and has opted to reverse LUNA trades that occur in a specific timeframe on May 12th.

  • In an “important update” on Friday, CryptoCom claimed that users who traded LUNA in the hour from 12:40 – 13:39 (UTC) were “reported an incorrect price”.
  • Trading in the token halted after the exchange discovered the bug and remains frozen at the time of writing.
  • However, the exchange has also stated that all LUNA buys and sells will be rolled back within the hour and affected users will be notified via email.
  • “Affected users will be credited with $10 in CRO for the inconvenience caused,” the statement said.
  • Binance – the world’s largest crypto exchange – has suspended both futures and spot trading for LUNA, as has Canadian exchange Coinberry.
  • The value of cryptocurrency is within a week to less than that of a satoshi – the smallest unit of a Bitcoin – broken into.
  • This is because TerraUSD (UST) is losing its intended peg to the dollar, resulting in many holders redeeming their holdings for LUNA at once.
  • LUNA’s supply is now hyperinflated, rising from an estimated 3.45 billion yesterday to a whopping 6.5 trillion today.
  • Terraform Labs was even forced yesterday toBlockchain temporarily freezing which would have prevented holders from withdrawing their LUNA holdings to an uncustodial wallet.

Source: Crypto News Deutsch

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