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Cryptocom Reverses LUNA trades from 12th May

May 13, 2022

The exchange claims that LUNA’s price was quoted improperly in a specific time window on Thursday.

In the aftermath of Terra (LUNA)’s price collapse, multiple crypto exchanges have begun preventing users from buying or selling the token. However, Crypto.com has taken measures a step further, opting to reverse LUNA trades taking place in a certain time frame 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 “quoted an incorrect price”.

Trading of the token was halted after the exchange detected the error, and remains frozen at the time of writing.

However, the exchange has also stated that all LUNA buys and sells within that hour will be reversed, and affected users will be notified by email.

“Affected users will be credited USD $10 in CRO for the inconvenience caused,” reads the statement.

Binance – the world’s largest crypto exchange – has also halted both futures and spot trading for LUNA, as has the Canadian exchange Coinberry.

The cryptocurrency’s value has collapsed to less than that of a satoshi – the smallest unit of a Bitcoin – within a week.

This is due to TerraUSD (UST) losing its intended peg to the dollar, causing many holders to redeem their holdings for LUNA all at once.

LUNA’s supply has now hyperinflated, rising from an estimated 3.45 billion yesterday to a whopping 6.5 trillion as of today.

Terraform Labs were even forced to temporarily freeze the Terra blockchain yesterday, which would have prevented holders from withdrawing their LUNA holdings to a non-custodial wallet.

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