Cryptocurrency exchange Crypto.com suspends trading of Terra (LUNA) tokens after it was confirmed that user transactions were cited as ‘wrong prices’, resulting in serious backlash from the community.
In a press release on Friday, Crypto.com stated that LUNA trading was halted on May 12th due to a price error between 12:40 and 13:39 UTC.[U]The server that traded LUNA was quoted with the wrong price.” Exchange said. “Our system quickly detected the error and the transaction was aborted. Trading is suspended until further notice.”
Market participants have taken this to mean that the exchange has essentially reversed profitable LUNA trading by traders attempting to exit the cryptocurrency, which has been in a vortex of death for days. This could explain why Crypto.com is attempting to compensate for its mistakes by offering affected users $10 worth of Chronos (CRO), the exchange’s native token.
— Watcher.Guru (@WatcherGuru) May 13, 2022
Some observers have pointed out that Crypto.com should be held accountable for pricing errors on the platform rather than penalizing traders who execute profitable trades.
@cryptocom You are responsible for providing the wrong price to the customer.
— Wolf ⛓ (@Thecryptowolf4) May 13, 2022
Several exchanges have delisted LUNA and TerraUSD (UST) assets following the protocol’s stablecoin collapse. As Cointelegraph reported, the LUNA/USDT contract was delisted by Binance on Thursday after the trading pair fell below 0.005 USDT. On Friday, the exchange halted all spot trading for LUNA and UST. Binance delisting started a day after Huobi removed the LUNA margin swap.
Relevant: Why did Terra LUNA and UST collide? | Find out in the market report
According to CoinMarketCap, LUNA’s price has dropped more than 99% this week and was last seen trading at essentially $0 ($0.00013). The UST stablecoin failed to peg back to the US dollar and last traded at $0.15, down 57.7%.