Trading app halts Luna trading after quoting wrong price

advertisement, a popular mobile app and exchange, halted trading of Luna on Thursday after detecting an error that quoted the wrong price for the token for the Terra blockchain. 

Buy and sell trades would be reversed, the company said in a post on its website. Users impacted by the event are being notified by email and will be credited $10 in CRO, which is the token used on the platform. 

The news came amid a week of crisis for Luna and the Terra network.

Earlier this week, Luna holders watched as its related stablecoin TerraUSD (UST) lost its peg to the US dollar. Luna's price dropped more than 90% and holders of the token were unable to sell, The Block reported at the time.

The price of Luna dipped even lower yesterday as Terraform Labs CEO Do Kwon scrambled to figure out how to restore UST's peg. Binance, which facilities Luna trading more than other crypto exchanges, reported that Luna fell to a low point of $0.21, The Block reported. Binance has suspended trading in Luna.

This morning, Luna's supply surged to 6.5 trillion coins before the Terra blockchain was halted for the second time in the past day in an effort to revive the ecosystem. The supply has increased 17,000 times in the past three days. Its price has crashed from $60 to a fraction of a cent.




Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

The TRON Ecosystem Thrives Amidst Market Chaos

TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain. 
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC