Trading app Crypto.com halts Luna trading after quoting wrong price

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Crypto.com, 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.

 

 

 

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May 5, 2022, 3:17PM UTC
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