Crypto.com unblocked users, reversed incorrect transactions with LUNA, which made 30-40x

Crypto.com was one of the few crypto exchanges to keep LUNA deals open, as the spiral of Terra’s death led to an irreparable price collapse for LUNA and Stablecoin UST. However, a technical problem in the mobile application of Crypto.com allowed users to get 30-40x profit from LUNA transactions for a moment.

On Friday, Crypto.com abruptly banned users from trading after an internal tool discovered a system citing incorrect prices for LUNA due to an error. Just as Crypto Twitter began to raise concerns about stock market reversals, Chris Marshalek, CEO of Crypto.com, revealed details of a bug that allowed users to get away with huge profits.

According to Marshalek, consumers who traded “during those 59 minutes” are entitled to a redemption option at the market price for LUNA tokens, which has since fallen to $ 0.0004685 at the time of writing. It is important to note that LUNA reached its highest market price of all time of nearly $ 120 on April 5.

Marshall noted:

“The main reason was a combination of many external factors (changes in tick size due to the Luna death spiral, withdrawals and shutdowns of the entire Luna chain) together, leading to price dislocations that usually have to be caught by pricing. index, but they were not. “

After a day-long review of LUNA’s commercial failure, Marshalek reported that “all user accounts have been reactivated.”

While Crypto.com reversed transactions with LUNA, the company offered its $ 10 Cronos (CRO) token as a gesture of goodwill to affected investors.

Connected: Interruption: Terra blockchain officially stopped after the collapse of LUNA prices

As the price of LUNA fell by more than 99%, Terra blockchain validators officially shut down the network, aiming to prevent management attacks.

Validators are expected to restart the network only after a new fix is ​​made in order to deactivate additional delegations.