Crypto.com was one of the few cryptocurrency exchanges to maintain the business of Crypto.com Moon open because Earth’s death spiral saw an irreversible price drop From LUNA and UST sedentary.
However, a technical glitch in the Crypto.com mobile app allowed users to win 30-40x on LUNA trades momentarily.
On Friday, Crypto.com abruptly banned users from trading after an internal tool detected the system quoting incorrect prices for LUNA due to some error.
Only when a file Twitter is starting to raise concerns about trade setbacks On the exchange, Chris Marsalek, CEO of Crypto.com, revealed details about a flaw that allowed users to make huge profits.
There were many customers buying at the wrong prices, and of course some took the opportunity to exploit the flaw to the fullest.
We reflect all deals.
Some customers have saved a lot of dollars and are thanking us, others haven’t abused the bug and attacked us.
– Chris | Crypto.com (kris) May 13, 2022
According to Marszalek, users who traded “during those 59 minutes” are eligible for the option to buy back the market price of LUNA tokens, which has since fallen to $0.0004685. It is important to note that the LUNA has reached its price All-time market high of about $120 on April 5th.
Marsalik noted:
“The root cause was a combination of several external factors (changes in tick size due to Luna’s death spiral, pullbacks and the entire Luna chain) together resulting in price shifts that normally should be captured by index prices, but they weren’t.”
After a day-long review of the LUNA business debacle, Marsalek reported that “all user accounts have been reactivated.”
While Crypto.com mirrored LUNA’s transactions, the company offered $10 in internal Cronos token ( CRO ) as a gesture of goodwill towards the affected investors.
Related: BREAKING: Terra blockchain officially shut down after LUNA price crash
With LUNA’s price dropping over 99%, Terra blockchain validators have officially shut down the network to prevent governance attacks.
The Terra blockchain has officially stopped at a block height of 7,603,700. https://t.co/squ5MZ5VDK
Terra’s auditors decided to shut down the Terra Chain to prevent governance attacks after a sharp inflation in Luna Dollar And greatly reduce the attack cost.
– Terra (UST) Developed by LUNA (@terra_money) May 12, 2022
Auditors are expected to restart the network only after applying a new patch to disable other authorizations.
Patch version released: https://t.co/BZ8t86cuwA
Delegates will be deactivated once block production resumes.
The network should be online when two-thirds of the voting power is online. An update will be provided accordingly. https://t.co/vffpjw7uom
– Terra (UST) Developed by LUNA (@terra_money) May 12, 2022
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