Crypto.com Reverses LUNA Trades
Last week, Crypto.com, a leading cryptocurrency trading platform, reversed LUNA trades following a technical glitch in their quoting system.
“For 59 minutes, we were quoting prices 30-40x above-market prices for Luna due to technical glitch that affected the retail app and not the exchange,” said Kris Marszalek, CEO of Crypto.com, on Twitter.
Crypto.com exchange barred accounts from trading the LUNAUSDT pair without notice. Soon after, the cryptocurrency platform reversed all LUNA trades. Kris Marszalek explained on Twitter that for 59 minutes, customers were buying LUNA at the wrong price, and some were exploiting the glitch.
To remedy the inconvenience, Crypto.com offered to buy back the LUNA tokens purchased within the 59 minutes at market price (approx. $0.0004 at the time). The cryptocurrency platform also gave $10 worth of CRO tokens, the platform’s native token, to all traders affected by the event.
Do Kwon Heartbroken About LUNA Invention
On Saturday, Do Kwon, founder and CEO of Terra Labs, tweeted that he was heartbroken about the pain caused by his invention of the LUNA project. Once a top 10 cryptocurrency, the Luna token crashed to $0 spectacularly last week.
The crash was due to the depegging of UST, Terra Lab’s stable coin, which fell to $0,05 against the US Dollar.
“Neither I nor any institutions that I am affiliated with profit in any way from this incident. I sold no luna nor ust during the crisis,’ said Do Kwon in his Twitter thread.
Luna and UST tokens have been re-enabled on exchanges and are currently trading at $0.0004 and 0$0.17, respectively.
CryptoU CEO’s Joke About Working At McDonald’s Goes Viral
Grey Jabesi, Crypto University founder and CEO, made a joke on Twitter about starting a new job at McDonald’s.
“Started my first shift today at McDonald’s. Had to let go of my ego. F*ck #Terra $Luna and this whole crypto space,” he said in a tweet.
The tweet made it to 9gag.com, a social media and meme sharing platform.
We checked with our founder and can confirm it was just a joke. We all still have our jobs. At least for now…
Written by Lindi Miti © Crypto University 2022