- Terra (Luna) price is 100% down from its all-time high of 119.18 as per CMC.
- Most of the top Exchanges delist the LUNA.
Crypto.com the largest cryptocurrency exchange announced on Twitter that they had suspended deposits and withdrawals on the Terra network temporarily because of the unexpected price (100%) down on the Luna and Stablecoin Trerra USD (UST).
On May 13, The LUNA price for about 59 minutes was 30-40x above the market price because of a technical error. After an internal tool spotted that the system reported false prices for Luna, Crypto.com immediately stopped users from trading.
Kris Marszalek, CEO of Crypto.com, explained details about bug issues through the Twitter thread. that let customers make big profits just as Crypto.
He commented that
The root cause was a combination of multiple external factors (tick size changes due to Luna death spiral, withdrawals & entire Luna chain stopping) together leading to price dislocations that should typically be caught by index pricing, but weren’t.
Luna Is Back
The technical fault only affected the retail app and not the exchange and many users have purchased items at the incorrect prices some users took advantage of the situation to the greatest extent possible. Crypto.com offered, affected investors $10 worth of its in-house cryptocurrency Cronos (CRO) as a goodwill gesture.
Marszalek said all user accounts have been re-enabled after a day of investigation of the LUNA trade disaster.
Today WatcherGuru tweeted that Crypto.com resumed Luna’s deposit request.
https://t.co/gp8AK4709L has resumed $LUNA (Terra native) deposit requests.
— Watcher.Guru (@WatcherGuru) May 16, 2022
LUNA has also been delisted from nearly all cryptocurrency exchanges around the world. It all started on May 13 that few exchanges temporarily stopped the LUNA trading. Binance has stated that if the price of UNA falls below $0.005, it would be delisted. LUNA fell below $0.005 in the early hours of May 13th leading Binance to stop selling the cryptocurrency.
According to CoinMarketCap (CMC) LUNA is currently trading at $0.00002309, 26.66% down in the last 24 hours and the graphs reached 100% down from their all-time high at the time of writing.
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