The chief executive officer of the leading crypto trading platform CryptoCom informed the customers about a glitch associated with the Luna coin trade.
CryptoCom is a popular crypto exchange. The exchange always focuses on providing crypto services with security and also promotes high-level promotion campaigns to bring awareness about its crypto offerings in the non-crypto industry. Due to its high-quality digital assets-based wallet and trading services, the exchange is standing at 15 rank.
On 12 May CryptoCom exchange halted Luna coin trading because of very high volatility in the prices.
Trading of $LUNA in the https://t.co/vCNztATkNg App remains halted following an incident that began on 12 May 2022 at 12:40pm UTC.
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— Crypto.com (@cryptocom) May 13, 2022
But on 14 May, during the resumed Luna coin trade time frame, a glitch occurred in the spot market for Luna retail trader app and exchanges saw around a 30-40× increment in the prices.
Due to the technical glitch, exchange reversed trades which took place in that particular time frame.
Kris, CEO of CryptoCom, explained the whole matter and noted that the retail trade app faced a technical glitch, while the exchange was unaffected.
CryptoCom CEO said that many investors made huge profits but many lost the opportunity because of the reversal of all the trades.
“Some customers saved a ton of $ and are thanking us, some didn’t abuse the glitch and are bashing us.”
The CEO noted that many users were buying Luna coins at the wrong price, under the FOMO ( fear of missing an opportunity).
“There were a lot of customers who were buying at wrong prices and of course, some also jumped onto the opportunity to exploit the glitch to the maximum.”
Further, the CEO added that users, who sold in that time frame are requested to talk with CryptoCom contact support and the exchange will give Luna coins at that real-time price.
According to CryptoCom CEO, the main reason behind the issue was the problem with the whole network stoppage of Terra network.
Read also: Central Africa’s regional banking regulator is not in favor of Bitcoin
CryptoCom CEO talked about Luna coin 30-40× technical glitch
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