Reverses LUNA Trades Made During Friday 13th Glitch

The events of the last weekend have left a lot of users confused. The mobile app suddenly started displaying asset prices as being much higher than their actual market price. An internal system tool detected incorrect prices for LUNA, which some customers were able to exploit to turn 30-40x profits.

Confusion Amid LUNA & UST Crash is one of the few crypto exchanges that kept Terra (LUNA) operations online following the extreme crash of the UST stablecoin, which is pegged to LUNA.

Soon after the internal tool detected the inaccuracy in the price of LUNA, barred their customers from performing any trades. The glitch lasted 59 minutes, during which some clients made away with massive profits. CEO Kris Marszalek later explained that the technical glitch only appeared on the mobile app, not on the exchange itself. Goin into more detail, Marszalek said: “The root cause was a combination of multiple external factors, for instance, tick size changes due to Luna death spiral, withdrawal & entire Luna chain stopping, leading to price dislocations.”

Cronos (CRO) also in the Red After Reaching ATH

Surprisingly, the sudden collapse of the algorithmic stablecoin comes just one month after Terra (LUNA) reached its ATH of $119 on April 5th. In the aftermath of the glitch, Kris Marszalek has issued a buyback option at LUNA’s current price, which is $0.0001795 at the time of writing, for any users who traded assets in the 59 minute period.

Additionally, Marszalek also offered a gift of $10 in Cronos (CRO) as a gesture of goodwill. It is worth noting that Cronos,’s native token, is also experiencing hard times, with CRO trading at $0.199937 at press time, according to CoinGecko. CRO reached its pinnacle 6 months ago to trade at $0.96 after acquired the naming rights to the formerly known Staples Center.

On the Flipside

Last week, Terra halted its blockchain network as a means to prevent governance attacks. Although Do Kwon’s rescue plan managed to push the UST back up to $0.84, the patch was short-lived and the UST is hovering on a knife’s edge at $0.10, having bounced back from an all time low of $0.04495 just 4 days ago.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.