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Crypto.com Reverses Trader’s LUNA Transactions From May 12

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Crypto.com Reverses Trader’s LUNA Transactions From May 12

    • Crypto.com has announced that its users who traded Terra’s native token, LUNA, on May 12 between 12:40 and 13:39 (UTC) did so with the wrong price.
    • Terra’s death spiral is expected to be the reason for the mispricing.
    • LUNA’s loss in value has led multiple exchanges to delist LUNA and TerraUSD (UST) assets.

Crypto exchange Crypto.com has announced that its users who traded Terra’s native token, LUNA, on May 12 between 12:40 and 13:39 (UTC) did so with the wrong price. Terra’s death spiral is expected to be the reason for the mispricing.

Crypto.com stated that they were able to spot the problem very quickly which led to trading being suspended on the platform till further notice. Crypto.com stated that “trading remains halted until further notice.”

Market participants interpreted this to mean that the exchange had reversed profitable LUNA transactions by traders attempting to exit the cryptocurrency after it had been in a death spiral for the last few days. Unfortunately, traders are not happy with the compensation, but Crypto.com is trying to rectify this by offering affected users $10 worth of Cronos (CRO), the exchange’s native token.

LUNA’s loss in value has led multiple exchanges to delist LUNA and TerraUSD (UST) assets. Crypto.com is one of these exchanges.

Another exchange making the same move is Binance, the biggest crypto exchange in terms of trading volume. The firm’s CEO, Changpeng Zhao, stated that “I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team.”

He added that “we requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all.”

Another exchange making the decision to delist LUNA is OKX. The director of OKX, Lennix Lai, state dthat “seismic crypto market movements like we’ve seen this week tend to deliver some pretty brutal lessons, and we’re seeing a flight away from direct investment in DeFi protocols in the wake of the UST breakdown.”

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Cryptocurrency

Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

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Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

In times of high stress and market turmoil, sports entertainment has served as a valuable escape for people around the world as they get a chance to root for their favorite players and teams while briefly forgetting about the worries of the world.

Amid the ongoing market volatility and falling crypto prices, sports fans have cause to rejoice as multiple fan tokens have bucked the downtrend on May 18 to post 40% plus gains.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

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Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

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Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider.

While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where they also lost their dollar peg due to the market-wide panic.

USDT/USD last week from May. 8–14th. Source: CoinMarketCap
FRAX, MIM, FEI and LUSD price from May. 9 – 15th. Source: CoinMarketCap

Asset-backed stablecoins were in favor during downturn, except for USDT

USDT, USDC and DAI hourly price. Source: CoinGecko API
Curve DAI/USDC/USDT 3Pool proportion. Source: @elenahoo Dune Analytics
Curve DAI/USDC/USDT/sUSD 4Pool proportion. Source: @elenahoo Dune Analytics

Are algorithmic stablecoins finished?

Curve FRAX/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics
Curve MIM/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics

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Meta trademark filing hints at plans for crypto payments platform

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Meta trademark filing hints at plans for crypto payments platform

Social media giant Facebook (NASDAQ:FB)’s parent company, Meta, may be planning to launch a payments platform with support for cryptocurrency.

According to records submitted to the United States Patent and Trademark Office, or USPTO, on May 13, Meta filed five applications for its namesake to be used in a platform called Meta Pay. The filings included Meta’s name for use in a “online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens.”

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