A cryptocurrency exchange reversed the transactions of its customers who benefited from the purchase and sale of the Terra (LUNA) coin last Thursday (12). In this way, customers get their transactions canceled and a gift in the currency of the platform itself.
It is worth remembering that a broker’s role is to mediate in the negotiations between clients. That is, when a sell order placed by one trader coincides with another trader’s buy order, and vice versa, the negotiation must take place.
However, in recent years, various brokers have reversed client transactions for various reasons. These cases have even ended up in Brazil, for example.
Cryptocurrency Exchange Returns Transactions From Customers Who Benefited From LUNA
A controversial note was made this Friday by a famous cryptocurrency exchange (13). The case was dubbed the “LUNA trade incident” by the company, apparently only in the app.
According to Crypto.com, which gained notoriety among investors and saw its CRO coin become known, several users who traded last Thursday are alleged to have received an incorrect market quote.
Thus, the system would have detected the anomaly of the negotiations and interrupted all operations for customers. Only this Friday the pairs were exchanged again, after maintenance in the system.
“On May 12, 2022, between 12:40 PM and 1:39 PM (UTC), users trading LUNA received an incorrect quote. Our systems quickly discovered the error and the transaction was halted. Negotiations remain on hold until further notice.”
Affected customers earn $10.00
In addition to reversing profitable trades from customers, Crypto.com is giving everyone involved $10.00 in CRO, the exchange’s native currency which has fallen 79% in the past six months.
The note clarifies that not all customers were affected and those associated with the case were notified by email.
All affected transactions (buy and sell) will be reversed and affected users will receive $10 CRO for the inconvenience caused. Affected users will be informed by email.”
It is worth remembering that in Brazil several buying and selling transactions in brokerage firms have already faced a similar problem. Several went to court, however, such as a purchase of Litecoin from a brokerage in 2018, which was quoted below its price and later reversed by the platform.
It is unclear if many Crypto.com investors have bothered and will receive the freebie, but it is just another tricky case for exchanges in recent days. Before that, Coinbase promised to seize clients’ cryptocurrencies if it went bankrupt, which also sparked fear among the platform’s investors.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
