exit failed? Traders are complaining that Crypto.com has reversed profitable LUNA transactions

Cryptocurrency exchange Crypto.com has halted trading of Terra (LUNA) tokens after realizing user transactions were being quoted at a “false price”, prompting heavy backlash from the community.

In a Friday press release, Crypto.com said LUNA trading was halted between 12:40 and 13:39 UTC on May 12 due to a price error.”[U]Customers who traded with LUNA were quoted an incorrect price,” the exchange said. “Our systems quickly identified the error and trading was halted. Trading will remain suspended until further notice.”

Market participants understood this to mean that the exchange had essentially reversed profitable LUNA trades from traders trying to exit the cryptocurrency, which had been in a death spiral for several days. That could explain why Crypto.com is trying to compensate for the bug by offering affected users $10 worth of Cronos, or CRO, the exchange’s native token.

Some observers noted that Crypto.com should take responsibility for pricing errors on its platform, rather than penalizing traders for executing profitable transactions.

Several exchanges have moved to delist LUNA and TerraUSD (UST) assets from the stablecoin amid the protocol collapse. As Cointelegraph reported, LUNA/USDT contracts were delisted from Binance on Thursday after the trading pair fell below 0.005 USDT. On Friday, the exchange suspended all spot trading for LUNA and UST. Binance delistings began a day after Huobi removed LUNA margin swaps.

Related: Why did Terra LUNA and UST crash? | Check out the market report

The price of LUNA is down over 99% this week and was last trading at practically zero or $0.00013, according to CoinMarketCap. Its UST stablecoin never managed to regain its peg to the US dollar and last traded at $0.15, down 57.7% on the day.