unblocks users, reverses glitched LUNA trades that made 30-40x

Arijit Sarkar
Arijit Sarkar May 14, 2022
Updated 2022/05/14 at 5:09 PM
4 Min Read was one of the few crypto exchanges to keep LUNA[1] trades open as Terra’s death spiral saw an unrecoverable price crash[2] of LUNA and stablecoin UST. However, a technical glitch on’s mobile application allowed users to get away with a 30-40x profit on LUNA trades momentarily.

On Friday, abruptly barred users from trading after an internal tool detected the system quoting incorrect prices for LUNA due to some error. Just when Crypto Twitter started raising concerns about trade reversals[3] on the exchange, Kris Marszalek, CEO of, revealed details about a glitch that allowed users to make away with massive profits.

According to Marszalek, users who traded “during those 59 minutes” are eligible for a buyback option at the market price for LUNA tokens, which has since fallen to $0.0004685 at the time of writing. It is important to note that LUNA achieved its all-time high market price[5] of nearly $120 on April 5.

Marszalek noted:

“The root cause was a combination of multiple external factors (tick size changes due to Luna death spiral, withdrawals & entire Luna chain stopping) together leading to price dislocations that should typically be caught by index pricing, but weren’t.”

After a day’s review on the LUNA trade debacle, Marszalek informed that “all user accounts have been re-enabled.”

While reversed the LUNA transactions, the company has offered $10 worth of its in-house token Cronos (CRO[6]) as a goodwill gesture for affected investors.

Related: Breaking: Terra blockchain officially halted following LUNA price collapse[7]

With LUNA’s price collapsing more than 99%, validators for the Terra blockchain officially halted the network aiming to prevent governance attacks.

The validators are expected to relaunch the network only after implementing a new patch to disable further delegations.


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