Hacker News Reader

Comment by vyrotek | Hacker News Reader

What a mess. And now I just saw this. What?

"Leading crypto exchange, Crypto.com, has announced that its users who traded embattled Terra’s native token, LUNA, on May 12 at around 12:40 – 13:39 (UTC) did so with the wrong price.

Crypto.com, one of such exchanges, has revealed that traders involved in the concerned transactions would have their transactions reversed, and a $10 reward in CRO, the native token of the platform, would be given to them as compensation for the inconvenience."

https://watcher.guru/news/crypto-com-reverses-traders-luna-m...

View on HN

Wild guess - the wrong price they were able to sell at was much higher than the 0.00001 it’s at now.

Why do think that? It's not like crypto dot com would benefit if everyone was trading at a higher price vs a lower price.

A likely answer is that as historically Luna was trading at 50-100$ it had a minimum price specificity of $0.01 or something, so the exchange might have converted lower buys/sells to $0.01 when it was trading below that

They take their fees as a percentage, so yeah of course crypto.com would benefit from a higher price?

What does fees have to do with price? If I trade a $100 worth of a coin at $5 vs one at $10, the fees captured by the exchange is the same.

Its not weird for exchanges to reverse transactions done on their exchange if the price is wrong. Happens in the stock market all the time. TD Ameritrade, Etrade, Schwab, the clearing house. They all do this if things get too out of wack from the rest of the market.

I'm just not sure what you think you read, what did it mean to you and why was it interesting/absurd to you, compared to completely benign and ignorable.

These people should just file a complaint with the regulator that manages this stuff.

Oh, wait...

Crypto.com is a heavily regulated entity.

By who? I looked them up, and they're in Singapore. I can't find a regulatory statement on their website either.

Not the country I'd run a business like that from. If you accidentally broke the law, it might be very painful.

Singapore is known for strict social laws, not for strict financial laws.

Pretty sure Singapore businesses are heavily regulated?

They are not. Singapore’s business model is to be a hub for international business, and being low regulation is a important part of that strategy. Singapore regulates many things about it’s social structure, but international business is very free and open.

Reply on news.ycombinator.com