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Failed exit? Traders complain Crypto.com reversed profitable LUNA transactions

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Failed exit? Traders complain Crypto.com reversed profitable LUNA transactions

Terra’s death spiral resulted in the mispricing of LUNA tokens on the popular cryptocurrency exchange. Traders aren’t happy with the compensation.

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Failed exit? Traders complain Crypto.com reversed profitable LUNA transactions

Cryptocurrency exchange Crypto.com has halted the trading of Terra (LUNA) tokens after it determined that user transactions were quoted at an “incorrect price,” prompting severe backlash from the community.

In a Friday news release, Crypto.com said that LUNA trades have been halted due to a pricing error between 12:40 and 13:39 UTC on May 12. “[U]sers who traded LUNA were quoted an incorrect price,” the exchange said. “Our systems quickly detected the error and trading was halted. Trading remains halted until further notice.”

Market participants took this to mean that the exchange had basically reversed profitable LUNA transactions by traders attempting to exit the cryptocurrency, which has been in a death spiral for several days. That may explain why Crypto.com is attempting to compensate for the mistake by offering affected users $10 worth of Cronos, or CRO, the exchange’s native token.

JUST IN: https://t.co/gp8AK4709L is reversing profitable $LUNA trades from May 12th, claiming users “were quoted at an incorrect price.”

— Watcher.Guru (@WatcherGuru) May 13, 2022

Some observers noted that Crypto.com should take responsibility for any pricing error on its platform rather than penalize traders for executing profitable transactions.

@cryptocom u need to take responsibility for providing wrong prices to your customers, personally I would leave any exchange that would do this

— wolf ⛓ (@Thecryptowolf4) May 13, 2022

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

Related: Why did Terra LUNA and UST crash? | Find out on The Market Report

LUNA’s price is down over 99% this week and was last seen trading at basically zero, or $0.00013, according to CoinMarketCap. Its UST stablecoin never managed to regain its peg to the United States dollar and was last seen trading at $0.15, down 57.7% on the day.

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Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US

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Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US

Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US

Luxury watch manufacturer TAG Heuer announced it’s introducing online cryptocurrency payments for customers in the United States. The Swiss company provides the new payment option through a partnership with crypto payment processor Bitpay.

Tag Heuer Partners With Bitpay to Offer US Clients Bitcoin Payments

Designer and maker of luxury timepieces TAG Heuer is now accepting crypto for its high-quality products. Techniques d’Avant Garde (TAG), founded over a century and a half ago by Edouard Heuer in Switzerland, said this week that clients within the U.S. will be able to purchase its watches and accessories online with multiple coins. The company explained the move in a press release:

With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces.

The alternative payment method is facilitated by the crypto payment platform Bitpay. Buyers can spend a dozen cryptocurrencies, including bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), and dogecoin (DOGE), as well as five stablecoins. They will be able to pay up to $10,000 per transaction with no minimum spending requirements.

“We have been following cryptocurrency developments very closely ever since bitcoin first started trading,” TAG CEO Frédéric Arnault was quoted as stating. “As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations,” the executive added.

Atlanta, Georgia-based Bitpay provides companies with a payment gateway service allowing businesses to integrate cryptocurrency payments on their platforms. “We are excited to see global brands such as TAG Heuer investing in the crypto space and seeking the support of Bitpay to adapt their digital platforms to the rapid transformation of e-commerce,” said Stephen Pair, co-founder and CEO of Bitpay.

A pop-up window now greets visitors on Tag Heuer’s U.S. website, informing them that the company already accepts cryptocurrency. To spend their digital coins, they will have to click ‘Bitpay’ during the checkout and select their preferred crypto.

Do you expect cryptocurrency payments to continue to spread despite the current market downturn? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act

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Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act

Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act

Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a fine of $10 million.

Bitmex’s Arthur Hayes Sentenced

The U.S. Department of Justice (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February.

The DOJ states:

Hayes, 36, of Miami, Florida, was sentenced to six months of home detention and two years of probation. Hayes also agreed to pay a fine of $10 million dollars representing his pecuniary gain from the offense.

U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform “that profited him millions of dollars,” Hayes “willfully defied U.S. law that requires businesses to do their part to help in preventing crime and corruption.”

Williams added: “He intentionally failed to implement and maintain even basic anti-money laundering policies, which allowed Bitmex to operate as a platform in the shadows of the financial markets.”

Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, also pleaded guilty and are scheduled to be sentenced in the near future.

Like Hayes, the two other co-founders have also been ordered to pay $10 million each in a civil monetary penalty.

What do you think about Arthur Hayes’ sentence? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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CFTC Chairman Confirms Bitcoin, Ether Are Commodities

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CFTC Chairman Confirms Bitcoin, Ether Are Commodities

CFTC Chairman Confirms Bitcoin, Ether Are Commodities

The chairman of the U.S. Commodity Futures Trading Commission (CFTC) says he is certain bitcoin and ether are commodities. He outlined how his agency is working with the U.S. Securities and Exchange Commission (SEC) to regulate the crypto sector, noting that “there are no customer protections right now in the crypto market.”


Bitcoin and Ether Are Commodities ‘For Sure’

CFTC Chairman Rostin Behnam discussed the regulation of cryptocurrencies by the CFTC and the SEC in an interview with CNBC last week.

The chairman was asked to comment on a bill in Congress that puts the SEC in charge of security tokens and the CFTC in charge of commodity tokens.

“This is a little bit of an age-old issue between the CFTC and the SEC. We have a great relationship historically … Within this space, in my view, it makes sense for commodities to be regulated by the Commodity Futures Trading Commission and securities to be regulated by the SEC,” Behnam detailed.

The CFTC boss noted that within the crypto space, there will be some coins that are securities and some that are commodities.

When asked to comment on SEC Chairman Gary Gensler’s claim that most of the crypto tokens out there are securities, Behnam stressed that the largest cryptocurrencies are commodities. He emphasized:

Well, I can say for sure bitcoin … is a commodity. Ether as well.

Admitting that there may be a lot of security coins, the CFTC chief noted, “there are plenty of community coins.” He clarified: “I think it makes sense that each agency has jurisdiction over commodities and securities respectively.”

The CFTC chairman was asked whether there is any disagreement between the two agencies. “I wouldn’t say there is disagreement,” he replied, emphasizing that each agency tries to do what’s best.

Commenting on the crypto market sell-off last week, Behnam said:

A lot of people got hurt. A lot of value was lost in the market, and there really are no customer protections right now.

He concluded that both the CFTC and the SEC want to regulate the crypto sector “thoughtfully,” protect customers, and protect financial stability.

What do you think about the comments by the CFTC chairman? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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