It took just seven days for the Terra (LUNA<\/a>) ecosystem to spiral down as prices came crashing from $85 on May 5 to nearly $0 on May 12. As the market slowly gained clarity on what transpired, the trading volume of LUNA saw a steep recovery of over 200% over the weekend.<\/p>\n As a result of UST de-pegging, which crashed the LUNA market, LUNA investors mirrored the price dip as CoinGecko recorded<\/a> the decline of trading volumes to $178.6 million on May 13 \u2014 a number that was last seen in February 2021.<\/p>\n Terraform Labs CEO and co-founder Do Kwon<\/a>\u00a0sought damage control on the same day as he proposed a revival plan for Terra\u2019s comeback<\/a>, which involves compensating UST and LUNA holders for holding the tokens during the crash<\/a>.\u00a0<\/p>\n Despite the risks involved, Terra\u2019s \u2018insane volatility\u2019 still serves as an attractive market for many short-term investors \u2014 mainly due to the fact that LUNA momentarily gained 600% in value<\/a> on May 14.<\/p>\n (only need a few more 100x’s to get back to $1)<\/p>\n \u2014 Luke Martin (@VentureCoinist) May 14, 2022<\/a><\/p><\/blockquote>\n As investors try to recoup their losses while others attempt to cash in on Terra\u2019s comeback, the trading volume of LUNA surged over 200% back to $6 billion. Before the crash, the LUNA ecosystem consistently recorded over $2 billion in trading volumes on average over the past two years.<\/p>\n However, right when LUNA prices tumbled between May 10 and May 13 morning, its trading volume surged as investors attempted to reduce their losses \u2014 ranging from $5 billion to $16 billion. At its peak, LUNA\u2019s trading volume recorded an all-time high of $16.15 billion on May 11.<\/p>\n Due to the various factors stated above, LUNA regained its trading volume and trades at $0.00025 at the time of writing. According to data<\/a> from CoinMarketCap, crypto exchange Binance represents 68.26% of LUNA\u2019s trading volume, followed by KuCoin at 9.52% and FTX at 1.13%.<\/p>\n Related: <\/strong>Crypto.com unblocks users, reverses glitched LUNA trades that made 30-40x<\/em><\/strong><\/a><\/p>\n On Friday, Crypto.com users raised concerns about LUNA trades being reversed on the exchange\u2019s mobile application. <\/p>\n Kris Marszalek, CEO of Crypto.com, later revealed that an internal error caused the system to display incorrect prices, which led to numerous investors cashing in 30-40x profits.<\/p>\n There was a lot of customers who were buying at wrong prices and of course some also jumped onto the opportunity to exploit the glitch to the maximum.<\/p>\n We reversed ALL trades. <\/p>\n Some customers saved a ton of $ and are thanking us, some didn\u2019t abuse the glitch and are bashing us.<\/p>\n \u2014 Kris | Crypto.com (@kris) May 13, 2022<\/a><\/p><\/blockquote>\n As a result, Crypto.com temporarily blocked all users from trading. After a day\u2019s review of the supposed system glitch, Marszalek informed that \u201call user accounts have been re-enabled.\u201d\u00a0<\/p>\n As Cointelegraph reported, the company has offered $10 worth of its in-house token Cronos (CRO<\/a>) as a goodwill gesture for affected investors.<\/p>\n<\/div>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/13ff3b4f-a815-4a8a-ae2f-431e0d74d6eb.png\" "\\"\\"")
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