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Clarification on the Terra LUNA price alignment

Over the last 10 days we have received inquiries from members of the BitOasis community about LUNA and its pricing. 

Some of our members have asked us about BitOasis’ involvement in the pricing of virtual assets (as we explain below there is no involvement) and why, on certain dates or at certain times, the price of LUNA differed across a number of crypto platforms globally. 

  1. Overview and Virtual Asset Pricing

BitOasis is a platform that enables our community to buy, hold and sell virtual assets. 

To facilitate trading, platforms like BitOasis work with what are known as global liquidity providers – our liquidity providers provide pricing for virtual assets that are listed on BitOasis. 

Importantly, while we do earn fees on the trading activity we are not involved in the pricing of any virtual asset. As a business, we do not invest in or hold virtual assets. We are neutral. As BitOasis has no investment in any virtual asset at any time, we do not stand to benefit or lose from movements in the asset’s price. 

Some members of the community have stated that we and/or our liquidity providers have profited from LUNA’s price fall and/or manipulated LUNA’s pricing. Such statements are false. 

2. LUNA Pricing

LUNA pricing started to deteriorate rapidly on May 12th 2022. 

Pricing on BitOasis for LUNA was similar to pricing on a number of other global exchanges such as Kraken, Bittrex, OKX, and OkCoin i.e., during the period 8:54 UTC on May 13th to 21:52 UTC on May 14th

While pricing on other platforms may have adjusted at different times over the period, BitOasis was not operating in any way that was different from a number of other global platforms.

LUNA price dropped by almost 99% on FTX (LUNA-USDT) on May 13th at 3:50 UTC and on Binance (LUNA-USD) at 8:54 UTC. Other markets such as Kraken, OKX, OKCoin, Bittrex and Bitfinex continued to quote prices similar to prices on BitOasis. 

The LUNA price adjusted further on BitOasis on May 14th at 21:52 UTC.  A similar price change was seen on Kraken on 13 May at 20:00 UTC, on OKX on May 14th at 8:15 UTC and OkCoin on May 15th at 6:55 UTC. There are markets like Bittrex where the price still has not adjusted. 

Key take-aways:

  • At times of extreme volatility – which is what markets witnessed with LUNA – there can be price differences across platforms – this has nothing to do with manipulation.
  • LUNA prices changed across global platforms at different times over the period May 12th to May 15th – i.e., different prices were quoted on different platforms at different times – this is not BitOasis specific.
  • LUNA pricing on BitOasis was similar to pricing on a number of global platforms – as highlighted above.


3. Requests for Compensation – Financial Losses

While we understand that the recent price volatility – across virtual assets and other global asset classes – has led to investors suffering losses, BitOasis is a platform that enables safe, secure, and supervised trading in virtual assets. As such we are not liable to compensate our community for trading losses.