Changpeng Zhao (CZ) revealed how much LUNA and UST Binance is holding. Yesterday, he denied rumors of a $300 million investment. The CEO of the world’s largest exchange reversed course on Monday to clarify how much LUNA and UST he is holding.
Binance CEO reveals how much LUNA and UST he’s holding
From Ethereum founder Vitalik Buterin last week to FTX CEO SamBankman-Fried about the Terra collapse solutions and criticisms. CZ addressed the Terra team’s faults with multiple explanations. Around the same time, claims that Binance had invested $300 million in LUNA were spreading on Twitter. Bringing clarity to the subject, CZ made the following statements. However, his latest statements contradict previous ones. He said on May 16 that Binance has 3 million LUNA and 10 million UST.
2/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. 560x return at peak. It still sits on the address we received at 👇. Never moved or sold.
Address:https://t.co/6HwTu6CCuB
— CZ 🔶 Binance (@cz_binance) May 16, 2022
10 million UST by exchange produced and earned through their activities. At its peak, Binance was holding around $1.6 billion on LUNA and $12 million on UST. Additionally, CZ said that Binance will now force Terra to pay back its smallest investors, a move that the Luna Foundation Guard says it plans to make. Your LFG official Twitter account confirmed this.
10/ The Foundation is looking to use its remaining assets to compensate remaining users of $UST, smallest holders first.
We are still debating through various distribution methods, updates to follow soon.
— LFG | Luna Foundation Guard (@LFG_org) May 16, 2022
Binance’s huge loss
Terra LUNA’s gradual collapse, which started at $80, led to millions of dollars of advice, and unaware investors continued to buy when it was trading below $4. Almost all exchanges, including Binance, stopped transactions to avoid further victimization. Meanwhile, more than half of Terra’s investors were at a loss. One of the biggest losers was the Binance exchange. According to CZ’s statements, Binance had 15 million LUNA investments in 2018 for $3 million. Independent of this market, LUNA peaked at $120 last April, while the exchange’s LUNA wallet reached $1.6 billion.
CEO Zhao says this fund has now dropped to $3,400. Binance’s 12 million UST from staking rewards has now dropped to around $960,000. As we have reported as
Kriptokoin.com , exactly how much BTC has been sold by Luna Foundation Guard has been announced.
