Binance CEO Changpeng Zhao talked about the collapse of UST and LUNA. CZ said there was a problem with Terra’s design and he was disappointed with the way the team handled the problem.
2. An exponential amount of new LUNA were minted due to flaws in the design of the Terra protocol. Their validators have suspended their entire network, resulting in no deposits or withdrawals possible to or from any exchange.
— CZ 🔶 Binance (@cz_binance) May 13, 2022
CZ, CEO of leading crypto asset platform Binance and a prominent figure in the crypto community, He talked about the UST and the LUNA crisis. Explaining first why Binance stopped trading LUNA, CZ then said that it is not his principle to comment on crypto asset projects, but this time he will break it. CZ said in a statement on the matter:
“I am deeply disappointed with how (or not) this UST/LUNA incident has been handled (or not) by the Terra team. We asked their team to restore the network, burn the overprinted LUNA, and recover the UST stabilizer. So far, I haven’t gotten any positive response or much response.”
5. I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all
— CZ 🔶 Binance (@cz_binance) May 13, 2022
As it is known, Binince had delisted LUNA in the past hours.
