Binance CEO Says they completely support Terra’s (LUNA) proposal of supporting retail Investors while holding the Luna and UST.
Binance’s CEO admitted that he was under pressure from crypto Twitter to disclose whether the exchange owned any UST in a recent tweet. He intimated that he made moves to ask his team at Binance whether the company had invested n UST.
Apparently, Binance doesn’t hold any UST except what the exchange gets as trading fees.
“We probably do have some from trading fees. Probably valued close to 0 now. (Think of it as free trading in the past, haha). This just wasn’t on my mind. Not how we prioritize things. Users first.”
Binance’s CEO confirmed that Binance invested $3M in Terra (LUNA) in 2018 as Binance Labs invested in hundreds of projects. The 15M coins that cost Binance $3M in 2018 could have been sold at 560x returns when Luna was trading at an all-time high of $119, but the exchange Never moved those coins nor sold them.
“Binance received 15,000,000 LUNA (at peak worth $1.6 billion, now not much) as part of the original ($3m) investment. 560x return at peak. It still sits at the address we received it. Never moved or sold.”
Binance CEO also shared an address for clarification.
Address: https://finder.terra.money/mainnet/address/terra19scdgmvhj5rl7f66n06z5pescf0gmeysw6pjrz
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
The CZ confirms that Binance has not invested any amount in the 2nd round of Luna’s fundraising regarding UST.
“Binance did not participate in the 2nd round of Luna’s fundraising, nor did we acquire any UST. Binance Labs invested $3m in Terra (the layer 0 blockchains) in 2018. UST came much later after our initial investment.
Further Binance CEO highlights that the exchange holds $12M UST from the trading fees or staking over time on the same address but sold none.
“On this same address, we have about $12,000,000 UST from staking over time (not bought). Also never moved or sold.”
3/ On this same address, we have about $12,000,000 UST from staking over time (not bought). Also never moved or sold.
— CZ ? Binance (@cz_binance) May 16, 2022
The CZ finally said that Binance’s first aim is to protect users. They ask the Terra project team to compensate the retail users first:
“Now, the important part. To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate the retail users first and Binance last. Binance (after a 5 min discussion) fully supports this proposal.”
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
