![]() Terra Luna has dropped 99.15 percent in the last few days, according to Binance data. To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate the retails users first, Binance last, if ever.īinance (after a 5 min discussion) fully support this proposal. He wrote, “To lead by example on protecting users, Binance will let this go and ask the Terra project team to compensate the retails users first, Binance last, if ever.” In another tweet, Zhao urged the Terra team to make reimbursing its retail investors top priority. His estimated 70 percent stake in Binance accounts for the majority of his wealth, stated a Forbes report. The price of Luna was pulled down by the drop in TerraUSD.ĭespite the crash and the fall in the price of Luna, Zhao has a net worth of around $14.9 billion, as of Sunday, according to Bloomberg. When the price of TerraUSD dropped, investors raced to sell their holdings. Luna's fall began when TerraUSD, its sister coin, lost its peg to the US dollar. It still sits on the address we received at ?. CZ ? Binance May 17, 2022Ģ/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. Its also reduced the maximum leverage to 8x on USDT-margined LUNA perpetuals to 8x. The Luna tokens were “never moved or sold,” he added. Binance has delisted Bitcoin-margined LUNA perpetuals in response to Terras death spiral. As impressive as the relative numbers are, the price is a far cry from its 100 price in April. This as most cryptocurrencies saw minimal gains. In a tweet, Zhao claimed that Binance held 15 million Luna tokens, which the exchange had obtained in exchange for a $3 million investment in the Terra network, which Luna is founded on. The value of Luna Classic, LUNC, is up over 70 for the week and up over 44 for the month, hitting 0.000365 mid Sunday as traders awaited final token burn numbers from Binance. The exchange's assets in the cryptocurrency Luna fell to just $2,200 from $1.6 billion, at the token's peak price, a month before. If UST falls below its dollar peg, it’s possible to acquire the discounted stablecoin and subsequently swap (and destroy) it for $1 in LUNA.Īn investor can earn handsomely while also eliminating UST from circulation and increasing demand for stablecoin.Changpeng Zhao, the founder of cryptocurrency exchange Binance, tweeted a few days ago that he was “poor again” after losing billions of dollars in cryptocurrency following a market crash, which wiped out the fortunes of many investors. When LUNA is exchanged for UST, however, that LUNA is destroyed.įor astute investors, this presents an appealing arbitrage opportunity. The UST transferred for LUNA is destroyed and removed from circulation each time this swap is done. One UST may always be exchanged for one LUNA and vice versa. On the other side, some community members defended the decision, claiming that Binance CEO Changpeng “CZ” Zhao saved many investors from liquidation by selling a stablecoin for $0.70. The community has reiterated the term “not your keys, not your coins” since clients worldwide cannot withdraw their assets and cited the suspension of Binance’s funds as one of the fundamental disadvantages of a centralized crypto exchange. Users and community members’ reactions to this suspension The Terra stable coins price is maintained by LUNA, which decreases market volatility and keeps the price stable. Luna (LUNA) and TerraUSD (UST), the Terra network’s native currencies, are two blockchain-based initiatives created by Terra Labs in South Korea. Withdrawals were paused “due to a large level of pending withdrawal transactions,” with the business promising to resume them once “the network is stable, and the volume of pending withdrawals” has decreased. The withdrawal of Terra’s LUNA and UST tokens has been “temporarily suspended,” according to Binance’s official website. As the crypto community continues to figure out Terra’s ongoing pegging-de-pegging dilemma about its stablecoin offering TerraUSD, Binance momentarily restricted withdrawals for LUNA and UST on Tuesday regarding its stablecoin offering TerraUSD (UST). ![]()
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