Crypto Exchange Binance Founder Says He's "Poor Again" After Luna Crash
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. 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. 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 Luna tokens were “never moved or sold,” he added.
Poor again.https://t.co/88v2U2vjfM
May 17, 20222/ 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.
May 16, 2022
Address:https://t.co/6HwTu6CCuBLuna's fall began when TerraUSD, its sister coin, lost its peg to the US dollar. The two tokens' prices are linked. When the price of TerraUSD dropped, investors raced to sell their holdings. The price of Luna was pulled down by the drop in TerraUSD.
Despite 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. His estimated 70 percent stake in Binance accounts for the majority of his wealth, stated a Forbes report.
In another tweet, Zhao urged the Terra team to make reimbursing its retail investors top priority. 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.”
4/ Now the important part.
May 16, 2022
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.
Binance (after a 5 min discussion) fully support this proposal. ????https://t.co/QnMx8aZ09ATerra Luna has dropped 99.15 percent in the last few days, according to Binance data. It has a market cap of $924.99 million.
Daniel Shin and Do Kwon founded Terra Luna, a blockchain technology that uses fiat-pegged stablecoins, in January 2018. The token was first made accessible to investors in a private token sale in August 2018, raising a huge $32 million from investors including Binance, OKEx, and Huobi.
Zhao founded Binance, which has grown to become the world's largest cryptocurrency exchange by daily trading volumes. Binance's daily average volume is over two billion, with over 14 lakh transactions per second. It provides cryptocurrency trading help 24 hours a day, 7 days a week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
