Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, stated that the company invested $ 3 million in 2018 Terra. The billionaire, nicknamed CZ, also explained how much the company lost from the recent big crash.
Cryptocurrency markets have been facing a serious decline lately. The decline in many cryptocurrencies, especially Bitcoin, had a significant impact on investors. However, the biggest agenda of the market was neither Bitcoin nor Ethereum. The collapse of Terra (LUNA) and the UST was on the agenda of the whole world.
The horrendous decline of LUNA and its stablecoin, UST, caused many investors to lose big money. While the effects of the worldwide collapse continue, now an explanation has come from Binance.
Binance announced a loss of $ 1.6 billion from Terra
Changpeng Zhao, CEO of the world’s largest crypto exchange Binance, nicknamed CZ, spoke about Terra (LUNA) in an interview with Fortune. The famous CEO, who conveyed the company’s investments in this regard, also drew attention to the loss. Accordingly, Binance invested $3 million in 2018 as part of Binance Labs.
In his statements, Zhao stated that after this investment, they have 50 million LUNA in a public and untouched cryptocurrency wallet. Stating that they could not make any money from this investment, the billionaire stated that the company lost about 1.6 billion dollars in the recent crisis; but he stated that this is not a problem.
Binance has been on the agenda lately with question marks about Terra. Many wondered if the giant stock market had profited from the crash and whether Zhao had contacted Terra founder Do Kwon. In addition, other giant exchanges were also criticized for listing UST and LUNA, which caused great disappointment to investors.