Following the recent crash of Luna, news has come out from Binance founder Changpeng Zhao (CZ) that Binance had originally invested $3 million USD into Luna, which at its height, was valued at $1.6 billion USD.
The shocking revelation is that the total investment is now only worth roughly $2,400 USD. Despite the turn of events, the Binance CEO has stated that during the whole ordeal, the exchange has never moved nor sold any of its position in Luna. His next steps are to put pressure on Terra to help with compensating the retail investors that lost the most, and to “protect users.”
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
In other tech news, Elon Musk hints that negotiating a lower sale price for Twitter is not “out of the question.”
wazup.