Binance's Future after Luna's Demise

2Xnc...qA57
18 May 2022
114

Binance held around $1.6 billion in unrealized gains at the peak of Luna's price.

That identical investment is worth $2.5k because of the UST token's demise.

Following the collapse, Binance CEO Changpeng Zhao joked that he was "poor again" in a tweet that included a link to the wallet.

Do Kwon, Terra's co-founder has gone to Twitter to offer a strategy to preserve Luna from Binance's delisting.

Kwon came up with the idea of launching a new chain, Terra, which would concentrate on Luna.

Terra Classic and Luna Classic would be renamed, but both chains would be allowed to exist simultaneously.

When Binance made a $3 million investment in the Terra ecosystem in 2018, it received 15 million Luna.

This investment formerly had a market value of $1.6 billion, but it is now only worth around $2.5k, what a dramatic fall from grace.

To be open with investors, Binance CEO Zhao revealed the wallet address on the company's website.

When UST's de-pegging occurred, Terra's CEO publicly blasted the Terra team for their reaction.

Since then, Binance has removed Luna and UST from its platform after their demise last week.

On many social media platforms, it has been speculated that Terra's co-founder, Do Kwon, may leave UST in favor of starting an altogether new chain based on Luna.

His goal was to build Terra, built on Luna tokens; Luna Classic would be renamed Terra Classic; the two chains would coexist.

Write & Read to Earn with BULB

Learn More

Enjoy this blog? Subscribe to Qwavivi007

5 Comments

B
No comments yet.
Most relevant comments are displayed, so some may have been filtered out.