Binance’s CEO recently indicated that crypto Twitter was pressuring him to reveal whether the exchange had any UST. He implied that he had questioned his Binance employees whether the company had invested in UST.
Binance seems to maintain no UST other than the trading fees it gets.
“We’ve probably got some from trading fees.” Probably about 0 right now. (Think of it how free commerce used to be.) This was just not on my thoughts. “First and foremost, users,” we don’t prioritize stuff like that.
Binance Labs invested $3 million in Terra (LUNA) in 2018, according to its CEO. Binance could have sold the 15 million coins it spent $3 million for in 2018 for a 560x profit when Luna was selling at an all-time high of $119, but the exchange never did so.
“Binance received 15,000,000 LUNA (at a peak worth of $1.6 billion, now not much) as part of the first ($3 million) investment. The maximum return is 560x. “It’s still at the address where we picked it up.” “I’ve never moved or sold anything in my life.”
CZ said Binance received 15,000,000 LUNA, at peak worth $1.6 billion USD, as part of the original ($3m) invest. 560x return at peak. Never moved or sold. Only worth $3000 now. https://t.co/366twrf9Nj
— Wu Blockchain (@WuBlockchain) May 16, 2022
Binance did not participate in the second round of Luna’s UST investment, according to the CZ.
“Neither Binance nor UST were bought during Luna’s second round of investment.” Binance Labs invested $3 million in Terra in 2018. (layer 0 blockchains). UST came much later after our first investment.
Furthermore, Binance’s CEO claims that the exchange has $12 million in UST from trading fees or staking on the same address over time, but has sold none.
“On this same address, we have about $12,000,000 UST from staking over time (not bought). Also never moved or sold.”
Finally, the CZ said that the major purpose of Binance is to protect users. They demand that the Terra project team compensate the retail consumers first:
“Now, the important part. To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate the retail users first and Binance last. Binance (after a 5 min discussion) fully supports this proposal.”
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