The Terra (LUNA) drama has caused major problems for many investors. Investments that once soared in value collapsed even faster as the UST stablecoin depreciated. The CEO of crypto exchange Binance announced on Twitter yesterday exactly how much his exchange owned, and how much it is worth now.

Binance’s LUNA Went From $1.6 Billion To Just $3,000

Binance, which is an exchange like the Dutch Bitvavo, invested in Terra quite early on. At the time, it put $3 million into the project for which it received 15 million LUNA. And given the exploding LUNA price in recent months, this initially turned out to be a golden investment.

At one point, the 15 million LUNA were worth no less than $1.6 billion. This means that the $3 million investment had generated a return of 560x at one point. But at the current rate, and thus after the huge collapse of the Terra project, there is now only about $3,000 of it left.

“Binance received 15,000,000 LUNA (at its peak worth $1.6 billion USD, and not much of it now) as part of the original investment ($3 million). 560x return on peak. It is still at the address where we received it. Never moved or sold.”

Binance CEO Gives Full Transparency

Changpeng Zhao, the CEO of Binance, made his statements to provide full transparency about his role within the debacle. In addition to the above, he also says that his exchange is worth about $12 million strike-received proceeds for his UST assets. They have never been moved or sold.

The point the CEO wants to make is that the “retail users,” or smaller investors, must be compensated first. And Binance only at last, if not never. These statements match those of Ethereum founder Vitalik Buterin. He also wants smaller investors to be compensated first. Some of that compensation should come from the leftover bitcoins still in LUNA’s reserves.


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