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Binance $1.6 billion share in LUNA crashes to $3,000

Binance CEO Changpeng Zhao Tweeted that he was poor again on Monday after his company’s $1.6 billion share in LUNA coin crashes to about $2,391.

The coin’s crash is still sending shock waves to crypto investors all over the world. At its peak, LUNA was trading at $119 but it plummeted to around $0.0001874, according to Coin Market Cap.

The mega crash was caused by Terraform Labs’ UST crash, an algorithm-based stablecoin which was connected to price of the US dollar.

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However, while Zhao is getting a compensation from the guys at Terraform Labs, he has voiced concern for Binance users to be prioritised. In a Tweet, he said:

“To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate the retails [sic] users first, Binance last, if ever.”

It is worth noting that Binance had originally invested $3 million in LUNA back in 2018 before the investment grew to nearly $1.6 billion. It accounted for much of Changpeng Zhao’s wealth — and he is one of crypto’s richest men.

In addition, while there has been talk of compensation, the public do not really know how Terraform Labs plans to go about it. Although we have seen some Tweets that suggest that the poorest UST investors will be reimbursed a 100 per cent of what they lost and then, the distribution will work its way up from there until it gets to the richest investors.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.