Binance CEO Changpeng Zhao (CZ), UST/LUNA about the event BinanceHe took the lead on Twitter to share his stance and his own thoughts.
Expressing his thoughts in a long thread, CZ said he was disappointed with the way Terra handled the collapse of the UST.
Commenting in detail on Luna’s (LUNA) collapse, Binance CEO said,
I am very disappointed with how (or not) this UST/LUNA thing has been handled by the Terra team. We asked their team to restore the network, burn the overprinted LUNA, and recover the UST latch. So far we haven’t received any positive response or many responses.
said.
Zhao also stated that Binance prioritizes user protection and that is why they have decided to suspend LUNA and UST trading. Moreover
Some of our users, unaware of the large volumes of newly minted LUNA off the exchange, started to buy LUNA again, not realizing that as soon as deposits are allowed, the price will drop even more. Due to these significant risks, we have suspended trading.
He shared the reasons for their decision.
Due to flaws in the design of the Terra protocol, exponential amounts of new LUNAs have been issued. Its validators suspended all their networks, which resulted in no deposits or withdrawals from any exchange.
said Zhao,
While Binance has always aimed to be neutral, helpful and protective towards all users and industry peers, and generally refrain from commenting on other projects, I will break this rule this time around.
He made his position clear.
1. Horse #Binance we prioritize user protection. We made the decision to suspend LUNA and UST trading. Here’s why.
A thread 👇
— CZ 🔶 Binance (@cz_binance) May 13, 2022