It has recently collapsed and its price is almost zero. Terra (Luna) for the world’s largest cryptocurrency stock market Binance’s Its CEO, CZ, has responded to some of the allegations.
Binance CEO Thinks ‘Terra2’ Proposal Will Fail
Expressing his thoughts on the ‘Terra2’ hard fork proposed for Terra in his statement yesterday, CZ said that this proposal would not work. In addition, CZ acquired Terra’s UST announced that it will use it to support your bitcoins He also questioned where he was.
In his statement today, CZ touched on the latest events around Terra:
“These past weeks have been a turning point for the cryptocurrency industry. We witnessed the rapid decline of a major project, and the impact of this decline was felt throughout the industry. However, in addition to this, we also saw a new recovery power in the market that we did not see in the previous market decline.”
Binance CEO also responded to some of the allegations circulating on Twitter:
“I would also like to address some of the false claims circulating in the cryptocurrency space on Twitter.
It’s not true that Binance is in the second phase of LUNA’s funding round, and we’ve also never bought UST. Binance Labs invested $3 million in Terra, a layer 0 blockchain, in 2018. The UST project was created much later than our investment.”
CZ also said that they have invested in hundreds of projects in recent years, some of which have been successful while others have failed, which is inherent in the concept of investment.
“They Must Buy Back and Burn To Create Value”
The famous CEO also said that they have been making efforts to support the Terra community in recent days:
“We’ve worked hard over the past few days to support the Terra community. In my tweets, I only address potential issues in my understanding. Operations such as minting and forking do not create any value. But transactions such as buybacks and burns create value, and they require funds. These funds may not be available to the Terra project team.”
CZ also said he expects more transparency from the Terra team. According to the famous CEO, specific on-chain transaction information of all funds should be published.
Changpeng Zhao also stated that he would like to see Terra be reborn and prosper:
“I hope that the team of the project will rise from the ashes and enter the process of rebuilding correctly and logically. Whatever my personal views, we will always be there to support the community.”
*Not investment advice.