Binance Lost Money From Terra Crash Announced

Cryptocurrency The markets have faced a serious decline lately. The decline in many cryptocurrencies, especially Bitcoin, had a significant impact on investors. However, the biggest agenda of the market was neither Bitcoin nor Ethereum. On Terra (LUNA) and UST The collapse was on the agenda of the whole world.

The horrendous decline of LUNA and its stablecoin, UST, caused many investors to lose big money. In the past days, we shared with you that there has been an important development on the LUNA front and that an investigation has been launched on this issue, which has caused billions of dollars in damage. While the effects of the worldwide collapse continue, now an explanation has come from Binance.

Binance announced a loss of $ 1.6 billion from Terra

CEO of Binance, the world’s largest cryptocurrency exchange, nicknamed CZ Changpeng Zhao, talked about Terra (LUNA) in an interview with Fortune. The famous CEO, who conveyed the company’s investments in this regard, also drew attention to the loss. Accordingly, Binance was founded in 2018 as part of Binance Labs. 3 million dollars made an investment.

In his statements, Zhao stated that after this investment, they have 50 million LUNA in a public and untouched cryptocurrency wallet. Stating that they could not make any money from this investment, the billionaire said that the company has been around in the recent crisis. 1.6 billion dollars he stated that he lost; but he stated that this is not a problem.

Binance has been on the agenda lately with question marks about Terra. Many wondered if the giant stock market had profited from the crash and whether Zhao had contacted Terra founder Do Kwon. In addition, other giant exchanges also listed UST and LUNA, which caused great disappointment to investors. showered with criticism was being held.