@BOMBERuss 16 May 2022 more from that month

The CEO of the #Binance bitcoin exchange, Changpeng Zhao, spoke about investments in the failed Terra project and announced the amount owned by the company in the #UST stablecoin. According to him, in 2018 Binance invested $ 3 million in #Terra, receiving 15 million #LUNA. Assets have not been moved or sold since that time, Zhao said. The value of the initial investment increased 560 times (up to $ 1.6 billion) against the background of the coin reaching price highs. After the collapse of #UST and LUNA, these investments cost "a little," the head of Binance added. On May 8, UST lost its peg to the US dollar. This happened against the background of the outflow of assets from the Anchor protocol due to a decrease in the rate of return on deposits to 17.87%. On May 10, the asset's quotes dropped below $0.62. The fall continued on May 11, followed by the LUNA coin used for minting algorithmic #stablecoin, which collapsed to $0.3. On May 16, the Luna Foundation Guard organization reported that it had almost completely spent a $3 billion reserve fund to save UST. After the publication, the stablecoin quotes collapsed from ~$0.14 to levels near $0.09. The LUNA price dropped to $0.00018 (#CoinGecko). Binance's $3 million investment has turned into approximately $2,700. Zhao also said that the exchange has earned about 12 million UST on staking for all time. Assets at the current price are worth just over $1 million. The Terra team stated that it hopes to "use the remaining assets to compensate UST users, primarily holders of small amounts." "To show an example of user protection, Binance will not hold on to this and will ask the project team to first pay compensation to retail investors. We are the last, if ever," Zhao said. The #exchange staff made this decision unanimously after a five-minute discussion, the founder of Binance clarified.