Topic: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets (Read 397 times)
June 07, 2022, 03:58:42 PM
In 2018, CZ invested $3 million in Luna. (https://finder.terra.money/mainnet/address/terra19scdgmvhj5rl7f66n06z5pescf0gmeysw6pjrz). in my opinion, He has already received his reward. But he still missed an excellent profit opportunity. He watched $1.6 billion become zero in a few days. CZ's explanation is here: https://twitter.com/cz_binance/status/1526129837299093506 I don't believe his explanation. Surely he got a profit. Changpeng Zhao may have used a backdoor tactic. :) I don't think it's realistic that Changpeng Zhao hasn't earned any money. :)
June 07, 2022, 01:31:37 PM
People had hope when terra team announced they have recovery plan. After that Fork token has distributed already, even i also received new token which is worth some dollars. It doesn't make sense how terra use the way of to fulfill their recovery plan for their user as they announced. They have given so call fork token and they think people Will support them again, that's ridiculous.
June 01, 2022, 07:25:29 AM
It’s breath taking to see how Binance the worlds most popular crypto exchange had to suffer losses not in millions but billions of dollars!
Binance had an address where at the peak price Luna were sent adding up 15 million LUNA on binance. These were around 1.6 billion dollar worth before the month Luna dropped to almost cents.
Binance CEO, Zhao however still not worried much considering his net worth still stands at around $14 billion.
In his tweet, he shares funny meme and says “Poor again”, with picture of terrified guy. Lolz.
I am not sure how Terra will help Binance, but CEO Zhao requested the project team to compensate the Binance users for this down turn.
Luna was a scam from the start and Binance was in on it. The billions of dollars that were supposed to support the UST peg were never actually sold, they are in CZ's wallet Binance had an address where at the peak price Luna were sent adding up 15 million LUNA on binance. These were around 1.6 billion dollar worth before the month Luna dropped to almost cents.
Binance CEO, Zhao however still not worried much considering his net worth still stands at around $14 billion.
In his tweet, he shares funny meme and says “Poor again”, with picture of terrified guy. Lolz.
I am not sure how Terra will help Binance, but CEO Zhao requested the project team to compensate the Binance users for this down turn.
Quote
Changpeng Zhao, the founder of cryptocurrency exchange Binance, tweeted a few days ago that he was “poor again” after losing billions of dollars in cryptocurrency following a market crash, which wiped out the fortunes of many investors. The exchange's assets in the cryptocurrency Luna fell to just $2,200 from $1.6 billion, at the token's peak price, a month before. In a tweet, Zhao claimed that Binance held 15 million Luna tokens, which the exchange had obtained in exchange for a $3 million investment in the Terra network, which Luna is founded on. The Luna tokens were “never moved or sold,” he added.
Luna's fall began when TerraUSD, its sister coin, lost its peg to the US dollar. The two tokens' prices are linked. When the price of TerraUSD dropped, investors raced to sell their holdings. The price of Luna was pulled down by the drop in TerraUSD.
Despite the crash and the fall in the price of Luna, Zhao has a net worth of around $14.9 billion, as of Sunday, according to Bloomberg. His estimated 70 percent stake in Binance accounts for the majority of his wealth, stated a Forbes report.
In another tweet, Zhao urged the Terra team to make reimbursing its retail investors top priority. He wrote, “To lead by example on protecting users, Binance will let this go and ask the Terra project team to compensate the retails users first, Binance last, if ever.”
Terra Luna has dropped 99.15 percent in the last few days, according to Binance data. It has a market cap of $924.99 million.
Daniel Shin and Do Kwon founded Terra Luna, a blockchain technology that uses fiat-pegged stablecoins, in January 2018. The token was first made accessible to investors in a private token sale in August 2018, raising a huge $32 million from investors including Binance, OKEx, and Huobi.
Zhao founded Binance, which has grown to become the world's largest cryptocurrency exchange by daily trading volumes. Binance's daily average volume is over two billion, with over 14 lakh transactions per second. It provides cryptocurrency trading help 24 hours a day, 7 days a week.
Luna's fall began when TerraUSD, its sister coin, lost its peg to the US dollar. The two tokens' prices are linked. When the price of TerraUSD dropped, investors raced to sell their holdings. The price of Luna was pulled down by the drop in TerraUSD.
Despite the crash and the fall in the price of Luna, Zhao has a net worth of around $14.9 billion, as of Sunday, according to Bloomberg. His estimated 70 percent stake in Binance accounts for the majority of his wealth, stated a Forbes report.
In another tweet, Zhao urged the Terra team to make reimbursing its retail investors top priority. He wrote, “To lead by example on protecting users, Binance will let this go and ask the Terra project team to compensate the retails users first, Binance last, if ever.”
Terra Luna has dropped 99.15 percent in the last few days, according to Binance data. It has a market cap of $924.99 million.
Daniel Shin and Do Kwon founded Terra Luna, a blockchain technology that uses fiat-pegged stablecoins, in January 2018. The token was first made accessible to investors in a private token sale in August 2018, raising a huge $32 million from investors including Binance, OKEx, and Huobi.
Zhao founded Binance, which has grown to become the world's largest cryptocurrency exchange by daily trading volumes. Binance's daily average volume is over two billion, with over 14 lakh transactions per second. It provides cryptocurrency trading help 24 hours a day, 7 days a week.
. I rarely ever use exchanges anymore. Since DeFi exists, I can trade on most L1 chains. In fact, here's a little alpha. People are just trading NFTs on HBAR and ICP right now but DeFi DApps should be released this summer. Both chains should see a pump. June 01, 2022, 12:16:33 AM
Although he still has enough even he would earn more than what he lost but the fact is, i wonder that he also invested 1.6 billion with luna, thats a lot possibly 15% of his total assest! This is how people trusted luna but it has done bad to its user. I saw luna team has given new luna as forked but i laugh because that amount is thousands time lower as compensation than what people lost
May 28, 2022, 04:56:24 PM
............
Luna is like a lesson for us. But I took two lessons from Luna. One is that we shouldn't keep all our funds in 1. Like there is a proverb, don't keep all your eggs in one bucket. If that one bucket falls, your entire egg will be lost. This is the best example of this proverb. Second, regardless of how large the project is, you always keep us up to date on its progress and work so that we can understand its next possible destination. Though this is also just speculation. I hope you understand. This is just my opinion. Others' opinions might be different.
This combined greed and ignorance, which is always a very dangerous combination, and then then when the inevitable happened people were surprised, however if we see the promises that the developers of luna made you could easily see it was a scam and that this coin had no chance of surviving for the long term.
May 25, 2022, 12:12:29 PM
Right, there are no hope to back luna price. I think 90% of the holders didn’t sell their tokens because they believed price will back again but luna price is going to zero it’s really disappointed who lost their big amount of money. I was small investors provably i sold luna when i have seen my portfolio down almost 20%. But i'm not disappointed because of my initial investment was 100$+.
It's no use buying luna unless you want some display on your wallet. Those holders from the beginning before the 100% drop of Luna can't do anything about it.They're too late to realize that selling at loss is no longer an option for them because if they do, they've got nothing anymore and they'll just throw it in the air.
May 25, 2022, 12:00:42 PM
Well at least the guy still has the mood to be funny/humorous despite the losses. Although the guy is rich, losses still hurt if not for the pocket but for the emotional aspect of the investor. Still, I pity the small time investors that suffered the most. Specially the newvies that has gone into Terra Luna head first investing amounts they cannot afford to lose because of the hype or the several influencers that shilled Terra Luna non-stop regardless of their intentions (good/bad). At least though, Do Kwon is trying to fix things.
May 25, 2022, 10:04:07 AM
That amounts when luna reached the all time high. It's also a very big surprise for anyone in here if it's not only luna who has been loosing a lot but UST and ANC too. The investors from these three coins have been facing a very difficult situation when their investment worth nothing for now. We are very close to the luna 2,0 Im feeling curious what will be coming in this update. I meant the new token will be launched and UST will be residual. We will see whether this token can make luna v2 become a good token again or not.
May 24, 2022, 10:09:53 AM
-snip-
Anyway, here I have taken 6 dollar profit from luna 
. Just as Luna has made many people the beggar of road on the other hand it also made some People rich.The people who trade under .00000 they have big profit now . But even then I think a cursed time in the cryptocurrency world has passed for Lunar. Many people attempt suic*ide for it . I think every project should learn from Luna's mistake 
May 24, 2022, 10:03:43 AM
Has anybody thought of buying Luna despite what's happening?
will not buy back luna , i have sold my luna when the value fell 30% of my initial capital at least i didn't lose too much
I'm grateful I'm not like my other friends they haven't had time to sell their Luna
May 24, 2022, 03:16:41 AM
It's likely that the Terra foundation has given a huge chunk of Luna as they've became listed to Binance. CZ didn't saw that coming when the price plummets so fast and he probably thought that it will recover.
But looking at the perspective and recovery plan of Luna and UST, there's no hope as he said it from his mouth. Yeah, he might be poor again as a meme but he's still a billionaire.
I hope LUNA can recover in time no one will know not for now. I feel sorry for CZ, even though he is a rich person with a lot of money, but he has sacrificed his life in the crypto world, known to many people. if she felt relaxed in yesterday's circumstances, I think there might be a private conversation between CZ and the founder of LUNA, if for example LUNA can recover gradually why can CZ relaxBut looking at the perspective and recovery plan of Luna and UST, there's no hope as he said it from his mouth. Yeah, he might be poor again as a meme but he's still a billionaire.
The LFG has a lot of things to fix beacuse of this fiasco that they've made. Even if they deny allegations that they've never profited nor benefited from this issue.
It is for sure that they can't change the mind of people regardless of what they tell, a lie or a truth.
May 23, 2022, 05:59:34 PM
Binance requesting the Luna team to provide compensation for its users is a way to gain the trust over the platform. If things have happened out of a Decentralised Exchange, there won't be any issues. Here Binance itself have experienced a massive loss out of the investment. As things have happened in a very short time period, no Exchanges were able to make outright decisions to escape the loss. Already the Luna Terra fund back-up reserve have got emptied. So, only the recovery can provide the compensation and not the team.
May 23, 2022, 05:41:51 PM
I was actually shocked to hear that from cz, that was a huge amount of money that went under the bridge. This luna incident really affects many investors, retailers, whales and even exchange like binance. I know binance is a big exchange and may not feel the impact of this loss but am sad for the retailers and small investors who had their life savings on luna, i think for their sake, Do kwon needs to do something to save luna so that investors can recover their loss.
i am believe CZ angry with this condition now, 1.6 billions was huge amount even that for exchanges like binance . imagine what kinds of developtment can start with this money ? Luna really make all market participants shock , from retailer till whales suffering huge loss and maybe profits from previous project gone only in few days only. May 23, 2022, 05:08:25 PM
............
Luna is like a lesson for us. But I took two lessons from Luna. One is that we shouldn't keep all our funds in 1. Like there is a proverb, don't keep all your eggs in one bucket. If that one bucket falls, your entire egg will be lost. This is the best example of this proverb. Second, regardless of how large the project is, you always keep us up to date on its progress and work so that we can understand its next possible destination. Though this is also just speculation. I hope you understand. This is just my opinion. Others' opinions might be different.
May 23, 2022, 04:45:02 PM
Millions turned into billions turned into thousands. More accurate that way.
This is just paper loss. The invested amount is much less than that and just because LUNA skyrocketed and then fatally crashed does not make it a loss. If that was the case, I 'lost' a TON of money over the years.
Anyway. Had this man held all his eggs in the LUNA basket, he would have been absolutely wrecked. Imagine your volatile net worth is $1.6 billion and all of a sudden it is less than a month's salary of some people.
-
Regards,
PrivacyG
This is just paper loss. The invested amount is much less than that and just because LUNA skyrocketed and then fatally crashed does not make it a loss. If that was the case, I 'lost' a TON of money over the years.
Anyway. Had this man held all his eggs in the LUNA basket, he would have been absolutely wrecked. Imagine your volatile net worth is $1.6 billion and all of a sudden it is less than a month's salary of some people.
-
Regards,
PrivacyG
May 23, 2022, 03:51:05 PM
Not only him but also there are others billionaire who's fund trun into zero because of luna. Even there are lot of people including my friends who became rich by holding with big amounts of luna and those persons are lost everything now.
Its good to see Binance CEO, Zhao requested luna team for compensation but reality is, luna team will never give any compensation to anyone as luna is already scam. So don't hope again with this token and its better to move on
I am really sorry for all of those that were caught in this nonsense as it was clear that the model of luna was impossible to sustain long term, it is because of this that we always recommend to newbies and other people interested in those coins to not take the risk regardless of how tempting the offer could be and how fast the price of such an asset was going up.Its good to see Binance CEO, Zhao requested luna team for compensation but reality is, luna team will never give any compensation to anyone as luna is already scam. So don't hope again with this token and its better to move on
Because this is the kind of crash that you can experience with those coins, one day you think you have the potential of making millions and the next you are completely ruined, and since you do not know what could cause such a drop you are basically playing Russian Roulette with your money and sooner or later you will have to face those gigantic losses from which it is impossible to recover.
May 23, 2022, 02:46:56 PM
Well, lets just stick into that golden rule
"Invest on what you can afford to lose"
It is really just too big for such loss even CZ do said on being poor.There's no exemption about crypto investment risk even with the owner of top exchange platform
but still considering those numbers he's still a billionaire and pretty much sure that he had been accepting it easily and make that "Poor again" word
which shows some acceptance.
"Invest on what you can afford to lose"
It is really just too big for such loss even CZ do said on being poor.There's no exemption about crypto investment risk even with the owner of top exchange platform
but still considering those numbers he's still a billionaire and pretty much sure that he had been accepting it easily and make that "Poor again" word
which shows some acceptance.
May 23, 2022, 02:35:38 PM
It’s breath taking to see how Binance the worlds most popular crypto exchange had to suffer losses not in millions but billions of dollars!
Binance had an address where at the peak price Luna were sent adding up 15 million LUNA on binance. These were around 1.6 billion dollar worth before the month Luna dropped to almost cents.
Binance CEO, Zhao however still not worried much considering his net worth still stands at around $14 billion.
Binance had an address where at the peak price Luna were sent adding up 15 million LUNA on binance. These were around 1.6 billion dollar worth before the month Luna dropped to almost cents.
Binance CEO, Zhao however still not worried much considering his net worth still stands at around $14 billion.
That is definitely a huge loss. 1,6 billion USD becoming only 2,200 USD means that the investmenst is now only worth 1/727272 of it's current value which is absolutely insane and frightening to be honest. I don't really know what to think about the tweet of CZ though. He kinda makes fun of his loss while at the same time a lot of people have lost their life savings due to the crash of Luna which is absolutely sad and terrible. Those people of course have not lost 1,6 Billion but maybe only 1600 USD but for them those relatively little amounts of money are way more important for them than those 1,6 billion USD to CZ.
May 23, 2022, 12:06:07 PM
This is truly disaster not only binance alone that has suffered lose, I mean we know binance could lost billions and just shrug it under the rugs but most of the individual victims that has lost their lifetime saving are definitely having bigger impact in their life just for foolish mistake that LUNA had making it really disastrous.
and even some stated that binance's lose is just some unrealized profit meanwhile there are plenty of people out there using their lifetime saving thinking that LUNA is like safe haven where they could still invests and avoid volatility like shitcoin since it's among the major altcoins and turns out that was all a mistake.
and even some stated that binance's lose is just some unrealized profit meanwhile there are plenty of people out there using their lifetime saving thinking that LUNA is like safe haven where they could still invests and avoid volatility like shitcoin since it's among the major altcoins and turns out that was all a mistake.
May 23, 2022, 12:01:48 PM
It's likely that the Terra foundation has given a huge chunk of Luna as they've became listed to Binance. CZ didn't saw that coming when the price plummets so fast and he probably thought that it will recover.
But looking at the perspective and recovery plan of Luna and UST, there's no hope as he said it from his mouth. Yeah, he might be poor again as a meme but he's still a billionaire.
I hope LUNA can recover in time no one will know not for now. I feel sorry for CZ, even though he is a rich person with a lot of money, but he has sacrificed his life in the crypto world, known to many people. if she felt relaxed in yesterday's circumstances, I think there might be a private conversation between CZ and the founder of LUNA, if for example LUNA can recover gradually why can CZ relax But looking at the perspective and recovery plan of Luna and UST, there's no hope as he said it from his mouth. Yeah, he might be poor again as a meme but he's still a billionaire.
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