May 19
2 min read
Crypto exchange Binance founder says he’s poor again after Terra LUNA crashes to zero
- In 2018, Binance received 15 million tokens of LUNA for its investment of $3 million into the Terra network. At its peak in April this year, the investment in stable coins reached a whopping $1.6 billion. When the stable coin crashed to zero limits — the tokens are not even worth $2,200.
- The world of Terra USD sister token LUNA came crashing down like a frenzy in just less than two weeks of May that sent shivers to the entire crypto market and it continues to caution trading in cryptocurrencies. The so-called stable coin, LUNA has now crashed to even zero, wiping out many investors’ wealth. Among these is also crypto exchange Binance founder Changpeng Zhao, commonly known as “CZ”.
- Zhao has lost breathtakingly more than a billion due to LUNA’s collapse. The Binance founder has even tweeted about the loss, calling himself ‘poor again’.
- He tweeted an article written by Fortune with the caption ‘Poor again’.
- He further went on to reveal how from $1.6 billion worth of investment in LUNA, his wealth went on to erase frantically to the point it is now merely below $2,500.
- During the year 2018, Binance received 15 million tokens of LUNA for its investment of $3 million into the Terra network. At its peak in April this year, the investment in stable coins reached a whopping $1.6 billion. However, Zhao did not sell any of LUNA and when the stable coin crashed to zero limits — the tokens are not even worth $2,200.
- On Binance, Terra LUNA trades at $0.0001416 down by 18.6% currently. Taking into consideration the Binance holding of 15 million LUNA tokens and the current market price — the holding is now valued at around $2,124 (15 million x $0.0001416).
- Zhao tweeted saying, “Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) investment 560x return at peak. It still sits on the address we received at. Never moved or sold.”
