Binance, the world’s largest cryptocurrency exchange by trading volume, said it is investigating allegations made against Terra. The statements were made by Changpeng Zhao, CEO of Binance. Here are the details…
Many big names are blamed
A user on Twitter was the most prominent among Terra’s critics. He was so tough on Terra that Fortune magazine cited his tweets when interviewing the Binance CEO. In a highly detailed Twitter thread, critic FatMan claimed that Terra manipulated the markets, causing people to lose billions while paying exchanges and other third-party facilitators.
Kryptokoin.com FatMan accused Jump head Kanav Kariya of being a puppet and running a secret group. FatMan then targeted the CEO of crypto exchange FTX, accusing him of facilitating a 30% deal with Serum, the JDEX platform. The critic also claimed that Terra has no plans to compensate the small investors who lost their funds in the Terra collapse.
Binance CEO talked about Terra allegations
Now, Binance CEO CZ, in an interview with Fortune, stated that the exchange, which he is involved with, is following the allegations about Terra and conducting an investigation to identify the allegations. made it clear that he was taking action to form the team. According to CZ, there is an investigative team within Binance that has a lot of data to analyze and get facts from. The Exchange also works closely with local executive bodies from around the world as needed. Regarding FatMan’s tweets, CZ said:
I’ve asked our team to review each of these FatMan claims. I told them to look at the data we had and if we could come to any conclusions we should share it with law enforcement. To date, we cannot confirm or deny any of the claims. But we must help the community monitor and stop bad behavior. That’s why we do such an analysis.
FatMan recently tweeted about the US arm of Binance. This time around, he noted that Binance.US had a rather poor process for due diligence and security. The critic’s claims seemed to be aimed at challenging CZ’s claim that the Binance exchange could investigate Terra.
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