Binance CEO Changpeng Zhao (CZ) shared that he was “disappointed” about the Terra team, which did not respond despite contacting Axie Infinity, which was the victim of one of the biggest hack attacks in crypto history (details). Making statements on Terra (LUNA) and TerraUSD (UST), CZ says that the delist decision was taken to protect investors.
Binance CEO harshly criticizes Terraform Labs
In less than a week, UST and LUNA, which had reached the top 10 by market capitalization, were removed from the market.
Commenting on the matter in a series of tweets throughout the day, Binance CEO Changpeng Zhao explains why they chose to discontinue LUNA and UST trading following an earlier announcement on the exchange’s website. . Saying that Terra’s algorithmic stablecoin mechanism is causing excessive LUNA printing, he states that they are trying to avoid victimization as investors continue to buy:
Some of our users, who are not aware of the large volumes of newly minted LUNA off the exchange, think that the price will probably be lower as soon as deposits are allowed. He started buying the LUNA again, not realizing that it would drop even more. We suspended operations due to significant risks.
Terra has lost the stable value of UST over the past few days and LUNA’s overblown token supply is close to zero. The crash wiped out nearly $30 billion in value in just one week and is described as one of the biggest events in crypto history. At the time of writing, UST:
CZ also included a broad statement on the subject. He shared that the Delist decision was taken to avoid any unjust treatment, as investors continued to purchase despite the escaping LUNA supply. Stating that although Binance contacted Terra team, they could not get a response, CZ cites the $650 billion Ronin hacking attack as an example, saying that the Axie Infinity team was able to eliminate the grievance after their planned and determined work, but the Terra team reacted to this incident in the opposite way.
Meanwhile, Binance has the “SAFU” fund, an emergency insurance to protect investors, established in July 2018. According to data from BscScan, this fund is currently over $300 million. As
Kriptokoin.com, we have covered all Terra related news chronologically in this bulletin. We will be reporting future developments.
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