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Crypto Exchange Binance founder says he is “bad again” after Luna Crash

Crypto Exchange Binance founder says he is “bad again” after Luna Crash

Despite the Luna crash, Chanpeng Zhao has a net worth of around $ 14.9 billion

Changpeng Zhao, the founder of the cryptocurrency exchange Binance, tweeted a few days ago that he was “poor again” after losing billions of dollars in cryptocurrency after a market crash, which wiped out the fortunes of many investors. The exchange̵[ads1]7;s assets in the cryptocurrency Luna fell to only 2200 dollars from 1.6 billion dollars, to the token’s top price, a month before. In a tweet, Zhao claimed that Binance had 15 million Luna tokens, which the stock exchange had received in exchange for an investment of 3 million dollars in the Terra network, on which Luna is based. The Luna tokens were “never moved or sold,” he added.

Luna’s fall began when TerraUSD, the sister currency, lost its link to the US dollar. The prices of the two tokens are linked. When the price of TerraUSD fell, investors ran to sell their holdings. The price of Luna was pulled down by the fall in TerraUSD.

Despite the crash and the fall in prices on Luna, Zhao has a net worth of around $ 14.9 billion per Sunday, according to Bloomberg. His estimated 70 percent stake in Binance accounts for the majority of his fortune, according to a Forbes report.

In another tweet, Zhao called on the Terra team to make the repayment of retail investors a top priority. He wrote: “To lead by example in protecting users, Binance will let go of this and ask the Terra project team to compensate retailers first, Binance last, if ever.”

Terra Luna has fallen 99.15 percent in recent days, according to Binance data. It has a market value of $ 924.99 million.

Daniel Shin and Do Kwon founded Terra Luna, a blockchain technology using fiat-attached stack coins, in January 2018. The token was first made available to investors in a private token sale in August 2018, and raised a whopping $ 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 volume. Binance’s daily average volume is over two billion, with over 14 lakh transactions per second. It provides assistance in trading cryptocurrency 24 hours a day, 7 days a week.

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