![]() ![]() “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC Chairman Gary Gensler said in a Monday statement. The current price of LUNA is 0.00016, an increase of 46.7%, the current price of UST is 0.07, an increase of 20.9%, and the current price of ANC is 0.14, an increase of 76.2%.įair to say, whatever may come and go, the burning goes for ever.The complaint also alleges that Zhao, known in the crypto world as “CZ”, exercised control over customer assets and commingled them with personal and company holdings. In the past 24 hours, prices of some tokens in the Terra ecosystem increased significantly. ![]() Well, despite the growing frustration, the Terra network did showcase some reviving vitals. ![]() The majority of the Terra community voted against it during preliminary voting. Whoever designed this should have their head checked.”ĬZ isn’t the only one opposing the fork. Exponentially minting LUNA made the problem a lot worse. Printing money does not create value it just dilutes existing holders. “The most stupid design flaw is thinking that minting more of an asset will increase its total value (market cap). In addition, the executive even raised concerns about the planned fork aimed to revive the Terra network. CZ also expressed his displeasure with how the Terra team handled the crash, saying that the team wasn’t responsive despite Binance trying to reach out to help. These programs are accompanied by user education and extensive disclaimers – we are transparent about how this works, and the risks associated,” he added.Įarlier on, the Binance CEO had sent out a Twitter thread that detailed the organization’s decision to suspend LUNA trading on its platform. “Yes, there were some, as part of the Earn program. The marketplace is neutral.”īinance, the largest exchange had staked UST in Anchor protocol to generate yield for users. High-risk tolerance buyers are willing to take over from sellers. “No one is forcing anyone to buy just because trading is on. “But I believe our action forced the validators to resume the network within a couple of hours.”ĭespite such a backlash, one thing remains – the overarching lack of bias in markets. “We suspended trading briefly when the validators paused the blockchain, even that caused a lot of complaints,” he wrote. Binance resumed the trading of LUNA after the validators had forced the network to halt. Following this unfortunate event, Binance’s CEO has been vocal about it. The UST stablecoin lost its USD peg while LUNA shed off over 95% of its value. Answers revealedĬZ Reddit responded: Why Binance once said UST is safe will participate in the rebuild of Luna will Binance be counterparty what risks does BUSD have is BSC too centralized what is the value of Web3.0 How has life changed since the richest man? ![]() Questions included Binance’s decision to trade LUNA despite its collapse, and other such related doubts. Working to get it back so you can see my answers. Binance boss ChangPeng Zhao (CZ) in a wide-ranging AMA on Reddit and answered a variety of questions. The mammoth crypto crash caused by the Terra ( LUNA) fiasco left different opinions from various people in the crypto community. ![]()
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