Binance’s Luna investment was worth $1.6 billion. Now, it’s less than $3,000, and the CEO is moving to protect users

May 16, 2022

The world’s largest crypto exchange Binance had the potential to reap mega earnings from Terra’s UST algorithmic stablecoin before it crashed last week, along with its sister cryptocurrency Luna.

In 2018, Binance put $3 million into Luna and received 15 million tokens in return. At Luna’s price peak in April, those tokens were worth $1.6 billion, Binance’s CEO Changpeng Zhao said in a Monday tweet. At Luna’s price now, the tokens are worth about $2,391.

But despite Binance’s big losses, Zhao said he still wants retail traders who lost money during Luna’s crash last week to be reimbursed before Binance is.

Read the entire article here: https://fortune.com/2022/05/16/binance-luna-terrausd-ust-stablecoin-retail-investors-crypto-crash/

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