Crypto Exchange Binance Founder Says He’s ‘Weak Again’ After Luna Crash

Despite Luna’s crash, Chanpeng Zhao’s fortune is around $14.9 billion

Changpeng Zhao, founder of crypto exchange Binance, tweeted a few days ago that he was “poor again” after losing billions of dollars in cryptocurrency in the wake of the market crash that wiped out the fortunes of many investors. The assets of the cryptocurrency exchange Luna have fallen to just $2,200 from $1.6 billion, at the token’s peak price, a month ago. In a tweet, Zhao claimed that Binance owns 15 million Luna tokens, which were acquired by the exchange in exchange for an investment of $3 million in the Terra network, on which Luna was founded. He added that Luna’s tokens “have never been transferred or sold.”

Luna’s downfall began when its sister currency TerraUSD lost its peg to the US Dollar. Token prices have been linked. When the price of TerraUSD fell, investors raced to sell their holdings. Luna price decreased due to the drop in TerraUSD.

Despite the collapse and the drop in Luna’s price, Zhao’s net worth is around $14.9 billion, as of Sunday, according to the British newspaper The Guardian. Bloomberg. mentioned Forbes Report.

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In another tweet, Zhao urged the Terra team to make compensating retail investors a top priority. He wrote, “To lead by example in protecting users, Binance will leave this matter and ask the Terra project team to first compensate retail users, and finally Binance, if this happens.”

Terra Luna is down 99.15 percent in the past few days, according to Binance data. Its market capitalization is $924.99 million.

Terra Luna, a blockchain technology that uses tethered stablecoins, was founded in January 2018. The token was first made available to investors in a private token sale in August 2018, raising a whopping $32 million from investors including: That’s Binance, OKEx and Huobi.

He founded Zhao Binance, which has grown into the largest cryptocurrency exchange in the world by daily trading volumes. Binance has an average daily volume of over 2 billion, with more than 14 transactions per second. It provides assistance in cryptocurrency trading 24 hours a day, 7 days a week.

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