Binance CEO Reveals Exchange Suffered Losses Due to Terra Investments
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Changpeng Zhao, CEO of crypto exchange Binance, has said that the company had invested in the failed Terra project and has announced the amount owned by the company in the stablecoin UST.
He has unveiled that in 2018, Binance invested $3 million in Terra, receiving 15 million LUNA. Zhao has said that the assets have not been moved or sold since then.
The value of the initial investment increased 560 times (to $1.6 billion) as the coin reached price highs. After the collapse of UST and LUNA, these investments are worth “a little.”
Remember that on May 8, UST lost its peg to the US dollar. This happened against the backdrop of an outflow of assets from the Anchor protocol due to a decrease in the rate of return on deposits to 17.87%.
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