Terra (LUNA) Crash Dilutes Binance CEO’s Holdings

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By Laura Sanchez – Chanpeng Zhao, CEO of the world’s largest cryptocurrency exchange, Binance, joked that he was “poor again” after his $1 LUNA holdings collapsed $.6 billion a month ago.

In a tweet, Zhao explains that Binance had 15 million Luna tokens. Binance received these tokens in exchange for its $3 million investment in 2018 in the network that Luna is based on. His luna tokens were “never moved or sold” until Monday, according to Zhao.

Binance’s Luna holdings were worth $1.6 billion in early April, when the token hit a price peak. But his recent slump saw the value of the CEO’s holdings fall to around $2,200 this week, according to Business Insider.

On Monday, Zhao urged the Terra team to pay back its retail investors first. “To lead by example in user protection, Binance will step down and ask the Terra project team to compensate retail users first, Binance last, if appropriate,” he said. tweeted.

Binance’s market value is estimated to be six times that of its closest competitor, Coinbase (NASDAQ:), according to Forbes.

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