'Binance did not participate in the 2nd round of Luna’s fund raising:' CEO
Binance CEO, Changpeng Zhao, took to Twitter on Sunday to reveal that the biggest cryptocurrency exchange in the world doesn't hold any UST and neither did it participate in the second round of Terra's fundraising. The statement from Zhao comes after accusations that the venture arm of the exchange, Binance Labs, invested in Terra and acquired Terra USD (UST).
Binance CEO sheds some light
The CEO of Binance, who goes by 'CZ,' decide to clear the air regarding a few rumors prevalent in the crypto space on Twitter. He revealed that in the past four years, Binance Labs invested in hundreds of projects, including exchange "competitors" and many "competing" blockchains. Some have tumbled down, while some were major successes.Shedding light on the rumors of a $300 million investment in Terra, the CEO confirmed that the venture arm of the exchange invested $3 million in Terra back in 2018 and has since then never invested or acquired UST.
"Binance Labs invested $3m USD in Terra (the layer 0 blockchain) in 2018. UST came much later after our initial investment," said the CEO of the crypto exchange.On the other hand, he also confirmed that the exchange tried to help Do Kwon and the Terra project. "Minting, forking, don't create value. Buying back, burning does, but requires funds. Funds that the project team may not have," said Zhao.
More transparency
Zhao asked for increased transparency from the Terra team, "including specific on-chain transactions (txids) of all the funds." It is also important to note that as per a previous report from Cryptonary, Binance had shut down the trading of UST and LUNA following the de-peg of the former and the crashing prices of the latter. However, it was later resumed. Zhao commented that he was very disappointed in the Terra team after he requested them to restore the network, burn the extra minted LUNA, and recover the UST peg but received no response.Continue reading by joining Cryptonary Pro
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