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CZ Talks about Luna Investment: Binance’s $1.6 Billion Now Just $3,400

Binance CEO, Changpeng Zhao (CZ), said that the exchange had previously recorded a large profit from its investment in Luna but has now lost almost everything.

Binance invested $3 million in the Terra ecosystem in 2018, for which the exchange received 15,000,000 Luna, according to CZ.

At Luna’s peak price, the investment was once worth $1.6 billion. However, due to the collapse last week of Luna and stablecoin UST, the value has now “evaporated” almost all.

CZ said the number of Luna that the exchange is holding is currently “not worth much“. At current prices, they are only about 3,400 USD.

Due to the loss of UST lock, the price of Luna plummeted, resulting in great loss for investors holding Luna and UST.

Expressing the above problem, CZ said that he would like to see the Terra team come up with options to “revive” the ecosystem and have to come up with specific solutions for those affected.

Recently, CZ has been diligently tweeting about Terra, saying that he is very concerned about the case, but the way Terraform Labs handled the crisis has let him down.

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