Binance CEO Reveals a $1.6 Billion Loss in Terra Investments
Changpeng Zhao, CEO of Binance, has disclosed that the company invested in Terra as part of a Binance Labs investment in 2018, worth $3 million at the time. In a recent interview with Fortune, the Binance CEO stated that he received some LUNA coins in return, which were kept in a cryptocurrency wallet address made public and left untouched, at around 50 million LUNA.
The Binance CEO added, "But we didn't make any money. Even today, theoretically we lost like $1.6 billion of investment at the top, and it's okay.'' The disclosure comes in the wake of recent concerns as investors queried whether Binance profited from the Terra ecosystem's demise, as well as whether CZ communicated with Terra co-founder, Do Kwon, as events unfolded.
Source
@CryptoWorldAnalysis
