As discussions around a potential Luna recovery continue, CZ - the Binance CEO - disclosed Binance’s Luna and UST holdings in a bid to be more transparent. At its peak, he said it was worth $1.6 billion, but “now, not much.”
With Binance being one of the major exchanges to start the Luna delistings, here’s the latest from its CEO.
Terra Luna Binance Holdings Dropped 99.9%
Much like every other Luna holder, the Binance’s Luna dropped 99.9% in value amid the crash that saw the Luna circulating supply increase to 6.5 trillion. At the start of last week, Binance's 15 million Luna was around 4% of all Luna. Now, this makes up just 0.000002% of all Luna.
Binance first received this Luna after its initial investment of $3 million into the project. Much of this remains staked in the ecosystem.
In a Twitter thread, CZ said Binance has “never moved or sold” either of its Luna or UST.
He also emphasised Binance wants “to lead by example on protecting users”. To do this, the exchange will request that compensation from the Terra team goes to “the retail users first [and] Binance last, if ever.”
After previously dismissing the need for a Luna fork, CZ also added that Binance supports prioritising the smaller wallets in this process as opposed to the whales.
CZ has been heavily active in the discussions about Luna following its collapse. With Luna delistings coming for some spot pairs on Binance, he has also spoken about Luna burns and minting coins. He previously stated he was “very disappointed” by how the collapse was handled by the Terra team.
After a relatively stable weekend compared to the crash, Luna has once again dropped 40% in the last 24 hours. It is now trading at $0.00016. The Binance LUNA/BUSD pair makes up 65% of the total Luna trading volume, according to CoinMarketCap.
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