“The most stupid design flaw is thinking that minting more of an asset will increase its total value (market cap). In addition, the executive even raised concerns about the planned fork aimed to revive the Terra network. CZ also expressed his displeasure with how the Terra team handled the crash, saying that the team wasn’t responsive despite Binance trying to reach out to help. These programs are accompanied by user education and extensive disclaimers – we are transparent about how this works, and the risks associated,” he added.Įarlier on, the Binance CEO had sent out a Twitter thread that detailed the organization’s decision to suspend LUNA trading on its platform. “Yes, there were some, as part of the Earn program. The marketplace is neutral.”īinance, the largest exchange had staked UST in Anchor protocol to generate yield for users. High-risk tolerance buyers are willing to take over from sellers. “No one is forcing anyone to buy just because trading is on. “But I believe our action forced the validators to resume the network within a couple of hours.”ĭespite such a backlash, one thing remains – the overarching lack of bias in markets. “We suspended trading briefly when the validators paused the blockchain, even that caused a lot of complaints,” he wrote. Binance resumed the trading of LUNA after the validators had forced the network to halt. Following this unfortunate event, Binance’s CEO has been vocal about it. The UST stablecoin lost its USD peg while LUNA shed off over 95% of its value. Answers revealedĬZ Reddit responded: Why Binance once said UST is safe will participate in the rebuild of Luna will Binance be counterparty what risks does BUSD have is BSC too centralized what is the value of Web3.0 How has life changed since the richest man? Questions included Binance’s decision to trade LUNA despite its collapse, and other such related doubts. Working to get it back so you can see my answers. Binance boss ChangPeng Zhao (CZ) in a wide-ranging AMA on Reddit and answered a variety of questions. These allegations have come amidst increased scrutiny of cryptocurrency exchanges and related entities by the SEC.The mammoth crypto crash caused by the Terra ( LUNA) fiasco left different opinions from various people in the crypto community. While the Binance CEO did not provide any proof to back his statement, his strong rebuttal underscores the growing tensions between regulators and cryptocurrency exchanges. He also acknowledged a recent decrease in these funds due to users withdrawing their assets, which could be a direct response to the troubling news. platform had roughly $2 billion in user funds, an amount that fluctuates slightly as cryptocurrency prices change. He assured Binance's users that all funds were accounted for, and that no money ever left the platform, unless users themselves initiated withdrawals.Īccording to Zhao, Binance's U.S. In a tweet issued a few minutes ago, Zhao called the report "simply false," expressing uncertainty about whether the misinformation originated from the journalist or the source itself. The original report was based on claims made by the Securities and Exchange Commission (SEC). Binance CEO Changpeng Zhao has categorically denied the allegations recently published by CoinDesk stating that $12 billion were redirected to firms under his control.
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