Binance Exec was already aware of the risk associated with Terra’ UST stablecoin

The chief executive officer of the Binance crypto exchange talked about the Terra’ UST stablecoin and indirectly he claimed that he was aware of future risk.

Changpeng Zhao is the CEO and founder of Binance exchange. Binance is a first-ranked crypto exchange in the crypto Industry. In the last 24 hours, Binance facilitated around $15,824,051,986 worth of crypto trade on its platform. The statements & decisions by Binance & its founder Zhao always remain important to this industry because this exchange is leading the crypto industry in every way, including innovations & crypto education. 

On 16 August, Binance CEO Changpeng Zhao quoted his own past 22 April tweet, where he said that Stablecoin became the “who can burn cash faster” game, remember Web2?

By quoting that tweet, Binance CEO said that he tweeted about stablecoin just before the start of depegging of Terra’s UST stablecoin.

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I did tweet this on Apr 21 (this year), and Luna/UST started to de-peg on May 7th. https://t.co/H55zZcl8fI

— CZ Binance (@cz_binance) August 16, 2022

Indeed there were around two weeks of the timeframe between the Binance CEO tweet & start of the collapse of Terra’s UST. This is showing that Binance CEO was aware of this thing in advance but surely as a crypto proponent he didn’t talk about this directly, in favor of the sentiment of the crypto Investors.

It is worth noting that the Binance CEO’ tweet was open for everyone to comment on this latest tweet on the Terra project, where many Luna investors said that they lost all of their life savings in the Terra project.

Binance CEO against TerraForm Labs

Terraform Labs is a development team behind the Terra project and when the Terra project collapsed with its two native tokens (LUNC & UST) then at the time Binance exchange was the first to take action against the Terra’ coins delisting, in favor of the crypto Investors.

At that time, Binance CEO said that the Terra project team didn’t cooperate with the Binance team to solve this issue and also Binance CEO forced the Terra project team to provide details about the back-end funds & how the team used that reserved funds to stop the depegging of Terra’ UST stablecoin.

Read also: Kraken exec opposes “US sanction on Tornado Cash”

Binance Exec was already aware of the risk associated with Terra’ UST stablecoin

 

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