Milestone Alert!Livemint tops charts as the fastest growing news website in the world □ Click here to know more. However, the index also reveals that Zhao lost a whopping $81 billion year-to-date. He said: Binance did not participate in the 2nd round of Lunas fund raising nor did we acquire any. As per Bloomberg Billionaire Index, Zhao's net wealth stands at $14.8 billion as of 19th May 2022, holding 114th rank in the richest list. Binance only invested 3 million in Terra back in 2018. Zhao still is a billionaire though despite losing hefty from the LUNA crash. His 'poor again' tweet may not sit well with retail. It gives 24X7 hours of support for trading in cryptocurrency. Binance CEO Changpeng Zhao (also known as CZ) said the company had 15 million LUNA, which was worth 1.6 billion at the token's peak. At present, Binance's average daily volumes stand at 2 billion with more than 14 lakh transactions per second. Zhao is the founder of Binance which has emerged as the world's largest cryptocurrency exchange in terms of volumes. Changpeng Zhao is the founder and former CEO of the worlds largest cryptocurrency exchange, Binance. Before hitting the market for public trading, the token was first made available in a private token sale for initial investors in August 2018, and it raised a massive $32 million from investors such as Binance, OKEx, and Huobi. Terra LUNA which is a blockchain protocol using fiat-pegged stablecoins, was founded in January 2018 by Daniel Shin and Do Kwon. Changpeng Zhao will pay a 50 million fine and step down as chief executive of the company he created, the latest blow to the. UST briefly lost its peg following the Wormhole hack, leading to a drastic price crash for LUNA. Binance Founder Pleads Guilty to Violating Money Laundering Rules. Binance will pay a 4.3 billion fine and its CEO, Changpeng Zhao, will leave the company as part of a settlement with the DOJ. Following upgrades like Columbus-5, the supply of LUNA could become highly deflationary in the long run.įurther, the website shows that on the flip side, the value of LUNA can also decrease if UST is perceived as unstable. LUNA backs UST and is burned when demand for UST rises. In the last seven days, the stablecoin nosedived by more than 78%.Īs per the CoinMarketCap website, LUNA token and UST are mutually dependent, as the success of the Terra ecosystem is a function of the adoption of UST as a stablecoin. Terra USD today dived by nearly 20% and is breathing below the 10 cents mark on exchanges. Its sibling TERRA UST isn't doing any better either. It even touched a new all-time high of $119.18 on April 5 before correcting ballistically. LUNA was in its prime days in the first week of April. It has a popularity of #213 with a market cap of $924.99 million. Zhao, whom Forbes designated as the wealthiest man in crypto in 2022, held what sources told Forbes was a considerable stake in Binance'at least 70 percent.' He raised 15 million to launch. Data on Binance showed that Terra LUNA has slipped by 99.15% in the past seven days.
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