Billionaire cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange founder Binance, Changpeng Zhao, says he’s “poor again” after his holdings in Moon, which used to be worth USD $1.6 billion, collapsed and are now worth only USD $2.2 billion.
Changpeng Zhao, the founder of the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Binance, said jokingly by Twitter which was “poor again” after the cryptocurrency Luna see dog.
Poor again. https://t.co/88v2U2vjfM
– CZ changpeng Zhao (CZ) is the founder of crypto exchange Binance. ???? Binance (@cz_binance) May 17, 2022
Well, no kidding. Although he obviously didn’t lose his entire fortune, the losses that his exchange with the collapse of Luna y la stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. UST de Earth is staggering. He said the holdings of Luna that possessed Binance, which at one time were worth USD $1.6 billion, are now only worth around USD $ 2,200.
This does not mean that he lost his billionaire status, according to Bloomberg. It continues to be, and Binance also remains the largest cryptocurrency exchange. But the amount lost by the exchange gives an account an account is essentially a whose purpose is to track the financial activities of a specific asset/ of how the crash has affected those who owned the crypto. Thousands of people have said they lost all their savings.
15 million tokens
En Twitter Zhao said Binance had 15 million tokens Moon. He said Binance invested USD $3 million in 2018 in the network. Earth de Moon a situation where there is a continuous upward movement in the price of a cryptocurrency. Often used in communities to question when a cryptocurrency will experience such a phenomenon, saying “When moon?” It is usually combined with “When Lambo?” and that he received that amount of tokens. He added that his tokens of Luna “never moved and never sold”.
Binance received 15,000,000 MOON (peak value of USD $1.6 billion, now not much) as part of the original investment (USD $3 million). 560x return at peak. Still located at the address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. we received (includes it) . Never moved the sold.
2/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. 560x return at peak. It still sits on the address we received at ????. Never moved or sold.
– CZ ???? Binance (@cz_binance) May 16, 2022
He further revealed: “In this same direction, we have about USD $12,000,000 UST of staking participation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. over time (not bought). Also, it was never moved or sold”.
The fall of Luna
The holdings of Luna de Binance were worth USD $1.6 billion at the beginning of April at the token’s peak price. LUNA which, according to CryptoMarkets reached USD 119.15 on April 5. The currency currency is a medium of exchange that defines value. was trading at around USD 0.00014 today, according to data from Cryptomarkets .
As mentioned above, the collapse of the Luna started when its sister token, the stablecoin landUSD , lost its parity with the US dollar; the valuations of the two tokens are linked to each other. When the price of landUSD (UST) , los inversores se apresuraron a deshacerse de sus valores en un escenario similar a una corrida bancaria. La caída de TerraUSD in turn, dragged down the price of the Moon. Although the creator of Earth made attempts to rescue her, could not save it from collapse .
It was estimated that the free fall of the two tokens wiped out more than USD $50 billion in paper value, reported Insider.
Zhao urged Monday by Twitter to the team of Earth a repay its retail investors first . “To lead by example in PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate retail users first, Binance last, if ever.” , tuiteó.
CZ also said that it would definitelyAxie Infinity better dealt with his crisis than Earth .
No, he is not poor
Despite his comments, Zhao, 45, is definitely not broke. Bloomberg estimated yesterday that his net worth was about USD $14.8 billion. According to Forbes, most of its wealth probably comes from its estimated 70% stake in Binance.
Fortune reported in March that the estimated market an area or arena, online or offline, in which commercial dealings are conducted. value of the Binance was six times that of its nearest competitor, Coinbase. A report published by the financial services consulting firm Opim said that Binance received about USD$14.6 billion in trade tariffs last year, reported MarketWatch .
Version of DiarioBitcoin
Illustration by Nicole Leon, DiarioBitcoin Exclusive