- Binance’s LUNA investment that peaked at $1.6 billion is now worth less than $3,000.
- Showing how ‘diamond hands’ they are, Binance never sold its LUNA and UST amid Terra’s crash.
- Changpeng Zhao said people should manage their risks, as they can handle theirs.
Binance CEO Changpeng Zhao, commonly known as CZ, responded to a post on Reddit via his Twitter to those people worrying about Binance’s LUNA investment.
The Reddit post is linked to an article that said Binance’s LUNA investment “peaked at $1.6 billion, now worth just $3,000.”
In detail, Zhao responded to those people, saying that “even ‘big players’ like CZ can end up being ‘bag holders’ in the crypto industry.” The executive went back at them by saying a life lesson that only ‘big players’ like him could say: “manage your risks. We can handle ours.”
This recent commotion came after the price crash of LUNA and stablecoin UST, which shocked the crypto community by dropping its price to more than -1000%.
Despite LUNA and UST’s crash, CZ said the exchange still has 15 million $LUNA (worth $1.6 billion at peak) for its initial $3 million investment into the Terra ecosystem in 2018. Furthermore, he disclosed that Binance also has 12 million $UST for staking over time on the same address.
Zhao said these coins were never moved and it is what ‘diamond hands’ looked like in his recent tweet. Pointed out that it is a “non-trader hold strategy” and not a financial advice (NFA).
CZ said he didn’t think about taking profits when LUNA peaked at $1.6 billion worth. Noting that holders like him don’t look at prices every day. He explained that if traders take profit at 20x, they will not achieve 5000x increase. Unfortunately, the circumstances for LUNA and UST went disastrous.
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