CZ Amid LUNA Crash: “Manage Your Risks. We Can Handle Ours”

CZ Amid LUNA Crash: “Manage Your Risks. We Can Handle Ours”
  • 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.

disclaimer read more

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.