Binance’s Luna investment was worth $1.6 billion. Now it’s less than $3,000, and the CEO is moving to protect users  

Fortune.com

In 2018, Binance put $3 million into Luna and received 15 million tokens in return. At Luna’s price peak in April, those tokens were worth $1.6 billion, Binance CEO Changpeng Zhao said in a Monday tweet. At Luna’s price now, the tokens are worth about $2,391. But despite Binance’s big losses, Zhao said he still wants retail traders who lost money during Luna’s crash last week to be reimbursed before Binance is. “To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate the retails [sic] users first, Binance last, if ever,” Zhao wrote in a tweet on Monday. Last week, Terraform Labs’ algorithmic stablecoin UST, which was theoretically tied to the price of the U.S. dollar, tanked to about 13 cents. As a result of the crash, Luna, the cryptocurrency that was meant to help the UST stablecoin keep its dollar peg, also collapsed. Luna went from trading at a high of around $119 just last month to being worth a mere fraction of a cent.

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