Binance CEO Changpeng Zhao replied on Twitter to a journalist who had insinuated the exchange for siding with Terra
Changpeng Zhao
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Binance CEO Changpeng Zhao addressed the claims of a journalist who tweeted that Binance has invested in Terra’s LUNA in 2019 and 2021. CZ denied the claims and showed dissatisfaction with how Terra handled its stablecoin debacle. He also said that Binance was ready to help Terra revive itself, provided the platform remained more transparent.
The deleted tweet by Larry Cermak, a journalist at The Block, said, “Easy to see why CZ is tweeting so passionately about LUNA. Binance led Terra’s seed round in 2019 and Terra’s 2021 round. In the last one that ended just like six months ago, they invested $300M with a 4y vest and 1y cliff (same amount as Jump).”
Binance's CEO responded to the tweet on Sunday, denying the claims, “Binance did not participate in the 2nd round of Luna’s fundraising, nor did we acquire any UST. Binance Labs invested $3m in Terra (the layer 0 blockchain) in 2018. UST came much later after our initial investment.”
Zhao has laid ample criticism about how the Terra platform handled the demise of its stablecoin TerraUSD post the crash this weekend. Earlier, he had tweeted, “These past weeks have proven to be a watershed moment for the crypto industry. We have witnessed the rapid decline of a major project, which sent ripples across the industry, but also a newfound resiliency in the market that did not exist during the last market downswing.”