BinanceTerra - LUNATerra Luna Classic - LUNC

Description of Binance Still Holding Terra Luna Classic / CZ Lunc Coin / Crypto News Today

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Binance chief said the crypto exchange still holds LUNC.

Binance chief Changpeng Zhao said in a tweet yesterday that the crypto exchange still holds Terra Luna Classic (LUNC).

terra luna classic.

He said this while implying that the company was reluctant to accept Alameda Research’s offer to trade FTT assets at an over-the-counter price.

It is currently unclear why CZ voluntarily provided this information.
It is worth noting that at the time of the collapse of the Terra ecosystem, Binance retained 15.4 million LUNC from an early investment of $3 million in Terra. Notably, at its peak in April, Binance’s LUNC assets were valued at around $1.6 billion. However, it’s worth about $3,388 today.

lunc coin description.

Specifically, the Binance chairman referred to LUNA when discussing his motivations to liquidate FTT holdings in a tweet on Sunday. According to CZ’s statements, should FTX crash like LUNA, the company didn’t want to hold onto a worthless purse as concerns over a possible FTX bankruptcy and FTT illiquidity escalated. Remarkably, a CoinDesk report last Wednesday highlighted the problematic state of Alameda Research’s books before an analysis by Dirty Bubble Media claimed that FTX used the same strategies that buried Celsius.

It’s worth noting that when questions arose about a transaction that moved $583 million in FTT to Binance on Saturday, CZ confirmed that the exchange was behind the transaction. On Sunday, the Binance chief announced that the move is to liquidate FTT holdings in light of recent disclosures.

Sam Bankman-Fried of FTX, SBF has come out to reassure users that the stock market and their assets are doing well, but after the collapse of several companies in the industry this year, not many are willing to take the risk. Ironically, many of FTX tried to save or buy it.

lunc coin latest status.

Despite all this, the LUNC community has decided to view CZ’s recent statements as a sign of long-term faith in the community’s chain. Whether this is the case is anyone’s guess, but it’s worth noting that Binance and CZ continue to communicate and support the LUNC community. Remarkably, they sacrificed millions of dollars in trading fees to support their LUNC burn.

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