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Alternate cryptocurrencies => Altcoin Discussion => Topic started by: Flexystar on May 23, 2022, 04:08:41 AM

Title: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Flexystar on May 23, 2022, 04:08:41 AM

It’s breath taking to see how Binance the worlds most popular crypto exchange had to suffer losses not in millions but billions of dollars!

Binance had an address where at the peak price Luna were sent adding up 15 million LUNA on binance. These were around 1.6 billion dollar worth before the month Luna dropped to almost cents.

Binance CEO, Zhao however still not worried much considering his net worth still stands at around $14 billion.

In his tweet, he shares funny meme and says “Poor again”, with picture of terrified guy. Lolz.

https://i.ibb.co/SKYDTCQ/F35126-FA-10-F1-4959-AF12-7-F893-A300-EC3.jpg

I am not sure how Terra will help Binance, but CEO Zhao requested the project team to compensate the Binance users for this down turn.

Quote

Changpeng Zhao, the founder of cryptocurrency exchange Binance, tweeted a few days ago that he was “poor again” after losing billions of dollars in cryptocurrency following a market crash, which wiped out the fortunes of many investors. The exchange's assets in the cryptocurrency Luna fell to just $2,200 from $1.6 billion, at the token's peak price, a month before. In a tweet, Zhao claimed that Binance held 15 million Luna tokens, which the exchange had obtained in exchange for a $3 million investment in the Terra network, which Luna is founded on. The Luna tokens were “never moved or sold,” he added.

Luna's fall began when TerraUSD, its sister coin, lost its peg to the US dollar. The two tokens' prices are linked. When the price of TerraUSD dropped, investors raced to sell their holdings. The price of Luna was pulled down by the drop in TerraUSD.

Despite the crash and the fall in the price of Luna, Zhao has a net worth of around $14.9 billion, as of Sunday, according to Bloomberg. His estimated 70 percent stake in Binance accounts for the majority of his wealth, stated a Forbes report.

In another tweet, Zhao urged the Terra team to make reimbursing its retail investors top priority. He wrote, “To lead by example on protecting users, Binance will let this go and ask the Terra project team to compensate the retails users first, Binance last, if ever.”

Terra Luna has dropped 99.15 percent in the last few days, according to Binance data. It has a market cap of $924.99 million.

Daniel Shin and Do Kwon founded Terra Luna, a blockchain technology that uses fiat-pegged stablecoins, in January 2018. The token was first made accessible to investors in a private token sale in August 2018, raising a huge $32 million from investors including Binance, OKEx, and Huobi.

Zhao founded Binance, which has grown to become the world's largest cryptocurrency exchange by daily trading volumes. Binance's daily average volume is over two billion, with over 14 lakh transactions per second. It provides cryptocurrency trading help 24 hours a day, 7 days a week.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Mehedi72 on May 23, 2022, 05:06:39 AM

Not only him but also there are others billionaire who's fund trun into zero because of luna. Even there are lot of people including my friends who became rich by holding with big amounts of luna and those persons are lost everything now.
Its good to see Binance CEO, Zhao requested luna team for compensation but reality is, luna team will never give any compensation to anyone as luna is already scam. So don't hope again with this token and its better to move on

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: shinratensei_ on May 23, 2022, 06:33:02 AM

FYI if basically the real amounts of investment that already lost was around 3 millions USD. 1.6 billions were unrealized profit that already gained by binance but this company didn't wanna to cash out it.
Another platform like stable gain has been declaring to bankrupt and it was also facing so many legal actions from its investors.

There are so many parties starting to confirm about how much they have been loosing due to the terra luna failed project. Binance was the biggest exchange site and im sure that 3 millions UST meant nothing for binance.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: lornadane on May 23, 2022, 07:02:01 AM

Quote from: Mehedi72 on May 23, 2022, 05:06:39 AM

Yes many of them still hope for a repayment from Luna. I think it's very impossible with Luna's death, of course there is nothing more that we can hope for.
Hundreds of millions and even tens of millions of them were harmed by Luna in the blink of an eye, it was like a dream of Luna's project failure that made everyone confused by losing their funds.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: crwth on May 23, 2022, 08:41:18 AM

I admire how the CEO of Binance is making statements that they want to make the users who are affected be protected or reimbursed first or something to that sense. It's not just them, but I read a lot of tweets that concern Luna and them losing millions of their money to it. It's just that volatile, you know.

Algo-based stable coins are probably not yet ready to be here because they have just been left to die, but Luna may have a fighting chance with what the Team Terra is proposing. Imagine being the leader of this, and many people have probably lost their life savings because of this.

I'm not sure if it will still be able to recover from this, though.

Has anybody thought of buying Luna despite what's happening?

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: nimogsm on May 23, 2022, 08:58:06 AM

I think he is absolutely calm because he will earn a lot more over time.In a business where there is such a lot of money, it is simply not possible without mistakes, a lot of people have lost their money and it will be a very expensive lesson for many that there is no stability and reliability in cryptocurrency.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: inanilujimi on May 23, 2022, 09:49:41 AM

Maybe this is what is called a real diamond hand.
I applaud that CZ is more concerned with small investors first than having to be concerned with himself for compensation that doesn't necessarily exist.
but it must be remembered that there are also many people who make big profits when buying dip luna.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Baofeng on May 23, 2022, 10:19:58 AM

Quote from: nimogsm on May 23, 2022, 08:58:06 AM

Of course he will, maybe he just want to magnify and let everyone know that he lost too. But for sure, he has a lot of investments that he is not telling us and he still worth billions.

And maybe he will also telling us subliminally that crypto investment is really a big risk, it's either you know how to mitigate the risk or you have plan B, (invest what you can afford to lose).

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Dr.Osh on May 23, 2022, 10:43:06 AM

even so, it is clear that the CEO of Binance is disappointed with the project. The proof is, Binance had announced that it would delist LUNA and UST coins, but it was canceled with several conditions. despite his huge net worth, losing $1.6 billion would also have an impact on the company or himself. however, this happened not only to binance, but to most LUNA holdings before the dump occurred. I see that CZ wants to support the recovery of this project, but seeing that this project has reached the bottom, I think this even takes a long time and costs a lot of money

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Strongkored on May 23, 2022, 11:09:50 AM

Quote from: Flexystar on May 23, 2022, 04:08:41 AM

I am not sure how Terra will help Binance, but CEO Zhao requested the project team to compensate the Binance users for this down turn.

Before the LUNA team gives compensation they are obliged to be transparent about what actually happened. But the next question whether they are able to compensate may be their compensation move by creating new coins and taking snapshots of LUNA holders

Quote from: crwth on May 23, 2022, 08:41:18 AM

Has anybody thought of buying Luna despite what's happening?

I've never touched LUNA so far especially after what happened not interested in entering their market and what happened to luna gave a lesson that crypto is very risky so you have to understand each risk well

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Ararbermas on May 23, 2022, 11:24:36 AM

Quote from: Dr.Osh on May 23, 2022, 10:43:06 AM

i think it will not getting worse as well if binance didn't announced that luna would be listed, because surely it can make an impact. Now they're disappointed? Well, obviously a lot of people not only them, especially those who put all in and entire savings and now become literally poor again. Lol and i know that what CZ said above is a message for everyone that we need to accept the results, not because he lost a large of money in it.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Bitstar_coin on May 23, 2022, 11:25:53 AM

I like the way cz open up to the public on Twitter about their investment in luna because some Twitter users already accusing cz of dumping their luna bag even when he did nothing of such. Cz shows his commitment to what he does, he didn't chicken out when the ship was sinking despite the huge amount. I doubt same can be said about the luna ceo Do Kwon, he must have probably sold his bag before the whole thing went down.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: sunsilk on May 23, 2022, 11:45:25 AM

It's likely that the Terra foundation has given a huge chunk of Luna as they've became listed to Binance. CZ didn't saw that coming when the price plummets so fast and he probably thought that it will recover.

But looking at the perspective and recovery plan of Luna and UST, there's no hope as he said it from his mouth. Yeah, he might be poor again as a meme but he's still a billionaire.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: uelque on May 23, 2022, 11:48:47 AM

Quote from: Flexystar on May 23, 2022, 04:08:41 AM

I am not sure how Terra will help Binance, but CEO Zhao requested the project team to compensate the Binance users for this down turn.

I don't think Terra can compensate binance users for what happened because the project team is surely in a big loss too plus they are having problems with how they can further save their coin. Plus there are millions of binance users. And I also don't think luna can ever recover from what happened, for me, there is a very high chance that it will just keep on going down no matter what the project team would do. It's much better for them to just start a new project and learn from what happened and try to make a coin much better than luna and then try to compensate luna investors somehow afterward if they can.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: kojektea on May 23, 2022, 12:31:03 PM

this was an unexpected event, everyone would assume that LUNA is in the top 10 coinmarketcap positions, it has made us believe that investing in LUNA has very good potential for the future, even Binance CEO classmates are also affected, not only us who lost assets. It's really terrible, some people even put all their assets in LUNA then they can't withdraw it, but anyway regret can't be done, all we do is accept big losses from LUNA's investment and learn from this experience.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: X-ray on May 23, 2022, 12:43:05 PM

Even CZ was calling this as the most stupid developers. They were taking a very big risk by betting into the new token that will be released soon. CZ was saying like that caused by binance was not the same like retail company, this company is having so many reserved funds and im sure that small amounts that have been loosing to the UST and LUNA meant nothing for binance. The different thing when it was like stablegain which was a small startup platforms that didn't have reserved funds and whole of team must be jailed as investors are filling legal action against this small startup

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: RussianEnglishTranslation on May 23, 2022, 01:47:38 PM

Terra was a scam from the start and CZ is holding the BTC reserves, they were never sold to support the peg. The silver lining is that anyone affected by Terra can claim a free airdrop from Candle Labs and there are bounties for the Luna devs from NEAR protocol and CandleLabsdotorg. I think BNB chain has a grants program too but Candle is the only one I am aware of that is giving out airdrops and bounties. I received mine over the weekend.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: asriloni on May 23, 2022, 02:26:39 PM

Quote from: RussianEnglishTranslation on May 23, 2022, 01:47:38 PM

Terra was a scam from the start and CZ is holding the BTC reserves,

The bitcoin was only sitting in the binance hotwallet and i guess terra ceo and binance cz were know everything about the funds. This is a very big question that have not answered yet. As you can see there are bunch of people that have been complaining about that. The problem is public can't know so well about the transparency. If you are seeing fatman and there are bunch of questions that being asked anytime. CEo of luna was refusing to answer about where is the fund through give the proof of transaction.
Do kwon was silently using the funds to buy lambo maybe.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: D ltr on May 23, 2022, 02:38:16 PM

Quote from: crwth on May 23, 2022, 08:41:18 AM

Has anybody thought of buying Luna despite what's happening?

will not buy back luna , i have sold my luna when the value fell 30% of my initial capital at least i didn't lose too much
I'm grateful I'm not like my other friends they haven't had time to sell their Luna

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: diminizio on May 23, 2022, 02:38:46 PM

Well, even though it's a big loss but something like this can't be predicted with certainty. We always think that LUNA, which is already in the top ten positions on coinmarketcap, will survive in the long term and can even grow well seeing the development of its projects which are in great demand. But everyone was shocked by the attack on LUNA which cost a lot of people, and it really won't be recovered in a short time, there is no other way but to accept it because we are prepared to invest with this kind of risk.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Tony116 on May 23, 2022, 02:59:32 PM

Quote from: Mehedi72 on May 23, 2022, 05:06:39 AM

Zhao and Vitalik suggested to the Luna team to compensate retail investors first instead of compensating funds, but I also think they will never do. Luna is the biggest scam project in the crypto industry and should stop hoping for its return and they will compensate us. The Korean government is said to be looking into the collapse of Luna, which caused billions of dollars in losses for investors and I hope Dokwon will be summoned to the court soon to explain the case.

Not only Binance but also other venture capital funds such as Three Arrows Capital, Galaxy Digital and Pantera Capital also confirmed huge investments in Luna and most of them suffered heavy losses due to Luna.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Anonylz on May 23, 2022, 03:54:17 PM

I was actually shocked to hear that from cz, that was a huge amount of money that went under the bridge. This luna incident really affects many investors, retailers, whales and even exchange like binance. I know binance is a big exchange and may not feel the impact of this loss but am sad for the retailers and small investors who had their life savings on luna, i think for their sake, Do kwon needs to do something to save luna so that investors can recover their loss.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: crwth on May 23, 2022, 04:20:31 PM

Quote from: Strongkored on May 23, 2022, 11:09:50 AM

This would be a decision that would make or break you in terms of how much you are willing to risk and that you will believe that Luna will and can recover from the current happenings. We all know that UST has been left for dead and wouldn't come back but for Luna, it might be a different story. This is why I'm wondering if anyone would see how risky and might be profitable in the coming year Luna can be if it recovered or something.

Quote from: D ltr on May 23, 2022, 02:38:16 PM

At least you have cut your losses earlier. It seems that would be just hours before it all came crashing down, right? I'm pretty sad for the people who have lost 99% of their investment in Luna. That's just terrible.

This is just too much and I hope the people who have invested could recover from this. Imagine liquidating most of your assets to recover. I think this is one of the reasons why the market is down for a while. It's just a discounted price so maybe getting Luna is not bad? lol. ^{This is not financial advice}

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: JeffBrad12 on May 23, 2022, 04:32:45 PM

The small investors of luna will be so hard to accept this but based on what happened and they are loosing their money and the will never able to recover it. As far as i know that if CZ was loosing only small amounts of money but compared with the small investors which have been loosing their life and what already happened with binance was nothing. UST holders got nothing and these holders are abandoned. Do kwon think that if ust is not useful anymore. It was choosing to reimburse the UST hodlers through distributing the new token.
It's very sad to see that but in this case UST holders are loosing everything.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: masulum on May 23, 2022, 04:41:28 PM

Quote from: crwth on May 23, 2022, 04:20:31 PM

This is just too much and I hope the people who have invested could recover from this. Imagine liquidating most of your assets to recover. I think this is one of the reasons why the market is down for a while. It's just a discounted price so maybe getting Luna is not bad? lol. ^{This is not financial advice}

After all, LUNA is a story, they instantly made people from millionaires into moneyless people, however, LUNA has also created new millionaires, this happen again for people who managed to buy at the price of 0.0000012 a few days ago, and then pumping happens to 0.0005, this is an important lesson for all of us to always pay attention to potential dumps.

If we are just a trader, it would be very good if we always set a stop loss. Thus, we can at least save some of our money. However, sometimes people think of buying back, and when they do not pay attention to market conditions, they have to cut losses again.

Now, LUNA holders must think well, lost money can be found with other invested money in the future, lest the case of 8 people who committed suicide because of LUNA doesn't happen again. I thought that the 2017 case would not be repeated, but LUNA made this dark history happen again. Hopefully this is the end, in the next bear market, no one will give up their lives because their assets go down after investing in crypto.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Mame89 on May 23, 2022, 05:01:48 PM

Quote from: sunsilk on May 23, 2022, 11:45:25 AM

I hope LUNA can recover in time no one will know not for now. I feel sorry for CZ, even though he is a rich person with a lot of money, but he has sacrificed his life in the crypto world, known to many people. if she felt relaxed in yesterday's circumstances, I think there might be a private conversation between CZ and the founder of LUNA, if for example LUNA can recover gradually why can CZ relax

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: bitkanu on May 23, 2022, 05:06:07 PM

This is truly disaster not only binance alone that has suffered lose, I mean we know binance could lost billions and just shrug it under the rugs but most of the individual victims that has lost their lifetime saving are definitely having bigger impact in their life just for foolish mistake that LUNA had making it really disastrous.
and even some stated that binance's lose is just some unrealized profit meanwhile there are plenty of people out there using their lifetime saving thinking that LUNA is like safe haven where they could still invests and avoid volatility like shitcoin since it's among the major altcoins and turns out that was all a mistake.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Jackl87 on May 23, 2022, 07:35:38 PM

Quote from: Flexystar on May 23, 2022, 04:08:41 AM

That is definitely a huge loss. 1,6 billion USD becoming only 2,200 USD means that the investmenst is now only worth 1/727272 of it's current value which is absolutely insane and frightening to be honest. I don't really know what to think about the tweet of CZ though. He kinda makes fun of his loss while at the same time a lot of people have lost their life savings due to the crash of Luna which is absolutely sad and terrible. Those people of course have not lost 1,6 Billion but maybe only 1600 USD but for them those relatively little amounts of money are way more important for them than those 1,6 billion USD to CZ.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: dunfida on May 23, 2022, 07:46:56 PM

Well, lets just stick into that golden rule

"Invest on what you can afford to lose"
It is really just too big for such loss even CZ do said on being poor.There's no exemption about crypto investment risk even with the owner of top exchange platform
but still considering those numbers he's still a billionaire and pretty much sure that he had been accepting it easily and make that "Poor again" word
which shows some acceptance.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: wxa7115 on May 23, 2022, 08:51:05 PM

Quote from: Mehedi72 on May 23, 2022, 05:06:39 AM

I am really sorry for all of those that were caught in this nonsense as it was clear that the model of luna was impossible to sustain long term, it is because of this that we always recommend to newbies and other people interested in those coins to not take the risk regardless of how tempting the offer could be and how fast the price of such an asset was going up.

Because this is the kind of crash that you can experience with those coins, one day you think you have the potential of making millions and the next you are completely ruined, and since you do not know what could cause such a drop you are basically playing Russian Roulette with your money and sooner or later you will have to face those gigantic losses from which it is impossible to recover.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: PrivacyG on May 23, 2022, 09:45:02 PM

Millions turned into billions turned into thousands. More accurate that way.

This is just paper loss. The invested amount is much less than that and just because LUNA skyrocketed and then fatally crashed does not make it a loss. If that was the case, I 'lost' a TON of money over the years.

Anyway. Had this man held all his eggs in the LUNA basket, he would have been absolutely wrecked. Imagine your volatile net worth is $1.6 billion and all of a sudden it is less than a month's salary of some people.

-
Regards,
PrivacyG

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Imran232 on May 23, 2022, 10:08:25 PM

Quote from: Flexystar on May 23, 2022, 04:08:41 AM

............

Luna is like a lesson for us. But I took two lessons from Luna. One is that we shouldn't keep all our funds in 1. Like there is a proverb, don't keep all your eggs in one bucket. If that one bucket falls, your entire egg will be lost. This is the best example of this proverb. Second, regardless of how large the project is, you always keep us up to date on its progress and work so that we can understand its next possible destination. Though this is also just speculation. I hope you understand. This is just my opinion. Others' opinions might be different.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: NewRanger on May 23, 2022, 10:41:51 PM

Quote from: Anonylz on May 23, 2022, 03:54:17 PM

i am believe CZ angry with this condition now, 1.6 billions was huge amount even that for exchanges like binance . imagine what kinds of developtment can start with this money ? Luna really make all market participants shock , from retailer till whales suffering huge loss and maybe profits from previous project gone only in few days only.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: romero121 on May 23, 2022, 10:59:34 PM

Binance requesting the Luna team to provide compensation for its users is a way to gain the trust over the platform. If things have happened out of a Decentralised Exchange, there won't be any issues. Here Binance itself have experienced a massive loss out of the investment. As things have happened in a very short time period, no Exchanges were able to make outright decisions to escape the loss. Already the Luna Terra fund back-up reserve have got emptied. So, only the recovery can provide the compensation and not the team.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: sunsilk on May 24, 2022, 08:16:41 AM

Quote from: Mame89 on May 23, 2022, 05:01:48 PM

Quote from: sunsilk on May 23, 2022, 11:45:25 AM

I don't want to crack your nut but it's better if you don't expect anything from this project anymore because it's almost dead. CZ is still fortunate and rich despite the losses that he has got with Luna.

The LFG has a lot of things to fix beacuse of this fiasco that they've made. Even if they deny allegations that they've never profited nor benefited from this issue.

It is for sure that they can't change the mind of people regardless of what they tell, a lie or a truth.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: mdzahed134 on May 24, 2022, 03:03:43 PM

Quote from: D ltr on May 23, 2022, 02:38:16 PM

Quote from: crwth on May 23, 2022, 08:41:18 AM

Has anybody thought of buying Luna despite what's happening?

Right, there are no hope to back luna price. I think 90% of the holders didn’t sell their tokens because they believed price will back again but luna price is going to zero it’s really disappointed who lost their big amount of money. I was small investors provably i sold luna when i have seen my portfolio down almost 20%. But i'm not disappointed because of my initial investment was 100$+.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: |MINER| on May 24, 2022, 03:09:53 PM

Quote from: Flexystar on May 23, 2022, 04:08:41 AM

-snip-

Anyway, here I have taken 6 dollar profit from luna ;D. Just as Luna has made many people the beggar of road on the other hand it also made some People rich.The people who trade under .00000 they have big profit now . But even then I think a cursed time in the cryptocurrency world has passed for Lunar. Many people attempt suic*ide for it . I think every project should learn from Luna's mistake

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: makishart on May 25, 2022, 03:04:07 PM

That amounts when luna reached the all time high. It's also a very big surprise for anyone in here if it's not only luna who has been loosing a lot but UST and ANC too. The investors from these three coins have been facing a very difficult situation when their investment worth nothing for now. We are very close to the luna 2,0 Im feeling curious what will be coming in this update. I meant the new token will be launched and UST will be residual. We will see whether this token can make luna v2 become a good token again or not.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: evilgreed on May 25, 2022, 05:00:42 PM

Well at least the guy still has the mood to be funny/humorous despite the losses. Although the guy is rich, losses still hurt if not for the pocket but for the emotional aspect of the investor. Still, I pity the small time investors that suffered the most. Specially the newvies that has gone into Terra Luna head first investing amounts they cannot afford to lose because of the hype or the several influencers that shilled Terra Luna non-stop regardless of their intentions (good/bad). At least though, Do Kwon is trying to fix things.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: blockman on May 25, 2022, 05:12:29 PM

Quote from: mdzahed134 on May 24, 2022, 03:03:43 PM

It's no use buying luna unless you want some display on your wallet. Those holders from the beginning before the 100% drop of Luna can't do anything about it.
They're too late to realize that selling at loss is no longer an option for them because if they do, they've got nothing anymore and they'll just throw it in the air.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: wxa7115 on May 28, 2022, 09:56:24 PM

Quote from: Imran232 on May 23, 2022, 10:08:25 PM

Quote from: Flexystar on May 23, 2022, 04:08:41 AM

............

At the end all of this comes down to risk management, luna was a coin that was extremely popular and a lot of people just invested in the coin because other people were doing so, they could not tell you what made luna unique or why it had skyrocketed and held such a high price.

This combined greed and ignorance, which is always a very dangerous combination, and then then when the inevitable happened people were surprised, however if we see the promises that the developers of luna made you could easily see it was a scam and that this coin had no chance of surviving for the long term.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: Nazmul012 on June 01, 2022, 05:16:33 AM

Although he still has enough even he would earn more than what he lost but the fact is, i wonder that he also invested 1.6 billion with luna, thats a lot possibly 15% of his total assest! This is how people trusted luna but it has done bad to its user. I saw luna team has given new luna as forked but i laugh because that amount is thousands time lower as compensation than what people lost

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: RussianEnglishTranslation on June 01, 2022, 12:25:29 PM

Quote from: Flexystar on May 23, 2022, 04:08:41 AM

Quote

Luna was a scam from the start and Binance was in on it. The billions of dollars that were supposed to support the UST peg were never actually sold, they are in CZ's wallet :). I rarely ever use exchanges anymore. Since DeFi exists, I can trade on most L1 chains. In fact, here's a little alpha. People are just trading NFTs on HBAR and ICP right now but DeFi DApps should be released this summer. Both chains should see a pump.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: JahriMeayer on June 07, 2022, 06:31:37 PM

People had hope when terra team announced they have recovery plan. After that Fork token has distributed already, even i also received new token which is worth some dollars. It doesn't make sense how terra use the way of to fulfill their recovery plan for their user as they announced. They have given so call fork token and they think people Will support them again, that's ridiculous.

Title: Re: $1.6 billion dollars turned to $2,200 - The Luna effect on Binance Assets
Post by: trendcoin on June 07, 2022, 08:58:42 PM

In 2018, CZ invested $3 million in Luna. (https://finder.terra.money/mainnet/address/terra19scdgmvhj5rl7f66n06z5pescf0gmeysw6pjrz). in my opinion, He has already received his reward. But he still missed an excellent profit opportunity. He watched $1.6 billion become zero in a few days. CZ's explanation is here: https://twitter.com/cz_binance/status/1526129837299093506 I don't believe his explanation. Surely he got a profit. Changpeng Zhao may have used a backdoor tactic. :) I don't think it's realistic that Changpeng Zhao hasn't earned any money. :)