The massive crypto crash caused by the Terra (LUNA) fiasco left different opinions from different people in the crypto community. Binance boss ChangPeng Zhao (CZ) in an extensive AMA on Reddit and answered a variety of questions.

Questions included Binance’s decision to trade LUNA despite the collapse, and other similar doubts.

Answers revealed

The UST stablecoin lost its USD peg while LUNA lost more than 95% of its value. After this unfortunate event, Binance’s CEO has spoken out about it. Binance resumed trading LUNA after the validators forced the network to shut down.

“We briefly suspended trading when the validators paused the blockchain, even that caused a lot of complaints,” he wrote. “But I believe our action forced the validators to resume the network in a few hours.”

Despite such a backlash, one thing remains: the overarching lack of bias in the markets. CZ shared a similar story.

“No one is forcing anyone to buy just because they are trading. Buyers with a high risk tolerance are willing to take over from sellers. The market is neutral.”

Binance, the largest exchange, had deployed UST in the Anchor protocol to generate returns for users. CZ confirmed the same in the post.

“Yes, there were, as part of the Earn program. These programs are accompanied by user education and comprehensive disclaimers – we are transparent about how this works and the risks associated with it,” he added.

Earlier, Binance CEO had a Twitter thread that detailed the organization’s decision to suspend LUNA trading on its platform. CZ too expressed his displeasure with how the Terra team handled the crash, saying the team was unresponsive despite Binance trying to reach out to help.

In addition, the director even expressed concern about the planned split to revive the Terra network. He claimed:

“The most stupid design flaw is to think that minting more of an asset will increase its total value (market cap)Printing money does not create value; it only dilutes existing receptacles. Exponential coining of LUNA made the problem a lot worse.

Whoever designed this should have their head checked.”

CZ isn’t alone against the fork. The majority of the Terra community voted against in the preliminary vote.

With or without you…

Well, despite the growing frustration, the Terra network showed some vital signs. In the past 24 hours, the prices of some tokens in the Terra ecosystem have increased significantly. The current price of LUNA is 0.00016, an increase of 46.7%, the current price of UST is 0.07, an increase of 20.9% and the current price of ANC is 0.14, an increase of 76 .2%.

Honestly, whatever may come and go, the burning goes on forever.





This post Binance’s CZ Clears the Air: Its Decision to Trade LUNA Despite Collapse and More

was published first on https://ambcrypto.com/binances-cz-clears-the-air-his-decision-to-trade-luna-despite-collapse-and-more/

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