Binance Celebrates 6 Years, CZ Reveals $1.6B LUNC Stash Amid USTC Repeg Talks
• Binance is celebrating its 6th anniversary, with CEO Changpeng Zhao revealing how much of Terra Luna’s (LUNA) tokens he holds.
• The sudden depegging of USTC in May 2022 caused $2 trillion in crypto assets to be lost, leading to a year-long rebuilding effort for the Terra Luna Classic (LUNC) community.
• With proposals being passed and discussions ongoing, LUNC now sits at a higher price point with a loyal and caring community looking for a mutually beneficial solution.
Binance Celebrates 6th Anniversary
Binance is widely used around the globe to trade cryptocurrencies, with 140 million active users marking its growth since its launch six years ago with five cryptocurrencies and two languages. In an official blog post celebrating the milestone, Binance CEO Changpeng ‘CZ’ Zhao revealed that the exchange had invested three million Terra (LUNA) tokens in 2018 – peaking at $1.6 billion in 2021 but never sold or moved.
USTC Depegging Causes Crypto Losses
In May 2022, the algorithmic stablecoin Terra Classic USD (USTC) was suddenly depegged – resulting in over $2 trillion of crypto assets being lost and numerous crypto hedge funds and exchanges affected by the financial fiasco. This led to LUNC needing to be rebranded as it hit another bottom along the way before slowly recovering over time due to internal conflicts within the Terra community causing difficulty finding an unified voice.
LUNC Rebuild Efforts Show Signs of Life
The rebranding of LUNC saw signs of life in September 2022 as it slowly climbed from four zeros up into a higher price range due to loyal members looking for a mutually beneficial solution via passing proposals and engaging in honest discussions within the shrunken community size. As such, CZ’s decision not to sell or move his original LUNA tokens has been seen as inspiration for those still HODLing strong despite difficult times faced by LUNC over the last year.
USDT Repeg Negotiations Underway
Currently, negotiations are underway between major crypto exchanges and USTC’s Quant team regarding implementing a divergence fee which would repeg USDT into USTC if successful – providing holders of both currencies extra assurance when dealing on both platforms. Additionally, allowing more options for traders when utilizing USTC could potentially bring some market stability back into play too going forward if all parties can come to an agreement on this matter soon enough.
While there are still many challenges ahead for both Binance and LUNC alike as they look towards their respective futures together moving forward from here – it’s clear that both have come far since their initial beginnings six years ago today – ultimately making them part of one another’s success stories so far even amidst tumultuous times along their respective journeys thus far too!