• February 27, 2024

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Changpeng Zhao: Binance Has Not Made Money with Terra Ecosystem Collapse

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Binance could have earned $1.6 billion from its investment in Terraform Labs and has always prioritized user protection, as announced by Changpeng Zhao in an interview with Fortune.

The conversation took place after the collapse of the Terra ecosystem. Binance supported the launch of Terra 2.0, although Zhao doubted the new network would have any value.

Some users wondered if the CEO of the exchange was in contact with the head of Terraform Labs, Do Kwon, and whether the platform made money on this collapse. Others have accused Binance of putting users at risk because of the decision to list the new LUNA.

Zhao has said the exchange did not make money on investments in Terraform Labs. The platform supported the team in 2018 with $3 million. The resulting 50 million LUNA were not sold and remain in the public address.