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Changpeng Zhao, CEO of the Binance cryptocurrency exchange, said he was “disappointed” with the actions of the Terra ecosystem team amid the collapse of LUNA and UST. According to him, the developers endangered investors, but did not take responsibility.
5. I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all
— CZ 🔶 Binance (@cz_binance) May 13, 2022
“I am extremely disappointed with how the Terra team handled (or didn’t handle) the UST/LUNA incident. We asked them to restore the network, burn the extra LUNA and restore UST parity with the US dollar. So far we have not received a positive response, no response at all,” he wrote.
Zhao used the blockchain game team Axie Infinity as an example. According to him, after stealing $625 million in crypto assets from the Ronin sidechain, the developers of the project “took responsibility, had a plan and actively communicated [с Binance]”.
Earlier, the bitcoin exchange suspended trading with LUNA and UST in the spot market. The company emphasized that users will be able to withdraw funds when the Terra blockchain is operational.
Binance will suspend spot trading for the following trading pairs at 8:30am UTC, May 13 2022:
🔸 LUNA/BUSD
🔸 UST/BUSDhttps://t.co/U8u7bNWuZT— Binance (@binance) May 13, 2022
According to Zhao, some of the users were unaware of the Terra community’s decision to exponentially increase LUNA’s offering. He noted that they began to buy cryptocurrency, not understanding the risks of a further fall in the price. Therefore, the exchange suspended trading.
“We know there are differing opinions in the community, but we felt that suspending trading is the best way to protect our users at this time. We will continue to monitor the situation closely 24/7,” Zhao wrote.
On May 13, Terra’s validators stopped the blockchain for the second time as the price of LUNA dropped below $0.001. According to the Terra Finder, at the time of writing, the network produces blocks, however, most of them are empty.
Since the shutdown of the blockchain, the Terraform Labs team has not made any official announcements.
Recall that the OKX bitcoin exchange has delisted UST, LUNA, ANC and MIR.
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Source: Cryptocurrency
