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May 16, 2022 03:20 pm
Original Link: https://news.slashdot.org/story/22/05/16/1443201/binances-luna-investment-which-peaked-at-16-billion-now-worth-just-3000?utm_source=rss1.0mainlinkanon
Binance's LUNA Investment, Which Peaked at $1.6 Billion, Now Worth Just $3,000
Binance CEO Changpeng Zhao said the crypto exchange made large paper gains on its investment in Luna but has now lost practically all of them. From a report: The exchange invested $3 million into the Terra ecosystem in 2018, receiving 15 million Luna tokens. At Luna's peak price, that investment was worth $1.6 billion, according to Zhao. Yet due to last week's collapse of Luna -- and its related stablecoin TerraUSD (UST) -- that investment has now plummeted in value to just $3,400. Or, in Zhao's words, "not much." Yet it's not all bad news. The exchange received around $10.3 million worth of UST in staking rewards (likely through Anchor, which offered up to 20% yield).Read more of this story at Slashdot.
Original Link: https://news.slashdot.org/story/22/05/16/1443201/binances-luna-investment-which-peaked-at-16-billion-now-worth-just-3000?utm_source=rss1.0mainlinkanon
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