Changpeng Zhao disappointed with Terra team
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.
“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 excess 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 the theft of $625 million in crypto assets from the Ronin sidechain, the developers of the project “took responsibility, had a plan and actively communicated [with 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.
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.
- Let me remind you that the OKX bitcoin exchange has delisted UST, LUNA, ANC and MIR.
Bitcoin exchange OKX has suspended operations and delisted perpetual contracts and margin trading with LUNA and the Terra ecosystem-related DeFi protocols Anchor (ANC) and Mirror (MIR) from the list of traded instruments.
The platform will also delist UST-denominated Bitcoin, Ethereum, Avanalche (AVAX), Solana (SOL) and Terra (LUNA) pairs.
“After the collapse of UST, we are seeing an outflow of investment from DeFi protocols. The reality is that centralized exchanges provide a much higher level of user protection,” OKX CEO Lennix Lai told CoinDesk.
On May 12, Binance delisted LUNA perpetual contracts settled in the underlying asset.
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