CZ Says Binance Supports Proposal to Compensate LUNA Retail Users First

CZ Says Binance Supports Proposal to Compensate LUNA Retail Users First

Binance’s Changpeng Zhao (CZ) has stated the change helps the proposal to compensate retail LUNA customers forward of bigger buyers. He additionally stated the LUNA tokens acquired by Binance in change for a $3 million funding in Terra haven’t been offered or moved.

Binance’s LUNA Tokens Not Sold

After his change confronted criticism for its dealing with of LUNA tokens, Binance CEO Changpeng Zhao (CZ) tweeted that any compensation for LUNA holders should prioritize defending the pursuits of retail customers. He stated Binance has already taken the lead by electing to be compensated final.

CZ Says Binance Supports Proposal to Compensate LUNA Retail Users First

In the newest Twitter thread whereby he addresses the controversy surrounding the LUNA token crash, Zhao revealed to his followers that Binance had acquired 15 million LUNA tokens in change for an funding of $3 million. According to the Binance boss, the LUNA, whose worth as soon as peaked at $1.6 billion, “nonetheless sits on the handle we acquired at. Never moved or offered.”

Likewise, the 12,000,000 UST that Binance gained from staking over time, are additionally nonetheless sitting on the similar handle, Zhao stated. He claimed these have by no means been moved or offered.

LUNA Users’ Reaction

Despite holding important quantities of each LUNA and the UST stablecoin, Zhao stated the Binance group had agreed with a proposal to prioritize compensating retail customers first. He stated:

Now the necessary half. To lead by instance on PROTECTING USERS, Binance will let this go and ask the Terra undertaking group to compensate the retail customers first, Binance final, if ever. Binance (after a 5 min dialogue) absolutely assist this proposal.

Reacting to CZ’s endorsement of a compensation plan that was initially proposed by a Twitter consumer referred to as Persian Capital, a few of the Binance CEO’s followers insisted this strategy was mistaken as a result of it could place at a drawback these closely invested in LUNA. The Twitter consumer named SEIF Motawi said:

“This is extraordinarily mistaken. What in regards to the ones who invested cash in LUNA and all of their life financial savings at the moment are gone? Are they not value being compensated as nicely?”

Another consumer, Veronica, remarked: “Brilliant! So these of us who purchased UST or luna and despatched it to Binance, or Metamask, or one other platform, for instance, received screwed. Make the wealthy get richer and the poor get poorer! nice job.”

However, some customers who declare to have misplaced funds are praising the place taken by the Binance CEO, however ask if this proposal could be applied.

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