Another LUNA Review from Binance CEO Zhao
Changpeng Zhao, CEO of Binance, one of the largest cryptocurrency exchanges in the world, once again talked about LUNA and UST, which shook the markets. Zhao said he found the situation “stupid”.
Another LUNA Review from Binance CEO Zhao. Changpeng Zhao, CEO of Binance, known as CZ, made another statement about the LUNA and UST event that shook the crypto market. Speaking at an event on Reddit, CZ voiced all his views on the LUNA and UST, stating that he found the situation “stupid”.
CZ, who wrote a detailed article on the subject before, repeated his views and criticisms in the article and stated that the biggest flaw of the system is that he believes that printing more UST will increase the total value.
Saying that he did not believe the incident was a scam, contrary to popular opinion, CZ jokingly said that anyone who designed this system should “get their minds checked”.
Terra’s system has faced similar criticism before. Therefore, the foundation created a reserve of Bitcoin and various crypto assets to support the stablecoin in situations such as the increasing volatility and lack of liquidity on platforms like Anchor. However, this strategy was not successful and there was a huge supply increase in LUNA as the UST stabilized. The decline of the asset to $ 0.00012 led to a collapse in the markets.