Share this page!

CZ 🔶 Binance Profile picture
Twitter logo
May 13 • 7 tweets • 2 min read
1. At #Binance we prioritize user protection. We made the decision to suspend LUNA and UST trading. Here's why.

A thread 👇
2. An exponential amount of new LUNA were minted due to flaws in the design of the Terra protocol. Their validators have suspended their entire network, resulting in no deposits or withdrawals possible to or from any exchange.
3. Some of our users, unaware of the large amounts of newly minted LUNA outside the exchange, started to buy LUNA again, without understanding that as soon as deposits are allowed, the price will likely crash further. Due to these significant risks, we suspended trading.
4. While #Binance always aims to be neutral, helpful and protective of all users and industry peers, and we typically refrain from commenting on other projects, I will break that rule this time.
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
6. (This is in sharp contrast to Axie Infinity, where the team took accountability, had a plan, and were communicating with us proactively. And we helped.)
7. We know there are different opinions in the community, we felt suspending trading is the best way to protect our users at this time. We will continue to monitor the situation closely 24/7. All actions will be announced on @binance. 🙏 - CZ

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with CZ 🔶 Binance

CZ 🔶 Binance Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @cz_binance

CZ 🔶 Binance Profile picture
May 16
1/5. Some interesting updates, full transparency and lead to protect users:

As it turns out, most UST pairs were 0 fee to begin with. (I didn't know that, our team had to tell me.) So, not much UST there.

We do have...
2/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. 560x return at peak. It still sits on the address we received at 👇. Never moved or sold.

Address:
finder.terra.money/mainnet/addres…
3/ On this same address, we have about $12,000,000 UST from staking over time (not bought). Also never moved or sold.
Read 5 tweets
CZ 🔶 Binance Profile picture
May 15
1/8 These past weeks have proven to be a watershed moment for the crypto industry. We have witnessed the rapid decline of a major project, which sent ripples across the industry, but also a new found resiliency in the market that did not exist during the last market downswing.
2/ First, I need to address falsehoods circulating in crypto twitter.
3/ Binance did not participate in the 2nd round of Luna’s fund raising nor did we acquire any UST.

Binance Labs invested $3m USD in Terra (the layer 0 blockchain) in 2018. UST came much later after our initial investment.
Read 8 tweets
CZ 🔶 Binance Profile picture
May 11
Many asked me about the markets today. We need to respect the market, with a level of caution too. It goes up and down in cycles. And especially the fact that it doesn’t always make sense. 1/4
We are in a new market, with many innovations. Algo stable coins is one of them. When they are hot, they are all the rage. When they drop, it can be a vicious circle. Some innovations will become successful, many won’t.
At the end of the day, we need to go back to fundamentals. Build real products, not reliant on short term incentives, or promotions, but with intrinsic value that people use.
Read 4 tweets
CZ 🔶 Binance Profile picture
Jul 27, 2021
(Thread) We just hosted a 1-hour press conference to share the active steps we’re taking to build upon our efforts to be more compliant with local regulations everywhere.

I’d like to share these updates with you now too.
@binance we will continue to adapt to new regulations in order to best serve our users. So, what are we actually doing?

Here are some things we just announced, with more to come.
We have commenced processes for licenses & approvals where there is an existing legal framework for crypto exchanges. This includes on-going work across Asia-Pacific, EMEA and Latin America.

We will actively work with regulators as more crypto-specific frameworks are introduced.
Read 8 tweets
CZ 🔶 Binance Profile picture
May 9, 2021
Not sure how many of you remember this day. Anyways, I used this phrase a few times since. Here is the story behind the Chinese proverb I was referring to. Just came across a good English translation today.

It has helped me greatly in my journeys so far. 1/n
I posted the link earlier today, but that broke the site. It seem to be hosted on a small server. So, pasting the content here directly. Link at the very end.
CHINESE FOLK TALES: THE LOST HORSE (A BLESSING IN DISGUISE) – 塞翁失马

In ancient China, near the edge of the Great Wall, there was an old man named Sai Weng. Two of the things closest to him in his life were collecting rare breeds of horses and his beloved son.
Read 14 tweets
CZ 🔶 Binance Profile picture
Mar 31, 2021
People don’t believe me when I say I didn’t do much for #BSC. They still want to give me credit for it. 😂

A thread with a few example to drive that home and what I did and did not do for #BSC. 1/9
I learned that I can use MetaMask with #BSC for the first time in this blog post, alas, with the link from Twitter.

I was like… wow, cool.

binance.com/en/blog/421499…

2/9
Then I clicked on a link in a tx and landed on bscscan.com. I was like … hey, I know how to use this site, it works just like etherscan.io. Who ripped it off?

Then I learned it’s built by the same team. Cool, who thought of that? 👍 3/9
Read 10 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(