• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
LLODO – Education and technology

LLODO - Education and technology

Find your international education - university and college study education programs, student Exam, and course information.

  • Technology News
  • Blog Anony
  • Technology Quiz

Binance CEO CZ expressed disappointment with Terra team (LUNA), compared with Nguyen Thanh Trung’s Axie Infinity

05/14/2022 by admin Leave a Comment

A few days ago, the crypto community was shocked when UST, the 3rd largest stable coin in the world by market capitalization, dropped the $1 mark.

In the hope of redemption, Terra, the team behind UST, has increased the rate of “burning” this stable coin. However, this resulted in a catastrophic drop in the price of the associated token, LUNA, because the more USTs burned, the more LUNAs were produced. Once having a peak price (ATH) of nearly 120 USD, after just over 2 days, 1 LUNA was only worth 0.00008 USD at the time of writing, equivalent to being divided up to 1.5 million times.

On the morning of May 13, the world’s largest cryptocurrency exchange, Binance, announced that it would stop spot trading between LUNA and popular coins, including the LUNA/USDT and LUNA/BTC pairs. The only trading pair kept by Binance at that time was LUNA/BUSD, but by the afternoon of the same day, this pair was also suspended from trading.

Recently, on the official Twitter page, the head of Binance, Mr. Trieu Truong Bang, also known by the nickname CZ, explained this decision. Thereby, CZ said that stopping LUNA trading is a measure of Binance to “protect users”.

Binance CEO CZ expressed disappointment in the Terra team (LUNA), comparing it to Nguyen Thanh Trung's Axie Infinity - Photo 1.

CEO of Binance Trieu Truong Bang

“At Binance, we have always prioritized the protection of our users. We have made the decision to suspend trading of LUNA and UST. An exponential amount of new LUNA was created due to design flaws of the Terra protocol. Their system was down, making it impossible to deposit or withdraw funds to or from any exchange.

Some of our users have started to buy back LUNA without understanding that the price is likely to continue to fall due to the ignorance of the large amount of newly minted LUNA outside of the exchange. Due to these significant risks, we have suspended trading.

While Binance has always been about being neutral, helpful, and protecting all users and industry professionals, and we usually don’t judge other projects, I’m going to break that rule this time. .”

In particular, CZ expressed disappointment when the Terra team lacked cooperation with Binance in handling the situation. This is in stark contrast to Axie Infinity, when the blockchain network of this game, Ronin, was hacked at the end of March, but both sides have interacted to get through the difficult times.

“I’m very disappointed with the way Terra and the others have been handle (or rather don’t handle) the problem with UST and LUNA. We asked their team to restore the network, burn the extra minted LUNA, and restore the UST. So far, we have not received any response. This is in stark contrast to the Axie Infinity team, where they are accountable, planning, and proactively communicating with us. And we also helped them.

We know there are mixed opinions, but we feel that suspending trading is the best way to protect our users at this time. We will continue to monitor closely 24/7 situation. The latest information will be announced on Binance’s Twitter.”

Binance CEO CZ expressed his disappointment with the Terra team (LUNA), comparing it to Nguyen Thanh Trung's Axie Infinity - Photo 2.

LUNA is worth 0.00008 USD at the time of writing

Currently, after about 10 hours of interruption, the Terra blockchain is back up and running at 19:46 on May 13 (Vietnam time). Not long after that, the LUNA/BUSD pair was also resumed trading on Binance.


https://genk.vn/ceo-binance-cz-bay-to-su-that-vong-voi-doi-ngu-terra-luna-dua-ra-so-sanh-voi-axie-infinity-cua- nguyen-thanh-trung-20220513232432869.chn

Filed Under: Technology News Tagged With: Blockchain

Related posts:

  1. Seeing blockchain as a great breakthrough, China has been quietly building its own platform since 2 years
  2. The billionaire owner of the FTX exchange thinks that Bitcoin has no future as a payment network
  3. Stablecoin but not “Stable”
  4. Is Do Kwon the Elizabeth Holmes of the cryptocurrency market?
  5. Do Kwon – The person behind the TerraUSD disaster, Luna: ‘I’m heartbroken’
  6. Crypto billionaires lost hundreds of billions in just one session, some people “evaporated” more than 80% of their assets
  7. It is unlikely that the largest cryptocurrency exchange in the US will go bankrupt
  8. Constantly catching Bitcoin bottoms, El Salvador incurs losses with the next bond payment
  9. What Billionaire Mark Cuban Says As Crypto Markets Plunge?
  10. USDT, the world’s largest stablecoin, about to become the next victim?
  11. Cryptocurrency market evaporated 200 billion USD in 24 hours
  12. The dream of a stablecoin that doesn’t need to be pegged to USD or gold is about to fall apart?
  13. Is there a hidden person who wants to destroy Terra, gently pocketing $800 million after a few days?
  14. Bitcoin plummeted to the bottom of 2022, suspected by a shark “discharged”
  15. UST joke, why did this stablecoin make Bitcoin lose more than 10% of its value last night?
  16. Bitcoin lost 55% of its value from the top, El Salvador quickly spent more than $ 15 million to “catch the bottom”
  17. Testing digital currency in Japan
  18. Bitcoin plummets, hits a new bottom in 2022
  19. The .eth domain name becomes a new craze, the price is as expensive as a high-class apartment in Hanoi
  20. Bitcoin continues to plunge, even the most potential coins follow

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Recent Posts

  • 10-inch screen, Snapdragon 680, is the price good?
  • OnePlus Ace inspired design
  • The world’s chronic disease cannot be cured by anyone, Elon Musk said that Neuralink chip implantation in the brain will definitely cure
  • Not the chicken problem
  • Hanoi is pouring winter in the middle of summer and India has a record hot sun, birds are also falling




Categories

  • Blog Anony (380)
  • Family and Friends 1 (63)
  • Family and Friends 2 (80)
  • Family and Friends 3 (80)
  • Family and Friends 4 (84)
  • Family and Friends 5 (82)
  • Grade 1 Math (61)
  • Grade 2 Math (96)
  • Grade 3 English (68)
  • Grade 3 Math (67)
  • Grade 4 English (68)
  • Grade 4 Math (77)
  • Grade 5 English (68)
  • Grade 5 Math (88)
  • Grade 6 English (104)
  • Grade 6 Math (67)
  • Grade 6 Physics (30)
  • Grade 7 English (104)
  • Grade 7 Math (57)
  • Grade 7 Physics (30)
  • Grade 8 Biology (64)
  • Grade 8 Chemistry (43)
  • Grade 8 English (104)
  • Grade 8 Math (75)
  • Grade 8 Physics (29)
  • Grade 9 Biology (63)
  • Grade 9 Chemistry (56)
  • Grade 9 English (104)
  • Grade 9 Math (61)
  • Grade 9 Physics (62)
  • Houseware (126)
  • Learning English (50)
  • Linux Quiz (300)
  • Software (31)
  • Technology News (7,233)
  • Technology Quiz (850)
  • Windows Quiz (200)

Copyright (c) 2022 · LLODO.COM - About Us - Privacy Policy - Contact Us - Site map
Link: Question Answer English - Hoc edu - Internet Do