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Binance's billionaire founder's Luna holdings value has dropped from $1.6B to just $2,200
Posted on 5/20/22 at 1:34 am
Posted on 5/20/22 at 1:34 am
quote:
Changpeng Zhao, the wealthy founder of the crypto exchange Binance, joked on Tuesday that he was "poor again" after the exchange's investments in the cryptocurrency luna crashed to about $2,200 from $1.6 billion a month ago.
In a tweet on Monday, Zhao said Binance, the world's largest crypto exchange, held 15 million luna tokens. He said Binance received these tokens in exchange for its $3 million investment in 2018 in the Terra network that luna is based on. He added that its luna tokens were "never moved or sold."
Zhao did not immediately respond to Insider's request for comment.
Binance's luna holdings were worth $1.6 billion in early April at the token's peak price. The coin traded at about $0.0001468 on Thursday.
Luna's value has plunged in the past two weeks.
Its implosion started when its sister token, terraUSD, lost its peg to the US dollar; the two tokens' valuations are tied to each other. When terraUSD's price fell, investors rushed to dump their holdings in a scenario similar to a bank run. TerraUSD's plunge, in turn, dragged down luna's price.
The two tokens' free fall was estimated to have wiped out more than $50 billion in paper value, Insider reported on Sunday.
LINK
Wikitiger sold us all on a scam. Lock him up!
This post was edited on 5/20/22 at 1:34 am
14
Posted on 5/20/22 at 2:01 am to rickgrimes
quote:
Wikitiger sold us all on a scam. Lock him u
You had plenty time to sell it. Right?
Posted on 5/20/22 at 2:01 am to rickgrimes
Check out Coffezilla's channel. He's covering this (along with a bunch of other Crypto scams and NFT scams).
Luna was always a Ponzi scheme, and not the first one carried out by Do Kwon, the creator of Luna and TerraUSD.
It was always a Rug pull. This time, though, they didn't pull the rug fast enough.
ETA: Also - Now Do Kwon is saying that there needs to be a version of Centralised Crypto...which is hilarious as the biggest selling point of Crypto is that it's not centralised.
And all the "crypto-bros" who lost everything in Luna are holding their hopes on trying to get a bailout from the Govt, and calling for Govt "Guarantees or Insurance" against this type of thing. Like how the FDIC guarantees $250,000 against bank robberies.
The whole rallying cry they gathered behind was that it was currency that wasn't controlled by the Govt and Banks. And now they want the Govt to bail them out.
You can't make this shite up.
Luna was always a Ponzi scheme, and not the first one carried out by Do Kwon, the creator of Luna and TerraUSD.
It was always a Rug pull. This time, though, they didn't pull the rug fast enough.
ETA: Also - Now Do Kwon is saying that there needs to be a version of Centralised Crypto...which is hilarious as the biggest selling point of Crypto is that it's not centralised.
And all the "crypto-bros" who lost everything in Luna are holding their hopes on trying to get a bailout from the Govt, and calling for Govt "Guarantees or Insurance" against this type of thing. Like how the FDIC guarantees $250,000 against bank robberies.
The whole rallying cry they gathered behind was that it was currency that wasn't controlled by the Govt and Banks. And now they want the Govt to bail them out.
You can't make this shite up.
This post was edited on 5/20/22 at 2:07 am
Posted on 5/20/22 at 3:06 am to rickgrimes
Wow Enron stock is dead, that means Amazon stock is a scam! Those are different coins, and you don't understand the difference. Enjoy being poor.
Posted on 5/20/22 at 3:36 am to rickgrimes
Shitcoins, man.
Posted on 5/20/22 at 3:54 am to rickgrimes
I’m just surprised it took this long for that scam to collapse
Posted on 5/20/22 at 4:10 am to magildachunks
What kind of idiot heavily invests in crypto anyway?
Posted on 5/20/22 at 4:30 am to TigerGman
quote:
What kind of idiot heavily invests in crypto anyway?
1. The Greedy
2. Midwits pushed farther out the risk curve because inflation is eating away their real returns in everything else they can think of besides gold
Posted on 5/20/22 at 4:50 am to TigerGman
quote:I asked my accountant to give me his opinion on purchasing crypto a couple years ago and he summed it up very eloquently,” if Tanners Liquor Store don’t accept it as a form of viable payment, what fricking good is it?”
What kind of idiot heavily invests in crypto anyway?
Posted on 5/20/22 at 5:14 am to rickgrimes
They make a percentage of every transaction. It Will take aboot a week for him to be a billionaire again, once the bear market subsides.
Posted on 5/20/22 at 5:40 am to rb
I knew govt would get involved. It was dumb from the beginning.
Posted on 5/20/22 at 5:50 am to McCorkleJonesGOAT
quote:
Enjoy being poor.
You mean like investing $3 million that's now worth nothing?
Posted on 5/20/22 at 5:51 am to momentoftruth87
quote:
I knew govt would get involved.
Pocahontas spends all of her waking hours thinking of new ways to tax crypto profits, and tax crypto's existence.
Posted on 5/20/22 at 5:57 am to cable
quote:
You mean like investing $3 million that's now worth nothing
looks over at my ZOM and WKHS positions
Posted on 5/20/22 at 6:45 am to Ingeniero
quote:
ZOM
Son of a bitch…
Posted on 5/20/22 at 6:45 am to Ingeniero
Any places allow you to short USDT Tether ?
Posted on 5/20/22 at 6:46 am to Ingeniero
quote:
quote: You mean like investing $3 million that's now worth nothing
looks over at my ZOM and WKHS positions
Posted on 5/20/22 at 6:57 am to Hangit
quote:
aboot a week
quote:
once the bear market subsides
well them let me just set my calendar then
Posted on 5/20/22 at 6:59 am to rickgrimes
frick Business Insider
Posted on 5/20/22 at 7:00 am to magildachunks
Epsilon Theory
Ben Hunt has a good piece out on all of this.
Quoting a previous piece of his own (also worth a read):
Ben Hunt has a good piece out on all of this.
Quoting a previous piece of his own (also worth a read):
quote:
In my dystopian vision, Bitcoin isn’t banned or criminalized. Pfft. That’s a rookie, weak State move. No, I see a future where everyone buys Bitcoin. Where you are encouraged to buy Bitcoin. Where Bitcoin is sold to you morning, noon and night. Where normie economists get on conference calls late at night because they’re Bitcoin price-curious.
Except it’s not really Bitcoin.
Instead, it’s Bitcoin! TM — a cartoon version of the OG Bitcoin, either a Wall Street-abstracted representation of the price of Bitcoin or a government-painted version of Bitcoin in Dayglo orange. Either way — abstracted or painted — your Bitcoin! TM is trackable and traceable, fully KYC and AML and FBAR and SWIFT and every other US Treasury acronym-compliant. Either way, your Bitcoin! TM has all the revolutionary potential of a bumper sticker and all the identity signaling power of a small tattoo on your upper arm.
Bitcoin! TM doesn’t stick it to the Man … Bitcoin! TM IS the Man.
quote:
What SBF says about crypto and VC can be said equally about every asset class, every facet of capital markets, both public and private.
This is the fundamental structure of the business of markets, where Objects of Desire wrapped up in merry plots and three-act structures are sold to to us night and day, over and over again, not for the mere price of a movie ticket but for the accumulated wealth of a lifetime.
It’s MacGuffins all the way down.
quote:Read the whole piece. The convo between Matt Levine, Sam Bankman-Fried, Joe Wiesenthal, and Tracy Alloway is nuts.
Government oversight isn’t to be forced on crypto, it is to be invited on crypto, invited by the very same billionaires who turned Bitcoin into Bitcoin! TM and DeFi into DeFi! TM.
Why? Because there is no difference between the revolutionary pigs and the incumbent humans. They are indistinguishable, all merged together into a single Nudging Oligarchy, all looking to their natural partner, the Nudging State, to complete their reign.
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