@cz_binance
CZ πŸ”Ά Binance
a month ago
1. At #Binance we prioritize user protection. We made the decision to suspend LUNA and UST trading. Here's why. A thread πŸ‘‡
8K
7K
31K

Replies

@cz_binance
CZ πŸ”Ά Binance
a month ago
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.
348
489
6K
@cz_binance
CZ πŸ”Ά Binance
a month ago
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.
318
558
7K
@cz_binance
CZ πŸ”Ά Binance
a month ago
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.
236
495
7K
@cz_binance
CZ πŸ”Ά Binance
a month ago
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
952
3K
17K
@cz_binance
CZ πŸ”Ά Binance
a month ago
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.)
627
1K
11K
@cz_binance
CZ πŸ”Ά Binance
a month ago
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 . πŸ™ - CZ
2K
849
13K
@xtrendci
Trendci
a month ago
@cz_binance tatava yapma la milletin parasΔ±nΔ± ver
5
1
185
@nvyas22
Nish
a month ago
@cz_binance Atleast let everyone withdraw luna from @binance
30
2
80
@BilbotSachet
Plankton Bourbon
a month ago
@nvyas22 @cz_binance @binance Withdraw what πŸ˜‚ 0.25$
4
0
5
@Cryptoyon
Wolf.Cspr
a month ago
@cz_binance You respond with protection after a drop of 99.99% . You could prevent this and took earlier action on it.
69
48
2K
@MarceloRaikou
AGX GUILD
a month ago
@Cryptoyon @cz_binance If binance suspend immediately, do you think the investor can exit immediately to protect their remaining funds? The investor will rekt if that happen..Think twice..
5
4
65