Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Binance

Binance’s $1.6 billion LUNA investment, now just $3,000

Binance CEO Changpeng Zhao said the crypto exchange made large paper gains on its investment in Luna but has now lost practically all of them.

The exchange invested $3 million into the Terra ecosystem in 2018, receiving 15 million Luna tokens. At Luna’s peak price, that investment was worth $1.6 billion, according to Zhao. Yet due to last week’s collapse of Luna — and its related stablecoin TerraUSD (UST) — that investment has now plummeted in value to just $3,400. Or, in Zhao’s words, “not much.”

Yet it’s not all bad news. The exchange received around $10.3 million worth of UST in staking rewards (likely through Anchor, which offered up to 20% yield). While that would be worth $74 million if UST was holding its peg to the dollar and not trading at its current value of $0.13, it means Binance is still up on its initial investment.

Featured

NFT

Worldwide music and entertainment giant Warner Music Group (WMG) has joined forces with OpenSea to introduce dedicated landing pages for their artists. The WMG roster will...

Finance

Though the recent months haven’t been very good for the crypto industry, this could not deter some crypto investors from being bullish about this...

Altcoin

The down-trending market that took its resistance from $1.35134 on the 10th of September did not go too far before it begins to face...

Crypto News

Robinhood, a leading investment app, has rolled out its newest product — a crypto wallet that charges zero transaction fees to its users. For...