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Binance’s Billionaire CEO is ‘Poor Again’ After Terra Luna Crash


Binance’s Billionaire CEO is ‘Poor Again’ After Terra Luna Crash

binance CEO

Changpeng Zhao, the wealthy CEO of crypto exchange Binance, joked a few days ago that he was “poor again,” nearly two months after declaring he’s “actually not that affluent.”

According to BusinessInsider, his crypto exchange’s assets in Terra Luna fell from $1.6 billion just a month ago to around $2,200 this week.

Binance, the world’s largest crypto exchange, holds 15 million luna tokens, according to billionaire Zhao. Binance obtained these tokens in exchange for a $3 million investment in the Terra network, which is the foundation for crypto Luna. According to Zhao, the Luna tokens were “never moved or sold” as of Monday.

When the token reached its peak price in early April 2022, Binance’s Luna holdings were worth $1.6 billion. However, following a recent fall that nearly wiped off its whole worth, its value has dropped to around $2,200 this week.

Despite his claims, Binance CEO Zhao is neither broke nor impoverished.

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His net worth is $15.3 billion, according to the Bloomberg Billionaire Index, and he has lost $80.6 billion this year.

“To lead by example on protecting consumers, Binance will let this go and ask the Terra project team to reimburse retail users first, Binance last, if ever,” said Binance CEO Zhao in a tweet.

According to BusinessInsider, Terra Luna was trading about $0.0001468 on Thursday.

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