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Why this veteran of the crypto industry said – ‘I have become poor again’

Why this veteran of the crypto industry said – ‘I have become poor again’
Written by Arindam

The volatility that has occurred over the past two weeks in the Terra USD-linked token LUNA has dealt a severe blow to the entire crypto industry including investors. After this, the hands of big investors including small investors are also trembling to invest money in cryptocurrencies. In just two weeks, the price of Luna tokens fell from the sky to the ground. The token completely crashed and its value fell to almost zero. Binance’s founder Changpeng Zhao has also suffered a major setback from this fall of Luna. Regarding this, he also made a tweet on social media, in which he told his loss due to the crash of LUNA and called himself ‘poor’.

Binance founder Changpeng Zhao invested in the Terra Network in 2018. At that time, Zhao had invested 3 million dollars (about Rs 23 crore) in it. Zhao received 15 million LUNA tokens in return for this investment. Luna was at its all-time high in April of 2022. According to this, Zhao had assets of $ 1.6 billion at that time. When the token crashed, this price was not even 2 thousand dollars (about 1.5 lakh rupees).

Binance founder Changpeng Zhao wrote in a tweet about the losses caused by the decline of Terra’s token Luna and said that they are poor again.

Zhao has lost billions in the crash of LUNA. He wrote how his wealth of billions of dollars was reduced to only a few thousand dollars. Terra is currently trading at $0.0001416, down 18 percent on Binance. Luna has 15 million tokens on Binance. Looking at its current market value, Luna’s holding is only $2,124 (approximately Rs 1.55 lakh). Data from Binance shows that the price of Terra Luna is down 99.15 percent in the last 7 days. It currently has a popularity rank of 213 and a market capitalization of Rs 71 billion.

Luna was at its peak in the first week of April. At that time this token also touched its highest level of $119 (about 9 thousand rupees). Its companion token Terra UST is also not performing very well. Its price has seen a drop of 20 percent today and is trading below 10 cents. This stable coin has fallen 78 percent in the last 7 days.

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Arindam

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