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In a recent interview, the head of the Binance crypto platform stated that he had never directly interacted with Do Kwon, who is the head of the Terraform Labs project. The company is behind the development and promotion of the TUSD stablecoin.
In mid-May of this year, there was a total collapse of the startup Terra, against the background of which the LUNA coin lost 99% of its value. The Stablecoin TerraUSD at the moment lost its peg to the US dollar, as a result of which the capitalization of the asset decreased by $ 60 billion.
However, Terra decided to reincarnate its coin, and the head of Binance, Changpeng Zhao, played an important role in this. In an interview with Fortune, he noted that he had never communicated directly with Do Kwon.
Changpeng said that the current situation is a disaster for the crypto market, and no one was interested in this. In his opinion, the Terraform Labs team could not quickly respond to the rapidly changing market environment. They failed to realize their reserve assets to stabilize luna’s peg to the U.S. currency.
The expert added that only after the loss of capitalization in the amount of $ 80 billion, the leaders tried to use reserves in the amount of $ 3 billion to stabilize the situation, but it was too late. Zhao also added that his platform is responsible to customers for providing liquidity within the framework of the new LUNA 2.0 coin.
Earlier, the editors of the Crypto.ru reported that many experts of the crypto market made harsh criticism of the asset. At the early stage of emission (at $ 7), the coin sank in price for 6 hours by more than 80%. Against this background, most positional investors faced significant losses. However, on May 31, 2022, the coin was able to reach the global mark of $ 10.7, after which it went into the correction phase.
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