.cz_binance has his own view of the UST catastrophe and a proper way of solving it
is the excessive amount of LUNA minted because of underlying issues in the Terra protocol. Following the turmoil on Terra markets, validators have suspended the entire network, which basically turned off all of the basic functions of the network. No withdrawals or deposits were possible starting from that moment.
5. I am very disappointed with how this UST/LUNA incident was 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 allAccording to CZ, large amounts of LUNA were minted and moving outside exchanges that stopped deposits, which is why some users thought that selling pressure is fading and they could buy some LUNA in order to break even on their position.
CZ added that he is disappointed with the handling of the situation by UST and LUNA management. Binance requested that they restore the network, burn the excessively minted LUNA and recover the peg, but no response had been received from Terra's side.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance CEO Changpeng Zhao disappointed with how Terra handled UST's collapseBinance CEO Changpeng Zhao has weighed in on the collapse of the stablecoin TerraUSD (UST) and its related token Luna (LUNA).
Read more »
Why the world needs a spot Bitcoin ETF in the US: 21Shares CEO explainsApproval of a spot Bitcoin ETF by the SEC is one of the most anticipated events in the industry. 21Shares CEO hany explains why there’s so much hype, along with its capability to open up the crypto market to institutional and retail investors.
Read more »
Salvatore Ferragamo CEO Marco Gobbetti Aiming to Double Company RevenuesGobbetti laid out an ambitious plan that sees Ferragamo aiming to double revenues in four to five years and to double marketing and communication spending as a percentage of revenues beginning in 2023.
Read more »
Disney+ Prices Could Rise According to Disney CEODisney executive Bob Chapek revealed that a Disney+ price increase could be coming sooner than [...]
Read more »
Disney CEO Bob Chapek On The “Difficulty” Of Getting Films Released In ChinaWith Marvel’s global juggernaut Doctor Strange missing in action in China, Disney CEO Bob Chapek called the situation there “very fluid and very complicated, both from a business standpoint and fro…
Read more »
Inflation 'really pressuring' US oil and gas industry: American Petroleum Institute CEOMike Sommers, the American Petroleum Institute president and CEO, stressed that a long-term energy strategy is needed to reduce prices.
Read more »