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Binance billionaire tweeted: “Poor again”

After Luna’s holding number dropped from $1.6 billion to $2.2 billion, Chengpeng Zhao, the billionaire founder of the Binance exchange, posted a humorous tweet: “Poor again.”

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On May 17, Mr. Zhao shared a Fortune article on his personal page with the comment, “Poor again.” Binance’s investment in the Luna cryptocurrency has reportedly plummeted from $1.6 billion just a month ago to $2,200 this week.

In early April, when Luna Coin peaked, 15 million Luna Coins were worth around $1.6 billion. Now, however, they only cost around $2,200. The coin was trading at $0.0001468 on May 19. In a tweet posted on May 16, Mr. Zhao said that Binance, the world’s largest cryptocurrency exchange, holds 15 million Luna tokens after investing $3 million in the Terra network in 2018. According to Mr. Zhao, the exchange has never touched these tokens.

In the past two weeks, Luna has fallen sharply after the TerraUSD token lost its peg against the USD. The value of the two tokens is closely related. When the price of TerreUSD fell, investors quickly sold off, causing Luna to drop. According to Business Insider, TerraUSD and Luna in free fall caused the “evaporation” of more than 50,000 million dollars in notes.

Mr. Zhao urged the Terra development team to compensate retail investors first and finally Binance to protect users.

Despite the “poor again” comment, Mr. Zhao, 45, is still a billionaire. According to Bloomberg estimates, his net worth is around $14.8 billion as of May 19. Most of his fortune comes from a 70% stake in Binance, according to Forbes magazine. Binance’s market value is said to be 6 times that of its closest competitor, CoinBase. Binance earned $14.6 billion in trading fees in 2021, according to MarketWatch.

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