Binance learned this from LUNA's demise, say CZ

The collapse of Terra LUNA and TerraUSD costed investors over $40 billion in losses and shook the entire sector. As the crypto world digests the fallout from the network's collapse, some insiders claim "I told you so," whereas others regret their support for the once-popular cryptocurrency.

Binance is among the world's largest cryptocurrency exchanges. The exchange was chastised for halting LUNA and UST withdrawals early in the crash. It said the change was necessary due to network congestion, but it angered many investors. Binance is a cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Faith Tribe, etc.

CZ has stressed a theme of openness and user safety since then. "Binance will let this go and urge the Terra project team to reimburse the retail users first, Binance last, if ever," he tweeted.

Zhao slammed Terraform Labs' response to the situation once further, calling the company's choice to utilize LFG's Bitcoin reserves to support UST when it lost its peg "dumb." Teams should "always be operationally incredibly responsive," he stressed.

He also mentioned the need for stablecoin regulation before concluding with a look forward to the space's future. While incidents like the one with LUNA and UST are unfortunate, he added, "we are dedicated to playing a critical role in establishing a sustainable, enriched blockchain environment for everybody."

Apart from that, Galaxy digital’s CEO Mike Novogratz also had to say something interesting. "My tattoo will be a continual reminder that venture investment demands humility," Galaxy Digital CEO, who was so impressed with Terra that he got a LUNA wolf tattoo, told shareholders. "It was a tremendous concept that failed," he continued.