Is Zhao still poor? Binance's luna shares have gone from $1.6 billion to $2,200

Is Zhao still poor? Binance's luna shares have gone from $1.6 billion to $2,200 ...

In January of 2022, we discussed howChangpeng Zhao, the CEO of Binance, the cryptocurrency exchange''s cryptocurrency platform, had the largest fortune in the world, with an impressive net worth of 96 billion dollars.

His net worth was similar to that of Asia''s richest man Mukesh Ambani, who held the 11th position in theBloomberg Billionaires Index. Binance''s 20 billion dollar increase in revenues in 2021, and the entrepreneur''s 90 percent of the exchanges shares.

Poor again

Zhao has lost a significant amount of his fortune, according to the former billionaire. Apparently, his exchange''s investments in the luna cryptocurrency increased from a staggering $1.6 billion a month to a mere $2,200 this week.

Poor again.https://t.co/88v2U2vjfM

Zhao added that Binance had in its roster 15 million luna tokens it received in exchange for its $3 million investment in the Terra network that luna is based on. As of Monday, these precious, now devalued tokens were "never moved or sold," according to Zhao.

2/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3 million) investment. 560x return at peak. It still sits on the address we received at. Never moved or sold. Address:https://t.co/6HwTu6CCuB

What happened to luna?

Luna''s valuation was very closely linked to its sister token TerraUSD. Two weeks ago, investors rushed to get rid of their holdings of the token, essentially dragging luna''s price down with them.

What can be done now?

There is possibility that the Terra team may reimburse its retail investors, according to Zhao on Monday: "To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate retail users first, Binance last, if ever."

Is Zhao now poor?

Zhao''s personal crypto holdings were estimated to be between 28 to 39 billion dollars last January, and Bitcoin is the world''s largest cryptocurrency exchange, which is therefore facilitating as much trading as the next four largest exchanges combined. Bloomberg has reported that his net worth grew steadily to $14.8 billion.

The latest information does not only illuminat how volatile cryptocurrency can be, but also why investing in them should be avoided with caution. If tech giants like Zhao lose so much money, imagine how much regular people may be subjected to.

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