From $1.6Bn To Just $2,200: Binance's Billionaire CEO Says He's 'Poor Again' After Terra Luna Crash

Nearly two months after saying he¡¯s ¡®really not that rich¡¯, crypto exchange Binance's billionaire CEO Changpeng Zhao joked a couple of days back tweeting he was "poor again".

This comes after his crypto exchange's investments in Terra Luna crashed from $1.6 billion just a month ago to about $2,200 this week, as per a report in BusinessInsider.

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

¡ª CZ ? Binance (@cz_binance) May 17, 2022

Billionaire Zhao has said that Binance, which is the world's largest crypto exchange, held 15 million luna tokens. Binance had received these tokens in exchange for its $3 million investment in 2018 into the Terra network that crypto Luna is based on. Its Luna tokens were "never moved or sold" as of Monday, according to Zhao.

Binance's Luna holdings were worth $1.6 billion in early April 2022 when the token hit its peak price. But its recent crash that almost eroded its entire value, saw its value shrink to about $2,200 this week.

Despite his comments, Binance CEO Zhao definitely isn't broke or poor. His net worth as per Bloomberg Billionaire Index is $15.3 billion, and he has lost $80.6 billion this year.

Binance CEO Zhao has also said "To lead by example on protecting users, Binance will let this go and ask the Terra project team to compensate the retail users first, Binance last, if ever," he tweeted.

Terra Luna was trading around $0.0001468 as of Thursday, as per a BusinessInsider report.

Also Read: Despite Losing $5 Billion Net Worth, 'Crypto Robinhood' Says "Don't Worry, Market Won't Crash To Zero"

Crypto Horror Not Over Yet?

The crypto horror might not be over yet. Blockchain.com¡¯s CEO has said there¡¯s more crypto destruction to come.

CEO Peter Smith has said, ¡°More pain is coming, more risk will be exposed, but ultimately, it¡¯s a good thing for the decentralized economy.¡±

As per CNBC reports, he says ¡°For the crypto investor, the lesson from the past few weeks should be back to the crypto equivalent of the traditional market investing concept of dollar-cost averaging ¡ª slowly building a position in an asset over time so all your money isn¡¯t exposed to any single bout of volatility¡±.

¡°Average into it slowly. And you need to be prepared to hold it for quite some time,¡± Smith added. ¡°Because we¡¯re still in a really nascent period of building this whole finance system out.¡±

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