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Binance wants to help Terra rebuild, but expects more transparency

 


Binance CEO Changpeng "CZ" Zhao says the leading cryptocurrency is ready to support Terraform Labs and its community's rise from the " ashes ". However, he expects the team behind the LUNA and UST tokens to offer more transparency and accountability.


The collapse of LUNA and UST over the past week has made waves and attracted a lot of attention in the crypto community and elsewhere. These reactions included “ untruths circulating on crypto twitter ” regarding what happened.

Regarding Binance's backing of Terra, Zhao stated that his stance is that “ minting, forking, don't create value ”. According to him, mechanisms that allow the repurchase or incineration of labor work. However, this requires resources that Do Kwon and his team at Terraform Labs may not have access to.


Binance will therefore work to help the team. But more needs to be done.


" I would like to see more transparency from them in this regard. Much more! Including specific on-chain transactions (txids) of all funds. Relying on third-party analysis is not sufficient or accurate. That's the first thing that should have happened ," he said.


Projects can and will fail, but...

Zhao acknowledges that mistakes can and do happen. Nevertheless, such setbacks require more transparency, speed and communication from the team behind the project. Admitting mistakes is also important, the Binance boss added in a Twitter thread on Sunday.


Zhao said Binance supported Terra's first fundraising but not the second. The leading exchange also didn't acquire a TerraUSD.


" I just hope that the project teams can rise from the ashes and rebuild in an appropriate and sane way. Regardless of my personal views or the solution ultimately chosen, we will always be here to support the community in any way we can.”


Terra collapsed dramatically last week as UST's peg to the dollar sent both the stablecoin and LUNA to zero. Binance halted and resumed spot trading for LUNA and UST.

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