This just in from the world of fantasy: The world’s largest crypto exchange Binance had the potential to reap mega earnings from Terra’s UST algorithmic stablecoin before it crashed last week, along with its sister cryptocurrency Luna.
In 2018, Binance put $3 million into Luna and received 15 million tokens in return. At Luna’s price peak in April, those tokens were worth $1.6 billion, Binance’s CEO Changpeng Zhao said in a Monday tweet. At Luna’s price now, the tokens are worth about $2,391.
Last week, Terraform Labs’ algorithmic stablecoin UST, which was theoretically tied to the price of the U.S. dollar, tanked to about 13 cents. As a result of the crash, Luna, the cryptocurrency that was meant to help the UST stablecoin keep its dollar peg, also collapsed. Luna went from trading at a high of around $119 just last month to being worth a mere fraction of a cent.