In his autobiography, CZ recounted the Terra incident, stating that Binance invested $3m in 2018, acquiring LUNA tokens, which had risen to $1.6 billion before the collapse.
The team discussed whether to reduce their holdings but ultimately decided against it.
They were concerned that a concentrated sell-off would exacerbate market panic, and that a large-scale exit would require a lengthy process, especially since the market was already in a rapid downturn. CZ stated that he did not want the outside world to perceive the platform as having "left before retail investors."
https://t.co/ikkAABJTkP