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The chats displayed the messages that led to the company’s decision to let go of money that they had invested in Terra Luna coin. CZ, the Binance CEO let public the conversation with the company’s management team.
Binance had around 15million worth of Luna. It was part of a $3 million investment Binance made in Terra. That $3 million is currently valued at just around $2,700 due to the crash which Terra suffered.
The conversation was generally between Mayur Kamat and CZ.
Letting Go of Billions
CZ after his discussion with the head of product of Binance decided to let go of its million-dollar investment. However, they made sure to mention in a tweet that they have decided to let go of it all. They also insisted that the Terra labs team should compensate the other users first.
The chats showed that the decision was made within just 5 minutes. The decision to let go of their investments and have Terra settle its other users before it settles Binance was made within just a few minutes.
The reason behind the decision is still unknown.
Binance Made Rare Decision To Put Users First
The decision by Binance to let go of such an amount because of its users is something that is unheard of in the business world. The capital market is used to seeing owners forsake their customers for their sake or that of the business.
Even though Binance could easily have picked the option that most favored the business, they decided to take the loss. The company could have easily sold its Luna coins while the crisis was going on and saved loads of money.
It might not be evident due to how bad the situation of the coin got, but the decision caused a slight reduction in Luna’s decline. Now Luna will be able to take out 15 million Luna coins from its new fork.
Binance head of product while talking about the events said, that there will be signs to show that you work in a special company. He also mentioned that it’s the choices they make during hard times that show how special they are. He confessed that Binance would be the first company he would see make such a decision that fast.
Reasons behind the decision
Although the decision might have displayed how user committed the business is, most members of the public cannot help but wonder if it is just a publicity move. This is cause Binance may have decided to do this because they couldn’t have done much about the $1.6 billion.
All this might have just been an attempt to build the company’s public image in front of current and future customers.
Whatever may have led to the decision is still a mystery. But the members of the Terra community will be highly grateful.