Binance Comes to Rescue Terra Network

Binance has finally come to rescue Terra Blockchain even after Changpeng Zhao, the CEO of Binance criticized Terra in a series of Tweets. The news was announced by Binance’s Twitter Page which also said that they were closely working with Terra towards the rebirth of its blockchain.

The tweet comes right after the Terra community passed a resolution announcing the rebirth of Terra Blockchain and along with it LUNA and Terra UST.

The Terra community just passed a vote to ‘Rebirth Terra Network’.

We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
— Binance (@binance) May 25, 2022

Changpeng Zhao

Earlier in a series of tweets on 13 May 2022, the CEO of Binance announced the delisting of Terra and with it he also criticized the algorithm behind Terra’s UST. He blamed this algorithm for the demise of Terra. He also showed his disappointment towards how Terra’s team mishandled the situation.

1. At #Binance we prioritize user protection. We made the decision to suspend LUNA and UST trading. Here's why.

A thread 👇
— CZ 🔶 Binance (@cz_binance) May 13, 2022

Binance’s support for the rebirth of Terra might have come as a surprise to many but must be celebrated as Binance took the role of an industry leader very well.