CZ explains why Binance didn't sell LUNA during Terra's collapse

Binance founder Changpeng Zhao (CZ) explained in his autobiography why the exchange held onto its LUNA holdings during the Terra ecosystem's collapse, Wu Blockchain reported on X. Binance, which had invested $3 million in LUNA in 2018, saw its position grow to a peak value of $1.6 billion. According to CZ, the exchange discussed selling its holdings during the crash but ultimately decided against it. He cited concerns that a large sell-off could exacerbate market panic and would be difficult to execute smoothly amid the rapid price decline. CZ added that he did not want to create the perception that Binance had exited its position ahead of retail investors.