Changpeng Zhao, CEO of Binance cryptocurrency exchange, said he was “disappointed” with the actions of the Terra ecosystem team during the collapse of LUNA and UST. According to him, the developers endangered investors, but did not take responsibility.

5. I am very disappointed with how (or not) this UST/LUNA incident has been handled by the Terra team. We asked their team to restore the network, burn the overprinted LUNA, and recover the UST stabilizer. So far we haven’t received any positive response or much of a response.

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

“I am extremely disappointed with how the Terra team handled (or did not) handle the UST/LUNA incident. We asked them to restore the network, burn the extra LUNA and restore the US dollar and UST parity. We have not received a positive response so far, we have not received any response,” he wrote.

Zhao used blockchain gaming team Axie Infinity as an example. According to him, after stealing $625 million worth of crypto assets from the Ronin sidechain, the developers of the project “ took responsibility, had a plan and actively communicated. [с Binance]”.

Previously, the bitcoin exchange suspended trading with LUNA and UST on the spot market. The company emphasized that users will be able to withdraw money when the Terra blockchain becomes operational.

Binance will suspend spot trading for the following trading pairs on May 13, 2022, at 08:30 UTC:

🔸LUNA/BUSD
🔸 UST/BUSDhttps://t.co/U8u7bNWuZT

— Binance (@binance) May 13, 2022

According to Zhao, some users were unaware of the Terra community’s decision to increase LUNA’s offering exponentially. He noted that they started buying cryptocurrencies without understanding the risks of further declines in price. Therefore, the stock market suspended trading.

“We know there are different opinions in the community, but we felt that the best way to protect our users at the moment was to suspend trading. We will continue to monitor the situation closely 24/7,” Zhao wrote.

On May 13, Terra’s validators halted the blockchain a second time as the price of LUNA dropped below $0.001. According to Terra Finder, at the time of writing the network produces blocks, but most of them are empty.

Since the shutdown of the blockchain, the Terraform Labs team has not made any official statements.

Recall that the OKX bitcoin exchange has delisted UST, LUNA, ANC, and MIR.