The founder of Binance has joined FatMan in condemning the joint report published by Coindesk and Uppsala Security.
Changpeng “CZ” Zhao, the founder and CEO of world’s largest cryptocurrency exchange Binance, said the Coindesk report that indicted Terra of causing the de-peg of its algorithmic stablecoin TerraUSD ($UST) is false.
CZ, who has always been outspoken about the Terra incident and has slammed the team behind the project on multiple occasions, noted that the address cited in the report does not belong to Terra as claimed by Uppsala Security and Coindesk.
“Based on our analysis, this report is wrong. Not defending Terra, I have criticized them heavily. Just pointing out a mistake. Cunningham’s law. The address in the article does not seem to belong to Terra,” Binance CZ said.
Based on our analysis, this report is wrong. Not defending Terra, I have criticized them heavily. Just pointing out a mistake. Cunningham’s law. The address in the article does not seem to belong to Terra.https://t.co/uXSeLTAfg7
— CZ ? Binance (@cz_binance) June 17, 2022
Binance Founder Slams Terra
It is noteworthy that the Binance founder has been vocal about the Terra incident since UST lost its peg to the dollar early last month.
He also slammed the team on multiple occasions about the way it handled the situation by not communicating with its community earlier than expected.
He also criticized the team for the way it designed the Terra project, which he noted was prone to collapse.
However, Binance’s late criticism of Terra after the project’s collapse was meaningless, given that the largest cryptocurrency exchange once promoted Terra as a safe investment weeks before it crashed.
Terra Trolled By Negative Reports
Meanwhile, Terra has not been free from negative reports since the value of its ecosystem tokens crashed massively. Do Kwon, the founder of TerraForm Labs (TFL), has been accused of conducting fraudulent transactions prior to the collapse of the project.
However, the height of Terra’s scrutiny was when Coindesk and Uppsala Security noted in a joint report that the TFL owns the address that caused the de-peg of UST.
The report caused further panic in the Terra community after it went viral. Interestingly, popular Terra whistleblower FatMan slammed the report as false on the grounds that the address does not belong to Terra developers, as claimed by Coindesk and Uppsala Security.
FatMan said the address belongs to a KuCoin hot wallet as opposed to being owned by the TFL team.
“I am disappointed that an outlet as prestigious as CoinDesk Korea would publish this without running basic checks,” FatMan said.
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Source: https://thecryptobasic.com/2022/06/18/binance-cz-condemns-the-coindesk-report-alleging-terraform-labs-owns-the-wallet-that-triggered-ust-implosion/?utm_source=rss&utm_medium=rss&utm_campaign=binance-cz-condemns-the-coindesk-report-alleging-terraform-labs-owns-the-wallet-that-triggered-ust-implosion