[CZ Talks About Holding LUNA Since 2018 Without Selling: Doesn't Want People to Think Binance 'Runs Ahead of Retail Investors,' Valued at $1.6 Billion Before the Crash] BlockBeats News, April 8: In his new book *Binance Life*, CZ discusses the 2022 Luna crash. Terra's stablecoin UST began losing value on May 7, 2022, and within a few days, $60 billion evaporated. Binance had invested in Terra as early as the summer of 2018, putting in $3 million at the time, which was exchanged for some native tokens of the Terra blockchain, LUNA. At the time of the investment, UST did not yet exist. Terra claimed to have approximately $1 billion in reserves, but it neither used these reserves to stabilize UST nor provided a clear explanation. Do Kwon did not respond to community questions on Twitter, showing a complete lack of transparency, which made CZ feel uneasy. The Binance team informed CZ that the LUNA purchased for $3 million four years ago was now valued at $1.6 billion and asked whether to sell, as the price might soon plummet. CZ ultimately decided, 'Not to sell.' There were three reasons for this decision: First, as a long-term investor, selling at such a critical juncture would further panic the market. Second, exiting such a large position would typically take several months to execute gradually. With LUNA on the verge of collapse, it was clearly not the right time. Third, CZ did not want people to think Binance was 'running ahead of retail investors' by selling. Binance's focus on Terra was to help, not to cash out and profit. Binance still holds some LUNC tokens (the pre-fork LUNA) obtained through its 2018 investment, which remain untouched to this day.