Some Binance employees suggested trading against their own users during Luna and UST Drawdown
Binance CEO could have made a small fortune trading against his own users, but instead fired employees who suggested it
In the most recent AMA session of Binance CEO Changpeng Zhao, the CEO revealed that some Binance employees suggested trading against their own users during the Luna outage and making huge profits. CZ told Reddit users what happened to those employees next.
CZ said it would be a “pyrrus victory” to chase the profits they could have made by betting against their own users, knowing what really happens to Luna and UST. The CEO of Binance clarified, ethics aside, that it would have been an unwise decision for Binance as a business entity. The people who suggested that were immediately fired, according to CZ.
During the session, CZ also answered one of the most popular questions about the security of UST, which Binance promoted on its official website and social media accounts.
CZ told users that this was an “incident” and that its employees sometimes make mistakes. Here, the team used the wrong logo for the project, causing confusion. He also added that users should do their own research before investing in cryptocurrency-related projects and technologies.
As for the question about the resumption of trading in UST and Luna after the crash, CZ told users that the exchange was working in the best interests of the users and could not stop trading while other exchanges allow operations with both assets. He added that open trades should not encourage users to buy or sell their assets. “The market is neutral,” Zhao added.