CZ Discredits CoinDesk Report Accusing Terra of Shorting its own Token

The CEO of Binance tweeted, “For all the mistakes Terra did, it does not seem they were shorting their own token.”
CZ Discredits CoinDesk Report Accusing Terra of Shorting its own Token

A recent tweet by Binance CEO Chengpeng Zao discredits a CoinDesk report which alleges that Terra was shorting its own token.

CZ said, “Based on our analysis, this report is wrong. Not defending Terra, I have criticized them heavily. Just pointing out a mistake.”

He further said that he trusts his company’s analysis much more than a journalist’s analysis. 

“For all the mistakes Terra did, it does not seem they were shorting their own token. We can’t comment on other 3rd parties trading actions. If we see foul play (or mistakes in reporting), we will try to correct it. IE, help getting to the truth,” he finally said.

The report in question was released by CoinDesk yesterday. The report states that blockchain analysis firm Uppsala Security and CoinDesk Korea found out that the Ethereum wallet whose actions helped push the prices of UST off of its intended $1 peg belonged to Terra itself.

The firm said in its report, “It means that Terraform Labs or LFG made a financial transaction that caused Terra to collapse on its own.”

CZ denies this in his tweet saying that the address of the above mentioned Ethereum wallet does not belong to Terra.

Read Also: Binance Halts Withdrawals & Deposits in Brazil after New Central Policy

According to the CoinDesk report, the findings have been shared with legal authorities in South Korea.

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