Binance CEO Doesn’t Think LUNA Recovery Plan Will Work

cz terrra luna

Binance CEO, CZ, has revealed that he does not believe Do Kwon’s plan to save LUNA will work. Do Kwon announced on May 13 a proposal to commute LUNA to a new version to save the ecosystem. CZ announced,

“This will not work. – forks gives the new fork no value. That’s wishful thinking. – one cannot undo all transactions after an old snapshot, both on-chain and off-chain (exchanges).”

He goes on to ask where the LFG in BTC went after it was lent to market makers. Do Kown has stated that a full report is coming in on this and LFG is documenting its use. He asks for “patience” as the team “juggles multiple tasks at once”. CZ also likens the strategy to trying to fork Bitcoin on the ATH and expect its value to hold.

CZ also notes that he’s never held UST and doesn’t “know it too well,” claiming that he’s “mostly busy with other things, but now dragged into this.” His disdain for Do Kwon and the Terra chain is evident in his recent tweets.

He even posted a link to a dead cat bounce explanation thread on Binance Academy referring to LUNA jumping after Do Kwon made his proposal.

He also seems to have some credit for the Terra blockchain reboot, saying, “If we haven’t pushed the issue, the Terra blockchain may still be in “stopped” mode, or worse with supermining.. .”

No proposal has yet been selected by validators, but the community continues to debate through the Terra forums.

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