Binance CEO CZ revealed that he doesn’t believe Do Kwon’s plan to save LUNA will work. Do Kwon announced a proposal to fork LUNA to a new version to save the ecosystem on May 13. CZ announced,
“It won’t work. – the fork gives no value to the new fork. It’s wishful thinking. – one cannot rollback all transactions after an old snapshot, both on-chain and off-chain (trades).
He goes on to ask where the BTC held by LFG went after it was loaned to market makers. Do Kown said a full report is being received on this and LFG is documenting usage. He asks for “patience” because the team “juggles with several tasks at the same time”. CZ also compares the strategy to trying to fork Bitcoin at the ATH and expecting value to be retained.
Do they really think they can fork BTC on the November 18, 2021 snapshot, and the new fork will have the new BTC at $68,000 (the price on that day)?
— CZ 🔶 Binance (@cz_binance) May 14, 2022
CZ also notes that he’s never held a UST and he’s “not very sure about it”, saying he’s “usually busy with other things, but now drawn into it”. His disdain for Do Kwon and the Terra Channel is evident in his recent tweets.
He even posted a link to a dead cat bounce Explanation thread on Binance Academy in reference to LUNA’s jump after Do Kwon posted his proposal.
He also seems to take some credit for rebooting the Terra blockchain saying “If we haven’t pushed the issue, the Terra blockchain could still be in ‘stopped’ mode, or worse with super mint… “
No proposal has yet been accepted by the validators but the community continues to debate via the Terra forums.
