Binance CEO CZ has revealed that he doesn't believe Do Kwon's plan to save LUNA will work. Do Kwon announced on May 13 a proposal to fork LUNA to a new version to save the ecosystem. CZ said:
"It will not work. – A fork gives no value to the new fork. That's wishful thinking. – You can't undo all transactions after an old snapshot, both on-chain and off-chain (exchanges).”
He also asks where the BTC held by LFG went after being lent to market makers. Do Kown has stated that a full report on this issue is being received and LFG will document usage. He asks for "patience" as the team is "juggling multiple tasks at once." CZ also likens the strategy to trying to fork Bitcoin at the ATH and expecting the value to hold.
CZ also notes that he has never held UST and claims that he is "usually busy with other things but is now getting sucked into this one." 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 related to the LUNA bounce after Do Kwon posted his suggestion.
He also seems to claim some credit for restarting the Terra blockchain, saying, "If we didn't push the issue, maybe the Terra blockchain would still be in 'paused' mode..."
No proposal has yet been selected by the validators, but the community continues to discuss it on the Terra Forums.
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