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Binance CEO believes LUNA’s recovery strategy will fail

Binance CEO believes LUNA's recovery strategy will fail

The CEO of Binance doubts the success of the LUNA rescue plan.
According to CZ, Do Kwon’s attempt to fork LUNA into a new version to protect the ecology lacks substance.

The CEO of Binance, CZ, has said that he does not believe Do Kwon’s plan to save LUNA would be successful. 13 May Do Kwon recommended forking LUNA into a new version to protect the environment. CZ declared,

“This won’t work. – forking does not give the new fork any value. That’s wishful thinking. – one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).”

He then inquires as to the fate of the BTC given to market makers by the LFG. According to Do Kown, a comprehensive report is forthcoming, and LFG is keeping track of the utilization. As the team “juggles many responsibilities at once,” he requests “patience.” CZ compares the strategy to forking Bitcoin at the ATH and expecting the price to remain unchanged.

CZ further asserts that he has never held UST and that he “doesn’t grasp it very well,” adding that he is“usually busy with other things, but now dragged into this.” Recent tweets have shown his disdain for Do Kwon and the Terra chain.

Do Kwon supplied a link to a Binance Academy dead cat bounce explanation thread in regards to LUNA jumping after making his offer.

“If we didn’t push the issue, the Terra blockchain may still be in “halted” mode, or worse with super minting…” he explains.

Validators have not yet chosen a strategy, but the community on the Terra forums continues to disagree.

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

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