Binance CEO Does Not Think Forking Terra is the Solution to LUNA and UST's Woes

Proposal to Fork the LUNA Chain and issue New Digital Assets

Mr. Zhao shared his insights into the situation through Twitter and was part of a response to another Tweet that suggested that the final solution for the Terra blockchain was as follows:

  • Carrying out a hardfork of the Terra blockchain to Terra2
  • Undertaking a snapshot of all holdings before the collapse of UST
  • Issuing affected holders with new LUNA2 digital assets
  • Proceed to create a new, better chain with LUNA2 and UST2 digital assets
  • Create a pool to repay the old UST peg

CZ Questions Where LFG’s Bitcoin Went

In addition to pointing out that hard forking the Luna blockchain was not a good idea, CZ questioned where the Luna Foundation Guard’s Bitcoin went during the depegging of UST. According to CZ, the Bitcoin should have first been used to buy back UST. He also issued a disclaimer that he was not a current or past holder of UST.

He said:

Where is all the BTC that was supposed to be used as reserves?

Shouldn’t those BTC be ALL used to buy back UST first?

I don’t hold UST, never had. And I don’t know it too well. Usually busy with other things, but now dragged into this.

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