Binance CEO Believes Terra’s Revival Plan Won’t Work

In the aftermath of last week’s historic collapse of Terra’s stablecoin, UST, and native token, LUNA, Binance CEO, Changpeng Zhao has offered his perspective on the blockchain network’s revival plan. Forking Terra Won’t Work, According to CZ After going under the radar amid the Terra network going into catastrophe, co-founder Do Kwon came up with a new plan to revive the blockchain ecosystem, two days later. The idea includes permanently abandoning UST and resetting LUNA to a 1 billion token circulation. The tokens in question will be distributed to both former holders wiped out by last week’s events, and to current holders. Within hours, Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, tweeted that such a plan ‘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),” CZ wrote in his tweet. He also pointed out that one cannot simply void all transactions on a blockchain after an old snapshot, especially for trading transactions on crypto exchanges. Personal opinion. NFA. 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). Where is all the BTC that was supposed to be used as reserves? https://t.co/9pvLOTlCYf — CZ 🔶 Binance (@cz_binance) May 14...