Binance CEO, CZ, has revealed that he does not believe that Do Kwon’s plan to save LUNA will work. Do Kwon announced a proposal to fork LUNA to a new version in order to save the ecosystem on May 13. CZ announced,
“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 goes on to ask where the LFG held BTC went after it was loaned to market makers. Do Kown has stated that a full report is incoming regarding this and LFG is documenting the use. He asks for “patience” as the team is “juggling multiple tasks at the same time.” CZ also compares the strategy to trying to fork Bitcoin at the ATH and expecting the value to be retained.
Do they really think they can fork BTC at the snapshot on Nov 18, 2021, 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 not
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