Changpeng “CZ” Zhao, the CEO of cryptocurrency exchange Binance, recently questioned the idea of hard forking the Terra blockchain as a means of reviving the once-thriving LUNA and UST ecosystems. Following on from the same, CZ revealed his perspective on the appropriate course of action for project crashes across the cryptocurrency community.
“This won’t work,” CZ said while dismissing the validators’ idea of a hard fork to TERRA2, which would involve providing a new version of LUNA to all holders based on a capture of holdings before the market crash. . CZ suggested:
“Supply reduction should be done via burning, not forking on an old date, and abandoning everyone who tried to salvage the coin. I don’t have any LUNA or UST either. Just commenting.”
Instead, he suggested that the Terra community first use their Bitcoin ( BTC ) reserves to buy back UST and revive its peg.