According to Changpeng Zhao, such a transfer will not add value to the new fork and is merely ‘wishful thinking.’ CZ also discovered that it is not possible to simply nullify all transactions on a blockchain after an outdated snapshot, particularly for buying and selling transactions on cryptocurrency exchanges. On May 14, the CEO of Binance gave his personal opinion on Terra’s “revival” plan as follows:
The richest billionaire in the crypto industry also stated that he himself does not hold UST and did not understand the situation at first, but is now caught up in this scandal.
Changpeng Zhao, earlier on the evening of May 13, declared “break the rule” to be neutral, criticizing the Terra team for how to handle the crisis, not listening to Binance’s proposal, but causing the total supply of LUNA to increase nearly seemingly endless, causing the coin’s price to drop to near zero.
Changpeng 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:
CZ questioned where the Luna Foundation Guard’s Bitcoin went during the de-pegging of UST, in addition to stating that hard forking the Luna blockchain was not a wise idea. According to CZ, Bitcoin should have been used first to purchase UST. Concerning the status of the LFG’s Bitcoin, Do Kwon previously stated that Terra’s team was now working on recording the use of the BTC during the de-pegging event.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Bitcoin Spot ETF Inflows reached $3.38B last week, a new record with 7 weeks of…
ZA Bank crypto service has been launched for retail users to help them trade Bitcoin…
Discover the best altcoins to buy ahead of December 2024. Learn why Qubetics, Arbitrum, and…
Discover how BlockDAG is moving towards a $600M goal amidst Ethereum’s price challenges and Cardano’s…
Discover the best altcoins to buy ahead of December 2024. Qubetics presale skyrockets, Celestia gains…
Explore how a Miami trucker turned $15K into $94M through Solana, and his next focus…
This website uses cookies.