Binance CEO Changpeng Zhao commented on Terra’s latest recovery plan, the ‘forking’. Binance CEO CZ made a negative comment about Terra’s plan.
Changpeng Zhao, CEO of crypto exchange Binance; “Terra’s Plan Won’t Work.”
Businessman Changpeng Zhao, who draws attention with his shares on social media, talked about the bifurcation plan announced this time by Terra. Expressing his criticisms about LUNA and UST before, CZ stated that this time the bifurcation plan will not work.
Changpeng Zhao shared the following note on his Twitter account:
“My personal opinion. This won’t work. The bifurcation does not assign any value to the new fork. Both on-chain and off-chain, not all transactions can be invalidated after a legacy snapshot. Where is all the BTC that should be used as a reserve?”
Terraform Labs CEO, Do Kwon, in his announcement about the latest recovery, stated that the Terra Blockchain network will be forked and a new chain will be created and 1 billion tokens will be distributed to the stakeholders.