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CZ Declines Suggestion to Take Over from Do Kwon as Head of Terra (LUNA) and Bail out UST in Recent Reddit AMA

CZ Declines Suggestion to Take Over from Do Kwon as Head of Terra (LUNA)  and Bail out UST in Recent Reddit AMA - Crypto Digital Currency News ©

Summary:

  • In a current AMA, Binance CEO was asked whether he would think about taking over from Do Kwon at LUNA and bailing out UST.
  • CZ reacted by mentioning he was humbled by the demand, however, such a circumstance was not likely considered that he is ‘quite hectic currently.’
  • CZ likewise clarified that the specific information of a possible LUNA airdrop after the Terra hard fork would be exercised after the main agreement.

Yesterday, May 21 st, CZ held an AMA(Ask Me Anything) session on the r/Cryptocurrency subreddit page.

Reddit AMA beginning quickly. Ask your concerns there. https://t.co/gIcMstB6qf pic.twitter.com/wFzAvK01 Pp

— CZ Binance (@cz_binance) May 21, 2022

For one hour, the CEO of Binance responded to different concerns covering various subjects in the crypto-verse, such as crypto adoption, the future of the Binance Smart Chain, and the current occasions surrounding Terra (LUNA) and TerraUSD (UST).

CZ Declines Offer to Take Over from Do Kwon and Bailout UST

About LUNA and UST, one neighborhood member referred to as u/emptystats asked CZ whether he would think about bailing out UST and taking over from Do Kwon as the head of Terra (LUNA).

According to u/emptystats, all CZ needed to do was invest $3 to 6 billion to partly collateralize the staying 10 billion UST. In return, Binance would get a considerable allotment of the brand-new LUNA tokens after the prepared hard fork. There would be an extra system where to redeem UST, users would have to purchase and open BNB for 3 to 7 years.

CZ Declines Suggestion to Take Over from Do Kwon as Head of Terra (LUNA)  and Bail out UST in Recent Reddit AMA - Ethereum World News

u/emptystats concluded that such an act from CZ would make him the most precious male in the crypto area, and he ‘would likely earn money too with BNB required to be purchased and locked.’

In his reaction, CZ mentioned that he was humbled by the demand, however, such a situation was not likely provided how hectic he is currently. He stated:

I am humbled by such a demand. Thanks for the rely on me. The brief response is: not likely.

I am quite hectic currently, and also steady coins are not my specialty. We ought to each do what we do best. I hope the neighborhood ultimately decides on excellent service, and we will be here to support it.

Exact Details of the Pending LUNA Airdrop Will Be Worked Out

Concerning the possible hard fork of Terra into Terra Classic (LUNC) and a brand-new Terra (LUNA) chain, CZ was asked whether Binance will disperse the brand-new tokens according to specific user balances of the old tokens throughout the photo.

In his response, CZ clarified that Binance ‘strives to guarantee users that hold coins/tokens on our exchange can get airdrops meant for holders.’ He likewise included that ‘the specific information will be exercised after there is the main agreement on what the Terra group prepares to do.’

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