The LUNA algorithm failed and recovery will be difficult. Even when Binance wanted to liaise with them, the LUNA team failed to communicate with Binance. This is really a dent to the crypto space and raised fears on cryptocurrency especially for newbies in the crypto space. As at today UST is $0.1794. With such price, I think recovery will be difficult for UST.
The Luna team should have responded to what CZ suggested because it was the best solution offered to solve a big problem, Luna's team should position itself as a part that requires great support from experienced people to revive Luna's project from big losses of investors.