Keeping it super simple! Guiding principle I'd follow

Lot’s of proposals on how to distribute some of the resources that Terra still has. I’d follow this one simple proposal.

" Create maximum possible happiness for maximum number of people involved in this community".
What you need to save is the network and the network effect ( which constitutes, total number of people, it’s the total bodies in the system that create network effect and grow networks) not the ones residing in the fringes, not the whales. It’s bit of a communist principle but it works for this type of situation!

How do you do this?

Start with getting data. Understand what the stakeholder distribution looks like. Create a distribution curve and fit it in R or Matlab. Look at it’s skew and mean. Focus on relieving pain for maximum number of people. Make them as whole as possible. For the stakeholders who are on the tail end of the distribution, consider debt tokens to be paid with interest over time. Whales are used to these types of losses and they are probably accredited investors anyways, they have minimal effect in creating network effect. So save 95% of the population from this damage and mitigate around the 5%.

Blockchain network like this survives on the network effect. So kant’s utilitarian principle makes sense here.

The ideas regarding looking at snapshot before the depeg event occurred is fine. Maximum pain occurred to those who lost value right after the first depeg event.

Create a direct burn strategy and a long term deflation strategy for the token, similar to what ETH was able to accomplish in the last hard fork

FYI, I bought some cheap LUNA tokens. I bought it for the name and the brand and betting on Revival tokenomics!

DO NOT FORK THE CHAIN. It will look cowardly and it would look like putting lipstick over a pig. Won’t work! Mistakes happen, the chain needs to own up to it but the original chain needs to survive. Otherwise, it completely destroys what Blockchain stands for. You remember the DAO hack on ETH and what happened after that. ETH community is still so split because of that event.