Can someone please ELI5 the burning process for TerraL?

Please be gentle on my angus. I've never been invested with this eco so I'm trying to get a better understanding of it.

I'm trying to wrap my head around how the team will salvage the ecosystem. Since the 12th, supply went from 377 million to 6.5 trillion LUNA, there have been talks about a fork and pulling up a snapshot to before the de-peg and Do Gone's response on Agora for resetting network back to 1B tokens.

Does that mean those who were lucky enough to get in at 0.000001-3c and ended up with thousands and millions of Luna could see their bags emptied overnight? And probably the dumbest question all week, which coins are they burning to get the prices back up? both? Seen on twitter they want to burn the rest of UST but with the sudden pump in Luna, will the newly minted trillions face the fire too?