Doubling Down: Terra CEO Bets Another $10 Million on LUNA’s Price in a Year

A day after getting into a million-dollar worth bet against a cryptocurrency community member on where LUNA’s price will be in a year (lower or higher than $88), Terraform Labs CEO has doubled down by putting another $10 million in a new bet.

As CryptoPotato reported yesterday, Do Kwon agreed to a $1 million bet against a community member going under the Twitter pseudonym – Sensei Algod.
If LUNA’s average price on March 13, 2023, is above $88, then Terraform Labs’ CEO wins the bet and vice-versa. Kwon vowed to donate $1 million to a certain charity regardless of the bet’s outcome.
While putting up a million dollars sounds like a lot to many people, Do Kwon raised the stakes later by answering another challenge.
This time, Twitter user – GCR (Gigantic Rebirth) – wanted to have the same bet (over LUNA’s price in a year), but he proposed to put up $10 million.

Sure, fund @cobie ‘s wallet and I will match


— Do Kwon (@stablekwon) March 14, 2022

Do Kwon responded quickly, and similarly to the first wager, both parties transferred $10 million worth of stablecoins (USDT for Terralabs’ CEO and USDC for GCR) to the escrow account owned by the crypto community veteran – Cobie.
Keeping in mind that the total amount held in the escrow wallet skyrocketed from $2 million to $22 million in a day, Cobie outlined a new approach on how he plans to address the account.

Jokes aside I will set up some 2/3 multisig custody so if I die or go to jail or something then funds can still be retrieved by bet resolution

And I can’t access it solo or lose my keys or whatever

— Cobie (@cobie) March 15, 2022

Read More?

Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]

No Comments

Sorry, the comment form is closed at this time.