15 Mar 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
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