Terra founder Do Kwon had bet $11 million on Luna staying above $88


In March 2022, Terra founder Do Kwon placed a bet of $11 million with two other crypto traders on the price of luna. He had bet with the other traders that Luna would trade above $88 by March 2023; a timeframe of 1 year.

Do Kwon bet $10 million with @GiganticRebirth and $1 million with @AlgodTrading.

The parties had locked the total $22 million in USDT with an escrow account run by popular crypto trader @Cobic who also runs a crypto podcast with the recent crash of Terra, there’s little question over who won the $22 million bet.

The two crypto traders @GiganticRebirth and @AlgodTrading criticized Terra’s unsustainability which caused reactions from Kwon and other Luna holders.

Though the crash of Terra was disastrous for the crypto market, it was positive for the traders who had predicted the unsustainability of UST’s , hence, Algod called on Kwon to pay out the bet prematurely and Giganticrebirth said they had bought 120,000 Luna to cover the risk over their short position.

Luna crashes but still alive

Luna is known to have lost about 99% of its value but it’s still a coin to be reckoned with having immense trading volumes. Even in the midst of extreme volatility, the price of the coin still jumped more than 1, 000% in the past 24 hours. Kwon said on Saturday that Terra will deploy the Bitcoin reserves of the Luna foundation Guard to protect developers on the Blockchain.

So far, any attempts to support the UST peg have largely failed.

Leave a Reply

Your email address will not be published.

You May Also Like