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.
  • 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.
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