Terra founder Do Kwon has effectively lost a total of $11 million on a bet against two cryptocurrency traders in March about the future price of Luna.
Self-proclaimed “semi-retired degen” Algod claimed victory in his $1 million share of the bet this week. He tweeted that “the bet is lost the moment it is” [Do Kwon] Forked and Airdropped. ,
Elgod, who criticized Luna as “overpriced Ponzi”, was responding to a suggestion that the new Luna could surprise and rally beyond the bet mark price of $88, making Kwon the winner.
Both bet on the future price of LUNA, the native token of the Terra ecosystem. Each of them placed $1 million in a bet in which Kwon believed that LUNA would trade above $88 by March 14, 2023 – exactly one year from the day of the bet.
Terra CEO stakes $10 million
Confident that the token would not fail, the CEO of Terra accepted another $10 million bet with pseudonymous cryptocurrency trader Gigantic Rebirth, under the same terms that Algod had agreed to.
Overall, all parties involved agreed to transfer the equivalent of $22 million in stablecoins, known as Kobi, to an escrow wallet managed by crypto influencer Jordan Fish, which it would send to the winner on a pro-rata basis.
Do Kwon would now have lost both bets after the LUNA price dropped to $0 in May. His latest attempt to save tokens and staking by splitting the blockchain into a new series called Terra 2.0 will not be enough.
According to the terms of the condition, the parties agreed The LUNA will remain in the same denomination and this bet will not cover the “hard fork” risk. But Kwon has created two different tokens: LUNA Classic, which represents the old series and is subject to staking, and LUNA for the new series.
,[It] It was agreed that replacing Tokenomics would allow Do. will suffer immediate damage [Kwon], Therefore, the new LUNA is already void of bets,” said Kobi, custodian and arbiter of the bet, Explained, It is not clear whether Kobi transferred the money to the winners.
According to CoinGecko, at the time of writing, LUNA Classic was worth almost nothing, or $0.00009, while the new LUNA was trading at $6.41, down 12% over the past 24 hours. Both Algod and Giant Reborn have been vocal critics of Terra, which concerns Kwon. With the collapse of LUNA, traders are now justified.
