Terraform Labs CEO Do Kwon seals $10 million bet over LUNA price

Layer 1s • March 15, 2022, 8:14AM EDT
UPDATED: March 15, 2022, 8:22AM EDT
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Terraform Labs CEO Do Kwon has finalised a bet with a crypto personality known as GCR, or Gigantic Rebirth, to the tune of $10 million over the future price of Terra (LUNA).

Both parties have now sent $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account, which is simply an Ethereum wallet owned by a veteran crypto trader known as Cobie. GCR sent their funds over yesterday but Kwon has only just sent his through, confirming the bet.

The bet is based on whether the price of Luna will be higher or lower in one year's time, from yesterday. Kwon is betting in favor of the price of LUNA, which is his own project, while GCR is betting against it. The price of LUNA as of the time the wager was accepted was about $88.

This comes a day after Kwon finalised a smaller bet on the same terms with a different pseudonymous crypto individual known as Sensei Algod. Yesterday, both individuals sent $1 million each to the same escrow account.

After acknowledging the escrow account had been filled for both bets, Cobie tweeted, "May the best degen win."

AUTHOR

Tim Copeland profile picture Tim Copeland

Tim Copeland is the Head of Growth at The Block and host of The Crypto Beat, a live-streaming podcast. He was previously the company's Editor-in-Chief and spent seven years covering the industry as a journalist. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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