Terraform Labs CEO Do Kwon bet $1 million that LUNA would not fall in price in a year. The bet increased to $11 million in the process.
The crypto expert nicknamed Sensei Algod, also known as Coby, tweeted that he was willing to bet $1 million on LUNA token price being lower in a year than it is now. The bet was supported by Do Kwon, founder of Terraform Labs, who is confident that the token price will rise. Under the terms of the bet, Coby will win if the LUNA price is lower a year from now, while Kwon will succeed if it exceeds the value at the time of the bet. The LUNA price was approximately $88.
However, Do Kwon soon agreed to increase the bet by $10 million on the same terms in a dispute with a trader nicknamed GiganticRebirth. The parties had already transferred $10 million each in stablecoins into an escrow account as part of that bet. The Terraform Labs CEO made the transfer in USDC, and GiganticRebirth transferred in USDT. Coby acted as guarantor, into whose account the funds were transferred.
In the end, the dispute will be settled by the average daily LUNA price, according to Coingecko on March 14, 2023.
