LUNA Price Bet: Stakes Hit $10M as Terra CEO Do Kwon Takes Second Wager

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In Brief
  • Terra's Do Kwon has accepted a second bet of $10 million on the future price performance of LUNA.

  • Criticized as an 'overpriced Ponzi', Kwon is confident that LUNA will not fail.

  • The bets' escrow wallet, managed by crypto influencer Cobie, now holds a total of $22 million.

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Terraform Labs co-founder and CEO, Do Kwon, has accepted a second bet of $10 million on the future price performance of LUNA.

The decision comes less than 24 hours after Kwon placed a $1 million bet that the price of LUNA will be higher than $88 in one year.

Confidence in LUNA

LUNA is the native token of the Terra ecosystem. Criticized as an “overpriced Ponzi”, Kwon is confident that the token will not fail.

So he has taken on another bet for $10 million with pseudonymous cryptocurrency investor Gigantic Rebirth.

“Expect [LUNA] price to pump short term, but in one year, supremely confident the current narrative is lost,” Gigantic Rebirth said on Twitter.

The wager is under the same conditions as those agreed with self-proclaimed “semi-retired degen” Sensei Algod in the first bet.

Both parties agreed to send $1 million each in USDT to an escrow wallet managed by crypto analyst and influencer Jordan Fish, popularly known as Cobie.

If the average 24-hour price of LUNA is higher than $88 on Mar. 14, 2023, Cobie will send the money to Do Kwon, and if not, he will send it to Sensei Algod.

Both Do Kwon and Gigantic Rebirth have since funded the escrow wallet, which now holds a total of $22 million.

For security reasons, Cobie said:

“I will set up some 2/3 multisig custody so if I die or go to jail or something then funds can still be retrieved by bet resolution.”

At the time of writing, LUNA was trading at $88.23, down 3.3% over the previous 24 hours. The token is up 100% since hitting a 2022 low of $44 in late January.

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Jeffrey Gogo is a Zimbabwean financial journalist with more than 18 years of experience covering local and global financial markets; economic and company news. A climate change enthusiast, Gogo first encountered bitcoin in 2014 and began covering crypto markets in 2017.

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