Terra Founder Do Kwon Bets $1 M on the LUNA Price

by in Cryptocurrency News

Terra LUNA bet

Founder and CEO of Terraform Labs, Do Kwon has accepted a $1 M bet on the price of the LUNA coin native to the Terra blockchain. The bet was offered by a Twitter user with the pseudonym Sensei Algod.

Related: Terra breaks into the top five altcoins

The essence of the deal is the following; both parties send 1M in the stablecoin USDT to a crypto figure Cobie. Next year same day if LUNA trades above $88 according to CoinGecko, Cobie will deliver LUNA to Kwon, in the opposite case to Algod. They agreed to use the 24-hour average price on March 14, 2023.

So, Cobie will act as an escrow providing an address for the wagered funds. It can be seen on Etherscan that the parties have made deposits of $1 million.

At the moment, LUNA trades at around $91 with a market cap of over $34 billion.