Terra creator Do Kwon gambled about $11 million with two crypto traders on the price of LUNA in March, in a move that has likely aged like milk.
Kwon bet that LUNA would trade over $88 in March 2023, exactly one year after the bet was placed.
Terra’s creator put $10 million on @GiganticRebirth, a crypto trader, and $1 million on @AlgodTrading. GiganticRebirth has increased his stake by establishing a short position in LUNA.
The $22 million was parked in USDT with an escrow account controlled by prominent crypto trader @cobie, who also hosts a crypto podcast.
With Terra’s latest fall, it’s clear who took home the $22 million wager. As of press time, LUNA is selling at roughly $0.0006918.
Terra had enraged Kwon and other LUNA holders, and both GiganticRebirth and Algod were vociferous detractors. Their wager with Kwon was based on a similar premise.
While Terra’s demise has been terrible for the cryptocurrency market, it has also served as vindication for traders who forecast UST’s insufficiency.
In response to the catastrophe and the wager, Algod demanded that Kwon pay up the money early. GiganticRebirth also remarked on the crash, stating that they purchased 120,000 LUNA to offset “risk” associated with their short position.
Despite the fact that the token has lost nearly all of its value, it still looks to be witnessing massive trade volumes.
The token’s price has increased by over 1000 percent in the last 24 hours, despite considerable volatility. Terra looks to be continuing to promote blockchain technology.
Kwon said on Saturday that Terra will use the Luna Foundation Guard’s Bitcoin reserves to defend blockchain engineers. Any attempts to save the UST peg have mainly failed so far.