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Terraform Labs CEO and Founder, Do Kwon, Made Multi-Million Bets on the Price of LUNA

The Founder and CEO of Terraform Labs, Do Kwon, has made two bets thus far, one placed at $1 million, and one at $10 million. He specifically wagered that he expected the price of Terra’s ‘LUNA’ token to be valued at higher than $88 in one year’s time.

The $1 Million Bet

The $1 million wager was made by a pseudonymous cryptocurrency investor going by the name “Sensei Algod” on Twitter, and began on March 13th, 2022.

Sensei Algod initiated the bet by making a public offer of $1 million against anyone that the price of LUNA would be lower than it was at the time of the proposal in one year. 

At the time of the proposal, the value of the LUNA token was $88. Do Kwon responded with, “Cool, I’m In.”

Shockingly, this wasn’t the only high stakes bet Do Kwon engaged in. In fact, only a few hours after agreeing to the bet with Sensei Algod, Kwon even agreed to a bet of the same result with a popular trader known as “Gigantic Rebirth” to the tune of $10 million.

Kwon specifically stated that he would match at $10 million if Gigantic Rebirth funded Cobie’s escrow wallet.

On the Flipside

Why You Should Care

Such high profile gambles certainly serve to boost the popularity and hype of cryptocurrency projects, and this will surely put a notch in the price of the LUNA token, which has already increased to $91 since this bet’s formation on March 15th.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.