blockchain business Cryptocurrencies Terra Usd Terra Luna Terra

1 year after $11M LUNC bets; Do Kwon wanted, funds paid, hedge stuck on FTX

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Approximately one year prior, on Mar. 14, 2022, cryptocurrency trader GiganticRebirth (GCR) invited the then co-founder of CEO of Terraform Labs, Do Kwon, in a $10 million bet that the price of Terra Luna (LUNC) would be lower than its then price of $92.4 per token one year later.

The blockchain executive accepted the offer, the second in the series after the day prior, when cryptocurrency trader Algod offered a $1 million bet that LUNC would be lower than $88 per token on Mar.

13, 2023, to which Kwon also accepted, resulting in two bets worth $11 million and prize money pool of $22 million .The funds, which totaled $22 million from all participants, were held in escrow by blockchain personality Cobie on their Ethereum address.

Cobie claimed at the time, a hot wallet was given to participants "on my mobile phone while i was in the middle of africa, when i woke up there was $22m deposited."As told by Cobie and substantiated by blockchain data, the blockchain personality paid out the bets from the hot wallet in April 2022, shortly after the $40 billion LUNC and accompanying algorithmic stablecoin Terra USD (USTC) ecosystem imploded, with LUNC trading at fractional decimal values close to zero.

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