Terraform Labs CEO Do Kwon has finalised a bet with a crypto personality known as GCR, or Gigantic Rebirth, to the tune of $10 million over the future price of Terra (LUNA).
Both parties have now sent $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account, which is simply an Ethereum wallet owned by a veteran crypto trader known as Cobie. GCR sent their funds over yesterday but Kwon has only just sent his through, confirming the bet.
The bet is based on whether the price of Luna will be higher or lower in one year's time, from yesterday. Kwon is betting in favor of the price of LUNA, which is his own project, while GCR is betting against it. The price of LUNA as of the time the wager was accepted was about $88.
This comes a day after Kwon finalised a smaller bet on the same terms with a different pseudonymous crypto individual known as Sensei Algod. Yesterday, both individuals sent $1 million each to the same escrow account.
After acknowledging the escrow account had been filled for both bets, Cobie tweeted, "May the best degen win."