Terraform Labs CEO Do Kwon bets $1 million on LUNA’s future price

Quick Take

  • Do Kwon has accepted a $1 million bet on the future of LUNA and said he is confident that the token will not experience a massive price crash.
  • Prominent crypto investor Cobie has provided a wallet address to act as the escrow for the wagered funds.

Terraform Labs founder Do Kwon has accepted a $1 million bet on the price of his own project Terra (LUNA) with the pseudonymous Sensei Algod. A crypto personality known as Cobie is acting as the escrow for the wagered funds.

According to the details of the bet, Sensei Algod wins if the price of LUNA is lower in one year’s time, while Kwon will be the winner if it is higher than today’s price. The price of LUNA as of the time the wager was accepted was about $88.

Both parties in the wager agreed to use the time-weighted average price (TWAP) for LUNA on Coingecko on March 14, 2023. TWAP refers to the average price of an asset within a specific time.

Cobie volunteered an address under his control as escrow for the wagered funds. Data from Etherscan shows both parties have already deposited $1 million in tether (USDT) each.

LUNA is already up almost 5% since the time of the wager, with Coingecko showing the coin’s price at $93 as of the time of writing.

Kwon, meanwhile, has also accepted another wager from a crypto personality named GCR to the tune of $10 million. The details of the bet are the same and Cobie has also volunteered to act as an escrow for the bet. Cobie's wallet shows a $10 million USD Coin (USDC) deposit from GCR