Terraform Labs CEO Do Kwon bets $10 million on LUNA price

The CEO of Terraform Labs Do Kwon has wagered $10 million on the price of Terra (LUNA) over the next year.

The huge bet involves pseudonymous crypto investor Gigantic Rebirth, or GCR, and has been sealed after the two deposited $10 million each into an escrow account controlled by crypto trader Cobie.

GCR was the first to deposit $10 million worth of USD Coin (USDC) into escrow, while Kwon, who sealed another bet on LUNA yesterday, completed his transfer moments later.

As per the terms of the deal, the bet will go either way depending on where the price of LUNA will be in a year’s time. The Terra chief believes LUNA will be higher than today’s $88.00 in March 2023, while GCR bets on the cryptocurrency’s value being lower than where it is today.

On Monday, Kwon bet $1 million on LUNA being above the March 14 2022 price by the same date next year. Today, Cobie has tweeted that the three parties have deposited $22 million in total into the escrow.

"GCR, Do and Algod have all deposited to the Cobie Luna bet escrow address.May the best degen win," he noted as he shared a screenshot of the amounts.

Cobie has vowed to ensure the bet holds, assuring the crypto community that he would not be “rugging” anyone.

22m is below my "would rug?" threshold but if anybody would like to increase the bet to the hundreds of millions then I will certainly consider stealing the money and going on the run. Thank you

— Cobie (@cobie) March 15, 2022

LUNA currently trades around $91.40, up 17% over the past week and about 469% higher than its price this time last year.