{"id":58765,"date":"2022-03-15T11:17:28","date_gmt":"2022-03-15T09:17:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=58765"},"modified":"2025-09-04T18:27:31","modified_gmt":"2025-09-04T15:27:31","slug":"terraform-labs-ceo-bets-11-million-on-lunas-rise","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/terraform-labs-ceo-bets-11-million-on-lunas-rise\/","title":{"rendered":"Terraform Labs CEO Bets $11 Million on LUNA&#8217;s Rise"},"content":{"rendered":"<p>The CEO of Terraform Labs, Do Kwon, accepted a challenge from a user going by the handle Sensei Algod regarding LUNA&#8217;s prospects. He was willing to lose $1 million if, within a year, the asset&#8217;s price had fallen. The stake soon rose to $11 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As <a href=\"https:\/\/twitter.com\/stablekwon?ref_src=twsrc%5Etfw\">@stablekwon<\/a> already agreed on the 1mn<\/p>\n<p>Someone in my tg chats wants to make a 6fig bet if there are any takers<\/p>\n<p>\u2014 Sensei Algod (@AlgodTrading) <a href=\"https:\/\/twitter.com\/AlgodTrading\/status\/1503148603296169984?ref_src=twsrc%5Etfw\">March 13, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the time of the bet, LUNA traded at about $88. Do Kwon would win if, as of March 14, 2023, the asset&#8217;s volume-weighted average price was above that level.<\/p>\n<p>The arbiter was opinion leader Cobie, also known as Crypto Cobain. He received $1 million in USDT from each participant to his controlled wallet.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Address for <a href=\"https:\/\/twitter.com\/AlgodTrading?ref_src=twsrc%5Etfw\">@AlgodTrading<\/a> vs <a href=\"https:\/\/twitter.com\/stablekwon?ref_src=twsrc%5Etfw\">@stablekwon<\/a> Luna price bet appears fully funded <\/p>\n<p>See u in a year <a href=\"https:\/\/t.co\/AfTZLBGODI\">https:\/\/t.co\/AfTZLBGODI<\/a><\/p>\n<p>\u2014 Cobie (@cobie) <a href=\"https:\/\/twitter.com\/cobie\/status\/1503278589453934598?ref_src=twsrc%5Etfw\">March 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Do Kwon also agreed to raise the stake to $10 million under the same terms in a dispute with trader GiganticRebirth. As of writing, the CEO of Terraform Labs had not yet funded it.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Sure, fund <a href=\"https:\/\/twitter.com\/cobie?ref_src=twsrc%5Etfw\">@cobie<\/a> &#8216;s wallet and I will match <\/p>\n<p>Gluck<\/p>\n<p>\u2014 Do Kwon \ud83c\udf15 (@stablekwon) <a href=\"https:\/\/twitter.com\/stablekwon\/status\/1503352233378811904?ref_src=twsrc%5Etfw\">March 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<div class=\"wp-block-text-wrappers-update article_update\"><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>Do Kwon transferred $10 million in USDC to Cobie&#8217;s address as part of the bet with GiganticRebirth.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">GCR, Do and Algod have all deposited to the Cobie Luna bet escrow address<\/p>\n<p>May the best degen win <a href=\"https:\/\/t.co\/lhGbnHOomZ\">pic.twitter.com\/lhGbnHOomZ<\/a><\/p>\n<p>\u2014 Cobie (@cobie) <a href=\"https:\/\/twitter.com\/cobie\/status\/1503695884848025600?ref_src=twsrc%5Etfw\">March 15, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<p>Sensei Algod is known as a critic of Tether (USDT) and TerraUSD (UST). He believes that stablecoin issuers \u201cprint money from thin air.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Will do a more in depth thread on <a href=\"https:\/\/twitter.com\/search?q=%24luna&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$luna<\/a>\/ <a href=\"https:\/\/twitter.com\/search?q=%24ust&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ust<\/a> and how dangerous their practices are with the LFG foundation <\/p>\n<p>did not even know it was this bad, but they are basically printing 10bn+ out of tin air<\/p>\n<p>\u2014 Sensei Algod (@AlgodTrading) <a href=\"https:\/\/twitter.com\/AlgodTrading\/status\/1503371641635713026?ref_src=twsrc%5Etfw\">March 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>UST maintains its peg to $1 by burning LUNA tokens to issue \u201cstablecoins.\u201d In periods of high demand, this process takes on large-scale forms. Critics such as Sensei Algod argue that this approach can lead to a sharp drop in LUNA&#8217;s price and the loss of UST&#8217;s $1 peg as dictated by the algorithm.<\/p>\n<p>Do Kwon pledged that, regardless of the bet&#8217;s outcome with Sensei Algod, he would donate $1 million to charity via @angelprotocol and spend $1 million on buying Terra altcoins and burning them.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Regardless of the outcome of the bet, I will donate $1M to <a href=\"https:\/\/twitter.com\/angelprotocol?ref_src=twsrc%5Etfw\">@angelprotocol<\/a> charity and spend $1M on buying Terra altcoins and burn them on March 14th 2023<\/p>\n<p>Not in it for the money<\/p>\n<p>\u2014 Do Kwon \ud83c\udf15 (@stablekwon) <a href=\"https:\/\/twitter.com\/stablekwon\/status\/1503327802791129088?ref_src=twsrc%5Etfw\">March 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to <a href=\"https:\/\/defillama.com\/chains\">DeFi Llama<\/a>, the volume of locked funds in the Terra ecosystem over the past month has risen more than 80%, to $25.78 billion. By this measure, the project ranks second, behind Ethereum ($111.79 billion).<\/p>\n<p>As a reminder, in March Terraform Labs <a href=\"https:\/\/forklog.com\/en\/news\/terraform-labs-donates-12-million-luna-to-luna-foundation-guard\">transferred<\/a> $1.2 billion in LUNA to Luna Foundation Guard to support UST stability. In February, the nonprofit organization <a href=\"https:\/\/forklog.com\/en\/news\/luna-foundation-guard-raises-1-billion-to-bolster-ust-stability\">raised $1 billion<\/a> for the same purpose.<\/p>\n<p>Earlier, cryptocurrency exchange FTX <a href=\"https:\/\/forklog.com\/en\/news\/ftx-adds-support-for-terras-ust-stablecoin\">added<\/a> support for the algorithmic stablecoin UST.<\/p>\n<p> Subscribe to ForkLog News on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Terraform Labs CEO Do Kwon accepted Sensei Algod&#8217;s challenge on LUNA&#8217;s prospects. He was willing to lose $1 million if, within a year, the asset&#8217;s price had fallen. The stake soon rose to $11 million.<\/p>\n","protected":false},"author":1,"featured_media":58766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Do Kwon bets $11 million on LUNA's future price, with Cobie as arbiter.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,807,852],"class_list":["post-58765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-stablecoins","tag-terra"],"aioseo_notices":[],"amp_enabled":true,"views":"52","promo_type":"1","layout_type":"1","short_excerpt":"Do Kwon bets $11 million on LUNA's future price, with Cobie as arbiter.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/58765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=58765"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/58765\/revisions"}],"predecessor-version":[{"id":58767,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/58765\/revisions\/58767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/58766"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=58765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=58765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=58765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}