Terraform Labs CEO Do Kwon is banking on a potential price increase for Terra LUNA with GCR, a $10 million crypto celebrity
Terra (LUNA) was one of the year’s best performances in 2022, owing to the asset’s fascinating market separation. However, other traders remain skeptical of LUNA’s positive trajectory and see the asset trading lower a year from now. Both parties have deposited a total of $10 million in stablecoins in a third-party escrow account. USDT was sent by Kwon, while USDC was sent by GCR. The account is an Ethereum (ETH/USD) wallet owned by Cobie, a seasoned cryptocurrency trader.
Yesterday, Terraform Labs CEO Do Kwon agreed to a lesser bet on the price of LUNA on the same terms with a cryptocurrency trader known by the alias Sensei Algod. They each contributed $1 million to the same escrow account yesterday. Cobie, a crypto celebrity, is functioning as the escrow agent for the wagered monies.
Sensei Algod previously said that the LUNA and its stablecoin UST are a Ponzi scheme. He offered his reasoning in a Twitter thread last month, saying that hodlers are “expecting is that demand will infinitely keep exceeding supply, the moment supply exceeds demand people will panic and start mass redeeming ust for luna or USDT.”
Terraform Labs has also been served with a subpoena by the Securities and Exchange Commission of the United States (SEC). In November 2021, during a conference in New York, the regulatory body served Do Kwon with a subpoena. Terraform Labs also contributed 12 million LUNA to the Luna Foundation guard. Which will be burned and minted into $1.2 billion UST. With stablecoins also on the US government’s radar, the corporation may face further difficulties.
