What happens to the juicy $22M bet on Luna?

What happens to the juicy $22M bet on Luna?

Technology
May 20, 2022 by
7
Asking for the $$ he won. Remember the juicy $22M bet on Luna between Do Kwon and some Crypto influencers on Twitter? Yea, let’s explore what’s going to happen to that bet. There was a crypto influencer who got into some beef with Do Kwon personally. He called Do Kwon out saying how Luna is all a ponzi
What happens to the juicy $22M bet on Luna?

Asking for the $$ he won.

Remember the juicy $22M bet on Luna between Do Kwon and some Crypto influencers on Twitter?

Yea, let’s explore what’s going to happen to that bet.

There was a crypto influencer who got into some beef with Do Kwon personally.

He called Do Kwon out saying how Luna is all a ponzi and it will tank sooner or later.

To be fair, he did the work and made extensive analysis into the whole tokenomics of Luna.

He even said “The moment either a blackswan event happens or supply>demand it will be a race to the bottom and luna orderbooks won’t be able to hold the billions in selling pressure from UST”

Gulp.

Did he just accurately predicted the unfortunate demise of Luna 2 months earlier?

It is eerily uncanny.

Naturally, Do Kwon challenged him to a $1M bet, that in 1 year’s time, the price of Luna will be higher or equal to USD $88.

That was in March, barely 2 months ago.

Today, Luna is worth $0.0003.

That is a ferocious, foot-stomping, eye-watering plunge of more than 99.99% in value.

Algod won the bet it seems.

But the contract is till March 2023.

So technically, he hasn’t exactly won yet right?

So when Algod tweeted to ask for the money so he can close it and put if behind him, did he do the right thing?

No need to kick a man when he is down.

I get it.

But a bet is a bet and Algod deserves every penny.

He was mocked and ridiculed when he called out Do Kwon and yet he stood by his analysis and judgement.

People taunted Algod for spreading FUD and fear-mongering.

Classic crypto community response to anything going against their grain.

Do Kwon, in his fury and high throne, also made another bet with another crypto influencer to the tune of $10M, with the same parameters.

That is a total of $22M sitting in that escrow wallet.

$22M is a hell of a lot of moolah!

Talk about balls.

Coolest thing is that the money has all be paid up and put into another trusted crypto influencer on Twitter and is just waiting to be paid out.

You can check our the wallet address with the money sitting there.

Ah the beauty of crypto, it is all on the blockchain.

You know if they have taken the $22M and put into Anchor and gotten some free interest on it, they would have absolutely obliterated the value to nothingness.

Scary.

And no the money isn’t in UST in case you are wondering.

It is is in USDC.

Pretty smart for them to choose another stablecoin that provides some neutrality.

Phew.

Let’s see where this goes.

Do you think Luna / UST will ever recover?

#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #dokwon #luna #terra #terraformlabs #stablecoin #lunacrash #cryptoland #ust #cryptogeddon #bitcoin #deathspiral #bankrun

Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing

Also, Read

Bookmap Review | 5 Best Crypto Exchanges in the USA

The Best Crypto Hardware wallet | Bitbns Review

10 Best Crypto Exchange in Singapore | Buy AXS

Red Dog Casino Review | Swyftx Review | CoinGate Review

Best Crypto to Invest in India | WazirX P2P | Hi Dollar Review

Best Crypto Trading bots in Canada | KuCoin Review

What happens to the juicy $22M bet on Luna? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

Add a comment