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March 2022: Terra founder bet $11 million that LUNA won’t drop under $88

March 2022: Terra founder bet $11 million that LUNA won’t drop under $88

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Answer March 2022: Terra founder bet $11 million that LUNA won’t drop under $88

In a move that may be outdated, but it should be alerted to give a greater picture of what happened to the LUNA project and how it was perceived before the collapse.

In March 2022, the founder of Terra bet about $11 million with two cryptocurrency traders on the price of LUNA.

Do Kwon bet that LUNA will trade above $88 by March 2023 exactly a year after placing the bet.

The Terra founder bet $10 million with a crypto trader nicknamed “GiganticRebirth” and $1 million with the trader “AlgodTrading.”

Trader “GiganticRebirth” doubled his bet by taking a short position on LUNA.

Read:Indonesia bans cryptocurrency related to financial firms

With Terra’s recent collapse, there is no doubt as to who won the bet.

LUNA is trading around $0.0003150, at press time.

The two above-mentioned traders have repeatedly criticized the unsustainability of Terra

Both “GiganticRebirth” and “Algod” were Terra critics, which infuriated Kwon and other LUNA holders.

Commenting on the collapse and the bet, trader Algod called on the founder of LUNA to pay the bet prematurely.

LUNA crash and collapse:

While the price of the digital currency LUNA has lost about 99% of its value, it appears that it is still witnessing massive trading volumes.

The coin’s price has jumped more than 1,000% in the past 24 hours, albeit amid heavy volatility.

It looks like Terra is still taking steps to support its network and fix what can be fixed.

As for the founder of LUNA, it is not possible to comment on him except by saying that he became arrogant after the growth of the project and the value of his currency, but there is an old English proverb in this regard:

Read:Shop in Venezuela: Petro cryptocurrency is a scam

Do not count your chickens before they hatch.

Read also:

Bitcoin Still Below $30,000, Polkadot Recovers 6%

In one month…the price of the digital currency LUNA collapsed from $116 to $0.0004


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