1 year after $11M LUNC bets; Do Kwon wanted, funds paid, hedge stuck on FTX By Cointelegraph
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Approximately one year prior, on Mar. 14, 2022, cryptocurrency trader GiganticRebirth (GCR) invited the then co-founder of CEO of Terraform Labs, Do Kwon, in a $10 million bet that the price of Luna (LUNC) would be lower than its then price of $92.4 per token one year later. The blockchain executive accepted the offer, the second in the series after the day prior, when cryptocurrency trader Algod offered a $1 million bet that LUNC would be lower than $88 per token on Mar. 13, 2023, to which Kwon also accepted, resulting in two bets worth $11 million and prize money pool of $22 million .
The funds, which totaled $22 million from all participants, were held in escrow by blockchain personality Cobie on their address. Cobie claimed at the time, a hot wallet was given to participants “on my mobile phone while i was in the middle of africa, when i woke up there was $22m deposited.”
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Approximately one year prior, on Mar. 14, 2022, cryptocurrency trader GiganticRebirth (GCR) invited the then co-founder of CEO of Terraform Labs, Do Kwon, in a $10 million bet that the price of Luna (LUNC) would be lower than its then price of $92.4 per token one year later. The blockchain executive accepted the offer, the second in the series after the day prior, when cryptocurrency trader Algod offered a $1 million bet that LUNC would be lower than $88 per token on Mar. 13, 2023, to which Kwon also accepted, resulting in two bets worth $11 million and prize money pool of $22 million .
The funds, which totaled $22 million from all participants, were held in escrow by blockchain personality Cobie on their address. Cobie claimed at the time, a hot wallet was given to participants “on my mobile phone while i was in the middle of africa, when i woke up there was $22m deposited.”
Continue Reading on Coin Telegraph
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