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The co-founder of the infamous Terra project, Do Kwon, essentially disputed the $11 million put on the line in a March bet about luna’s future course.
A million lost?
This week, a member of the crypto community under the nickname Algod announced that he won a recent dispute with the co-founder of the recently notorious Terra project Do Kwon. Recall that in March, a bet was made between them about the future course of the LUNA coin.
Algod then called LUNA an “overvalued pyramid scheme” that would soon collapse. He also stated that in a year the rate of coin will be below the current values ($ 88), and offered a bet to all those who disagree with this statement. Do Kwon accepted the challenge. $1 million was at stake.
Now, Algod has publicly declared that he has won the argument:
“The bet was won the moment he [До Квон] launched a fork and airdrop.”
As he explained, the new coin is a completely different coin.
This comment was Algod’s response to a post by another member of the crypto community, who wondered what the chances of Do Kwon were that the situation would develop in his favor and by mid-March, the LUNA rate would still exceed $ 88.
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Which LUNA coin are we arguing about?
Interestingly, just a few days after betting with Algod, Do Kwon was not afraid to accept a second similar challenge from a cryptocurrency investor under the pseudonym Gigantic Rebirth. The terms of the bet were the same as in the case of the first bet with Algod, but this time the bet size rose to $ 10 million.
All parties agreed to transfer the money put on the line to escrow wallet cryptanalyst and influencer Jordan Fish, commonly known as COBie.
It was assumed that on March 14, 2023, he would transfer the money to the winner – depending on what the average daily rate of LUNA will be. Thus, at the moment, the total balance of the wallet is $ 22 million.
Theoretically, Do Kwon lost both bets after LUNA’s rate collapsed to zero in May. All his recent attempts to save the token and the Terra ecosystem with the help of a fork and launch of a new blockchain have not yet yielded high results.
Read more: How was the LUNA airdrop against the background of the launch of Terra 2.0 and what is wrong with the new project
In addition, during the conclusion of the dispute, the parties immediately stipulated the possibility of a hard fork and concluded that the bet would not cover such risks. As cobie’s “supreme arbiter” has already stated on Twitter:
“According to the agreement, a change in the tokenomics of the project will entail an immediate loss to Do. Thus, the new LUNA coin no longer has legal force within the framework of betting.”
However, it is not yet clear whether he has already transferred money to any of the parties to the dispute. Some loophole for Kwon may be the fact that he created two separate coins at once – LUNA Classic, representing the old blockchain, and LUNA – for the new version of Terra 2.0.
At the time of writing, the LUNA Classic rate was a symbolic $0.00009, and the new LUNA coin was trading, according to CoinGecko, around $6.41.
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