Before the collapse, Terra Luna was one of the most thriving ecosystems. The TVL of the Terra ecosystem at that time was $26b, just behind Ethereum and far behind the third ecosystem, Binance Chain.
As CEO of Terraform Labs, Do Kwon not only supports and invests in projects in the Terra ecosystem but also in other potential projects.
In addition, Terra’s CEO claimed that he planned to continue buying more Bitcoin to accumulate until the platform’s BTC reserves were behind Bitcoin’s father, Satoshi Nakamoto.
However, he could not have expected that this was one of the reasons for the fall of Terra Luna.
The million-dollar bet
On March 13, Do Kwon – CEO Terra aroused the community after a $1 million bet that LUNA’s price would not fall below $88 after one year in response to the challenge of a “semi-retired” self-proclaimed Sensei Algod.
On March 15, 2022, Terra CEO Do Kwon staked $1 million that LUNA’s price would rise after a year, “opening” another $10 million. This bet got the crypto community pretty excited.
Both parties will transfer 1 million USDT into one wallet according to mutually agreed conditions. If the LUNA price on March 14, 2023, is more significant than $88, Do Kwon will be the winner and receive the entire amount. Conversely, if the price of LUNA on April 14, 2023, falls below $88, AlgodTrading will be the one to “eat it all.” The price LUNA determined the result would be the average price on March 14, 2023.
At the moment, the old Terra ecosystem has collapsed, Do Kwon says that he is almost white even though there are still some allegations that Do Kwon has spent a lot of money before this collapse. This bet hasn’t heard from anyone yet. The current Sensei Algod has also not spoken since Terra fell.
Is it true that Sensei Algod spared Kwon or not? Maybe it’ll take until March 14, 2023, to find out.
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