Terra Do Kwon’s arrogant words
Now that LUNA and UST, two of Terra’s key tokens, are collapsing, the crypto community is mocking Do Kwon’s previous talk. 8 days ago, in an interview with Alex Botez, Terraforms Labs CEO Do Kwon has stated that: “95% are going to die [coins], but there’s also entertainment in watching companies die too”. Maybe when he said these words, he couldn’t have imagined that just a week later his LUNA and UST would be on the verge of death, and even be removed from Binance.
Do Kwon is known for being an arrogant founder. In March, Do Kwon has agreed to a $10 million bet with a crypto celebrity known as GCR, or Gigantic Rebirth, on LUNA’s future price. Both parties have transferred $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account, which is just an Ethereum wallet managed by a seasoned crypto trader named Cobie.
The betting is on whether the price of LUNA will be higher or lower one year from March 15, 2022. Kwon is betting on the price of his own project, LUNA, while GCR is betting against it. At the time the wager was accepted, the price of LUNA was around $88. This comes just a day after Kwon agreed to a smaller bet on the same terms with a separate pseudonymous crypto person known as Sensei Algod. However, nearly 2 weeks after these 2 bets, the price of LUNA has dramatically dropped to $0.08.
With a market capitalization of about $241M, LUNA has dropped out of the top 10 list of tokens by market capitalization. This is one of the most impressive large-cap token sell-offs we’ve witnessed this year, and it signals many serious concerns about the collapse of Terra network and its stablecoins system.
The discussion about who can now save LUNA is getting heated. Elon Musk, CZ, Warren Buffett, and even bitcoin creator Satoshi Nakamoto have all been mentioned, but the current situation appears to be too severe for any recovery. Investor confidence has burst like a bubble, and the whole cryptocurrency market is in the unloved red color.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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