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Terra founder gets on a bet with a community member who calls LUNA a scam

Terra bet

TL;DR Breakdown

  • Terra LUNA’s founder has accepted the wager of $1M about the price of LUNA.
  • Do Kwon has accepted a bet for the price hike of LUNA to $88 in one year.

There has been an ongoing debate regarding different blockchain systems and cryptocurrencies. The latest in this list is Terra LUNA, which has come to the spotlight after a community member and crypto expert blamed it for being a ‘Ponzi Scheme.’

The debate has gotten too far as Terra’s founding company CEO has accepted the bet regarding the blockchain system’s native currency price. The bet is worth $1 million and has been locked by a third party that will decide to win the wager.

The details are given as follows.

Terra LUNA – Growth Stats

Terra LUNA has been affected by the Ukraine-Russia conflict like other coins, and for this reason, some investors have begun to blame it. There is no specific proof regarding it being a scam to get investors’ money.

If we take a peek at the recent data for LUNA, it has a price in the $92.85 range. At the same time, it ranks seventh in the global cryptocurrency list. The details are quite impressive, while the additional pro of it is the market cap it boasts of being $34.5 billion, an attractive amount for investors.

A crypto investor Sensei Algod has views that the recent bullish activity of Terra LUNA doesn’t reflect reality and instead it is scamming people. Sensei, a crypto investor, invited Twitter users to wager on its value as they believed that it wouldn’t be able to maintain its momentum.

Terra LUNA – A Scam?

Calling Terra LUNA a scam and invitation for a bet made the Terraform Labs CEO, Do Kwon, accept it. The mentioned company runs the Terra blockchain system. The wager is actually about the investor trust, which might have suffered if no responsible person from Terra had accepted it.  

According to this wager, the price for Terra LUNA will remain at $88 till March 14, 2023. If it doesn’t maintain this price value, Do Kwon will pay $1M to Sensei and vice versa. The person who will serve as the escrow agent in this wager is Cobie, a renowned name for his crypto podcast. Both parties agreed about this bet; they transferred $1 million in USDT each to the escrow account.

Bet regarding LUNA growth

Terra LUNA’s growth in 365 days will decide who will win $1 million. Though the coin currently has $92.85, there are chances of fluctuation. The Twitter thread will remain the proof of the bet, and many users have set their clocks to see which one of the two can come out of the situation glorious.

Sensei’s main argument is regarding the fake bullishness of Terra LUNA. He believes that bullishness won’t continue because of the current model. Instead, if it changes the model, there are chances that the price might be maintained.

Terra founder gets on a bet with a community member who calls LUNA a scam 1
Source: TradingView

There is another benefit of this bet, those who vote on either side will benefit from the profit that it brings to the winner. The DAO members will disburse the profit on March 14, 2023.

The recent rally had brought the price of Terra LUNA to $100, but again bearishness brought it low. It is to be seen what will be the trajectory for this coin and how it will impact the investors. Another wager of even more value, i.e., $10 million, has also been put forward. There are no updates regarding it as the person who put it hasn’t yet transferred the money to escrow.

Final Thoughts

The wager regarding Terra LUNA price will keep social media active for a year as there is an increasing rush towards new wagers. Whatever the results of the wager might be, there are chances that the investment in LUNA might increase, and the users will get free entertainment. The results on March 14, 2023, will decide if Sensei Algod was right. 

Muhammad Ali

Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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