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Cobie: The $88 bet on LUNA for March 14 next year is still ongoing, and the idle bet funds have not been invested in Anchor.

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Cobie: The $88 bet on LUNA for March 14 next year is still ongoing, and the idle bet funds have not been invested in Anchor.

On March 14th this year, LUNA had nearly doubled in price within two weeks, yet it was still at $88. A crypto trader on Twitter once made a bet with the founder of Terra on whether the price would be higher than $88 on March 14, 2023. Witness Cobie stated that the bet is still on, and he has not followed the advice to convert idle funds into UST and invest in any protocol, emphasizing that the bet is still active.

LUNA Bet

On 3/14, trader Sensei Algod tagged the founder of Terra on Twitter, stating that he would bet $1 million that the price of LUNA on the same date next year would be below $88. Do Kwon promptly accepted the challenge.

Do Kwon named cryptocurrency trader Cobie as the custodian of funds and witness. Each party contributed $1 million USDT, with the calculation based on the 24-hour average price on 3/14/2023. As per the address provided by Cobie here, the funds from both sides have been secured.

Cobie: Bet Funds Not Returned Yet

Developer 0xBeans.eth from Buidler Labs reminded prominent trader Cobie after the UST crash:

We have not forgotten about this bet, so you better not have put the funds into Anchor for interest.

Cobie assured that the funds are safe, speculating that the bet remains unchanged until 2023. He also mentioned why he didn't generate additional returns through UST initially, stating here:

Half of the bet money came from those betting that the LUNA system would collapse, so it would be unethical to risk their money in the LUNA ecosystem.

Trader: Wishing Do Kwon's Family Safety

In fact, the bet began with Sensei Algod's tweet on 3/9, where he pointed out that 90% of LUNA investors would be liquidated, and the Ponzi scheme would eventually collapse as Do Kwon could not continue to inject large amounts of funds into Anchor. This led to the bet with Do Kwon after his rebuttal.

At that time, Terra's reputation was soaring, and Algod faced mockery from many strong supporters of the ecosystem. He shorted multiple times before and after the UST crash and celebrated his victory:

After being mocked for months, I won the bet, but I still feel sorry for those who lost money but were willing to accept Do Kwon. He is an arrogant jerk.

He believes that Do Kwon's release of Basis Cash followed by another algorithmic stablecoin LUNA has ruined many, and he should be held accountable.