2 years ago
Terra Luna's erstwhile co-founder, Do Kwon, who mislaid $11 cardinal successful the bet, is presently wanted by Interpol and is reportedly hiding successful Serbia.
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Approximately 1 twelvemonth prior, connected Mar. 14, 2022, cryptocurrency trader GiganticRebirth (GCR) invited the past co-founder of CEO of Terraform Labs, Do Kwon, successful a $10 cardinal stake that the terms of Terra Luna (LUNC) would beryllium little than its past terms of $92.4 per token 1 twelvemonth later. The blockchain enforcement accepted the offer, the 2nd successful the bid aft the time prior, erstwhile cryptocurrency trader Algod offered a $1 cardinal stake that LUNC would beryllium little than $88 per token connected Mar. 13, 2023, to which Kwon besides accepted, resulting successful 2 bets worthy $11 cardinal and prize wealth excavation of $22 cardinal .
The funds, which totaled $22 cardinal from each participants, were held successful escrow by blockchain property Cobie connected their Ethereum address. Cobie claimed astatine the time, a blistery wallet was fixed to participants "on my mobile telephone portion one was successful the mediate of africa, erstwhile one woke up determination was $22m deposited."
"i didn't privation 22m connected a mobile structure portion I was surviving successful a structure amongst lions lmao."As told by Cobie and substantiated by blockchain data, the blockchain property paid retired the bets from the blistery wallet successful April 2022, soon aft the $40 billion LUNC and accompanying algorithmic stablecoin Terra USD (USTC) ecosystem imploded, with LUNC trading astatine fractional decimal values adjacent to zero. However, Cobie besides stated successful Dec. 2022:
"I really paid retired the stake soon aft Luna went to 0, and past bought capable Luna to hedge successful lawsuit it someway went backmost to $88. But I mislaid my hedge (custodied successful FTX) truthful if Luna goes to $88 successful the adjacent 3 months I americium fucked"As the stake was progressive until mid-March of 2023, Cobie was required to clasp collateral contempt LUNC's collapse, arsenic the funds were paid retired early, and conditions could disagree astatine settlement. At the clip of publication, LUNC is presently trading astatine $0.000124 per token.
Last Nov. 2022, cryptocurrency speech FTX, past third-largest successful the satellite by volume, filed for bankruptcy implicit allegations of misappropriating users' funds and near the deposits of implicit 1 cardinal creditors frozen. On Apr. 4, 2022, Cobie transferred the prize wealth and principal, worthy $22 cardinal successful stablecoins, to winners GCR and Algod via FTX. The consequent travel of funds is unclear.
On Sept. 26, 2022, Interpol issued a reddish announcement apprehension warrant for Do Kwon per the petition of South Korean prosecutors implicit accusations of fraud relating to Terra Luna's collapse. The erstwhile blockchain enforcement is reportedly hiding successful Serbia, which does not person an extradition statement with South Korea. Aside from being retired $11 cardinal from the bets, the U.S. Federal Bureau of Investigation and Department of Justice reportedly began probing Terra Luna's illness connected Mar. 14, 2023. One period prior, the U.S. Securities and Exchange Commission charged Terraform Labs and erstwhile CEO Do Kwon with "defrauding investors successful crypto schemes."
A 1 twelvemonth day since my $1mn dollar stake with @stablekwon
while it's successful hindsight casual to accidental Luna would illness arsenic you tin spot successful the comments one was ridiculed arsenic redacted
the masses are often wrong, was a large acquisition https://t.co/Elp9ZMGBTc
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