Crypto trader GiganticRebirth doubles down on $10 million bet with Do Kwon through LUNA short position By OsatoNomayo
who made a $10 million wager over the future price of LUNA, has doubled down on his bearish bet by shorting the coin to the tune of another $10 million.that LUNA would be trading below $88 in March 2023. Kwon accepted and transferred $10 million worth of stablecoins to be held in escrow pending the outcome of the wager.by proposing bets of $50 million and then $20 million — although Kwon didn't respond to either offer.
GCR advertised the trade on his Twitter account, showing a $10.3 million short position on LUNA at an open price of about $90. "I think for LUNA to liquidate me, the market cap would have to reach the level of Saudi Aramco or something; [I] have quite a good amount of margin," GCR told The Block. Saudi Aramco, the world's biggest oil producer, is worth more than $2 trillion.
Since then, the price of LUNA has fallen sharply, down almost 50% from its peak, a situation further exacerbated by UST, he most popular stablecoin on the Terra ecosystem, temporarilyover the weekend. The token was trading for just over $60 at 10:15 a.m. ET on Monday, according to CoinGecko.
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