LUNA slid rapidly when the Terra ecosystem's UST stablecoin untethered over the weekend, shedding about 95% of its price.
LFG, the company that operates as a resolution protocol, has emptied its treasury wallet of all Bitcoin to save UST. Speculations are circulating that the group is seeking $1 billion to help fund its freefalling project.
But what about Do Kwon's new multi-million dollar wager?
LUNA, based on TerraUSD, has dropped from $87 to $4.5 in less than a week. This might not be the greatest moment to bring up Do Kwon, the prominent founder of Terraforms Labs.
Kwon consented to a $1 million wager against a community member – "Sensei Algod" – on whether the price of LUNA would be greater after a year, i.e., over $88. Later, the creator agreed to another wager from an anonymous crypto trader, "GCR," but the stakes were ten times larger this time. Kwon quickly sent $10 million in stablecoins to an escrow account, anticipating the result of the wager.
Related Post:Solana’s STEPN reaches new ATH
Following the recent turn of events, Sensei Algod stated that even if the peg is restored, trust has gone and that LUNA will never fully rebound from the fall. On the other hand, GCR suggested wagers for $50 million and $20 million immediately after the first, but Kwon did not answer. The initial bet has now been amended, with the user shorting LUNA for $10 million.
Hasu, a crypto researcher who earlier stated that undercollateralized stablecoins "cannot operate," stated that as a stablecoin issuer, the moral decision would be to safeguard UST by retaining the treasury, even if LUNA goes to zero.
According to Adam Aron, CEO of AMC Theatres, cryptocurrencies, and other digital payment options represented more than a third of the firm's online payments in Q1 2022. Bitcoin, Ether, Litecoin, Bitcoin Cash, Dogecoin, and Shiba Inu are among the digital currencies accepted by the world's largest movie theater chain.
Last year, the entertainment company entered the digital asset ecosystem by enabling consumers to buy tickets in bitcoin at all of its US-based theaters. It then added Ethereum, Litecoin, and Bitcoin Cash to the mix a month later. Earlier this year, AMC Theatres permitted clients to purchase tickets online using two of the most common memecoins, Dogecoin and Shiba Inu.
During a Q1 2022 earnings call, CEO Adam Aron reported that cryptocurrency and digital settlement options accounted for around 35% of the company's online payments:
"Taken together, these different new payment solutions accounted for almost 35% of our total online payments recently."
Related Post:AMC theatre app accepts Doge, Shiba, and other cryptos
In addition, Aron stated that AMC improved significantly during this period compared to Q1 2021, owing to the COVID-19 pandemic's declining influence. Total sales increased from $148.3 million to $785.7 million, with a net loss of $337.4 million, down from $567.2 million.
