How Algod Made $1,000,000 From Luna/UST Crash
At a time when thousands lost their life savings to the Luna/UST crash, one man who cashed out big was Algod.
He was one of the few who had been very equivocal about the fact that Luna/UST was a Ponzi scheme that would soon crash.
On March 3, 2022, Algod tweeted "If Luna breaks all-time high, I will short it with size". Do Kwon, founder of Terra, infamously tweeted back at him, saying, "your size is not size."
On March 22, 2022, they made a $1 million bet each, escrowed by Cobie. If price of LUNA is above $88 in a year, Do Kwon wins. If price was below $88, Algod would win.
Two months later, on May 7, 2022, over $2 billion was unstaked from Anchor, causing UST to depeg and Luna/UST crashed to zero.
Do Kwon was arrested, Algod won $1 million
Ponzi schemes never win.