Sat, July 13

SEC Reports that Montenegro’s PM Milojko Spajic is a Terra Token (LUNA) Early Investor

SEC Reports that Montenegro's PM Milojko Spajic is a Terra Token (LUNA) Early Investor Altcoin News
  • Milojko Spajic was 16th among the list of 81 early investors.
  • As per the data, he has purchased 750,000 Luna coins.

The prime minister of Montenegro, Milojko Spajic, is in a controversy over his prior investment in Terraform Labs, a collapsed crypto firm founded by Kwon Do-hyung. Imprisoned in Montenegro in connection with the 2022 collapse of the company’s cryptocurrencies.

Vijesti, the Montenegrin newspaper, reports a data sheet submitted to the U.S. District Court for the Southern District of New York on Tuesday by the SEC. Prime Minister Milojko Spajic came in 16th place on the list of 81 early investors. Moreover, In June 2023, Kwon provided illegal political funds to Spajic before the election.

Milojko Spajic’s Terra contract (Source: SEC)

The report submitted by the SEC revealed his crypto connection which was not mentioned before. He caught red-handed and it might affect his political career. 

Notably, the data shows that he purchased 750,000 Luna coins at 10 cents each on April 17, 2018. In addition, its price went up to $119 in April 2022 before it collapsed and became completely worthless. If he had sold the coins at that price, he could have made approximately $90 million. In contrast, if his investment failed, he would have lost $75,000.

Terraform Labs and Do Kwon 

The collapse of Terra’s ecosystem was a considerable double cross to the crypto market, which led to the scrutiny of similar projects. Terraform Labs agreed to a $4.47 billion settlement with the SEC and will pay more than $4 billion, meantime, the company’s founder, Do Kwon, will pay out nearly $400 million. Terraform Labs settled to pay $4.47B to resolve SEC civil lawsuit, one week ago. 

Do Kwon is currently detained and waiting for the outcome of the legal proceedings of his expulsion. The United States and South Korea are seeking his extradition. Terra-Luna’s collapse has caused financial damage that is estimated at over $40 billion. 

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