Montenegrin PM’s Investment in Terra Luna Sparks Controversy
In a surprising turn of events, a court document unearthed Montenegrin Prime Minister Milojko Spajić’s early involvement in Terraform Labs, raising eyebrows in both political and crypto circles. This disclosure coincides with Terraform Labs’ recent settlement with the US Securities and Exchange Commission (SEC) over a $40 billion fraud allegation. Prime Minister Spajić, who assumed office in October 2023, finds himself embroiled in a growing scandal involving the infamous crypto figure Do Kwon.
Mysterious Origins of Montenegrin PM’s Investment in Terra Luna
Reports from Montenegrin media outlet Vijesti reveal that Spajić, in a private capacity, became one of the initial backers of Terraform Labs. Court documents indicate that in April 2018, he invested $75,000 to acquire 750,000 Terra (LUNA) tokens, positioning him as the 16th largest investor during the project’s early fundraising stages. This investment took place in a period when the project was raising around $13.75 million from a mix of individuals and companies.
- Spajić’s modest investment of $75,000 gave him 750,000 LUNA tokens
- This investment occurred during a two-day fundraising phase
- The entire fundraising effort amassed roughly $13.75 million from various investors
Financial Implications of Montenegrin PM’s Terra Luna Investment
The LUNA token, which surged to $119 early in 2022, plummeted to almost zero after the collapse of the Terra project, potentially causing significant financial losses for Spajić. If he held onto his tokens throughout the crash, he could be facing losses nearing $90 million, underscoring the volatile nature of crypto investments.
Political Fallout from Montenegrin PM’s Involvement with Terra Luna
The revelations surrounding Spajić’s investment in Terra Luna come at a critical juncture as Do Kwon, currently located in Montenegro, faces possible extradition to face allegations of fraud in the United States and South Korea. This situation places Spajić in a precarious position, and questions have arisen regarding his ethical conduct while holding public office.
Transparency and Regulatory Compliance Concerns
Spajić’s omission of his ownership of LUNA tokens in his financial declarations has raised suspicions about transparency and potential conflicts of interest. Despite disclosing ownership of other cryptocurrencies like Bitcoin and Ethereum, his failure to mention LUNA specifically has drawn scrutiny over his financial disclosures and compliance with regulatory requirements.
- Spajić has not publicly addressed his personal financial losses from Terra Luna’s collapse
- Questions have been raised about his company’s alleged involvement in the Terraform Labs fraud
- The lack of clarity in his financial disclosures has fueled speculation about his ties to the crypto world
Unanswered Questions and Evolving Controversies
As the story unfolds, the Prime Minister’s office and Government Public Relations Service have yet to provide detailed responses to inquiries about Spajić’s investments and current holdings in Luna tokens. The complexities of his involvement raise broader ethical and legal concerns, adding another layer of intrigue to the ongoing saga.
At present, Terra Luna Classic (LUNC) is trading at $0.000090870.
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