The Prime Minister’s Controversial Investment
A recent report by Bloomberg uncovered that Montenegro’s Prime Minister, Milojko Spajic, had personally invested in Terraform Labs, the company that collapsed. This discovery has sparked concerns over the founder’s decision to evade prosecution by seeking refuge in the same country.
- Founder of Terraform Labs, Do Kwon, was apprehended in Montenegro in March 2023.
- Kwon is currently facing extradition requests from the US and South Korea.
Opposition Calls For Action
Bloomberg’s report revealed that Milojko Spajic claimed his investment was through Das Capital SG, a Singapore-based company in which he had a stake. However, independent sources reported that the holdings reached nearly $90 million at one point.
- Spajic’s LinkedIn profile indicates his work as a credit analyst and investor in Singapore before returning to Montenegro in 2020 as finance minister.
- The controversy around Spajic’s investment comes at a crucial time for Montenegro as he leads a “fragile” ruling coalition.
Terraform Labs Lawsuit Unearths Prime Minister’s Ties
The prime minister’s involvement was exposed in a lawsuit brought by the US SEC against Terraform Labs and Do Kwon. Kwon, the company’s founder, faces legal action related to the $40 billion collapse of the TerraUSD stablecoin in 2022.
- A civil trial in New York held Terraform Labs and Kwon accountable for fraud, resulting in a $4.5 billion settlement with the SEC.
- Terraform CEO Chris Armani announced the company’s closure and transfer of ownership to the community amid legal challenges.
Kwon’s Legal Battle and Luna Classic’s Decline
Do Kwon served a local sentence in Montenegro for using a fake passport before facing extradition decisions to the US and South Korea. His fate now hangs in the balance with the High Court overseeing the case. Meanwhile, Luna Classic (LUNC) is trading at $0.000091 with significant price drops over the past few weeks, signaling a downward trend in the market.
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