The post Montenegro PM falls victim to failed Terra Luna project appeared on BitcoinEthereumNews.com.

Fresh U.S. court filings have revealed that Montenegro Prime Minister Milojko Spajic personally invested in fugitive Do Kwon’s Terraform Labs crypto project years before the company’s collapse. Montenegro PM invested in Terraform Labs According to Bloomberg, citing court filings, Spajic invested in Terraform Labs, the company behind the failed Terra Luna coin. Before assuming his PM office, Spajic — a crypto entrepreneur in his own right — invested invested $75,000 in Terraform Labs in 2018. He acquired 750,000 LUNA tokens at 10 cents each.  At its peak, LUNA’s value soared to $199 per token, potentially making Spajic’s investment worth over $140 million. He likely sold some of his holdings before the collapse, profiting from his investment. This connection raises questions about why Do Kwon, the founder of Terraform Labs, sought refuge in Montenegro while attempting to evade prosecution. Kwon, who has been detained in Montenegro since March 2023, was apprehended with a false passport and now faces extradition demands from both the United States and South Korea. The implications of this connection are significant, adding complexity to the ongoing drama surrounding Kwon and Terraform Labs.  Spajić has not previously asserted himself as a victim of the LUNA crash. Earlier statements indicated that a company he was associated with suffered a $75,000 fraud rather than his personal investment being affected. While this revelation does not definitively prove any wrongdoing on Spajic’s part, it certainly adds an intriguing dimension to the unfolding saga involving Kwon and Terraform Labs. The potential impact on the legal proceedings against Kwon remains to be seen. Still, this connection has significant implications for the legal and financial aspects of the case. The collapse of Terraform Labs, the creator of the algorithmic UST stablecoin, cause crypto holders to lose nearly $40 billion. In parallel, Terraform Labs and Kwon…

---

Filed under: News - @ June 23, 2024 4:16 am