Ranked 16th among 81 early investors, Milojko Spajic was reported to have purchased 750,000 Luna coins. The Prime Minister of Montenegro, Milojko Spajic, has found himself embroiled in controversy due to his previous investment in Terraform Labs, a defunct crypto company founded by Kwon Do-hyung. Currently imprisoned in Montenegro in connection to the collapse of the company’s cryptocurrencies in 2022.
According to a report from Vijesti, a Montenegrin newspaper, data submitted to the U.S. District Court for the Southern District of New York by the SEC revealed that Prime Minister Milojko Spajic was the 16th investor out of 81 early investors. Additionally, in June 2023, Kwon was found to have provided illegal political funds to Spajic prior to the election.
The SEC report uncovered Spajic’s undisclosed crypto ties, potentially impacting his political career. Records show that he bought 750,000 Luna coins at a price of 10 cents each on April 17, 2018. The value of the coins skyrocketed to $119 in April 2022 before crashing and becoming worthless. If he had sold the coins at their peak, he could have made around $90 million, but if the investment failed, he would have lost $75,000.
The collapse of Terra’s ecosystem caused significant turmoil in the crypto market, leading to increased scrutiny of similar projects. Terraform Labs agreed to a $4.47 billion settlement with the SEC, with the company paying over $4 billion and founder Do Kwon paying nearly $400 million. Kwon is currently detained and awaiting extradition to the United States or South Korea. The financial damage caused by Terra-Luna’s collapse is estimated to be over $40 billion.
In other news, CRV Token has seen a recovery as whales accumulate post-liquidation.
