Milojko Spajic, the Prime Minister of Montenegro, has found himself embroiled in controversy over his previous investment in Terraform Labs, a collapsed cryptocurrency firm founded by Kwon Do-hyung. According to data submitted to the U.S. District Court for the Southern District of New York by the SEC, Spajic was ranked 16th among 81 early investors. The report also revealed that he had purchased 750,000 Luna coins, each at a price of 10 cents, on April 17, 2018. The price of these coins had risen to $119 in April 2022 before the collapse of Terraform Labs, rendering them worthless. It is estimated that Spajic could have made around $90 million if he had sold the coins at that price, but he would have lost $75,000 if his investment failed.
This new information about Spajic’s crypto connection, which was previously undisclosed, has the potential to impact his political career. The collapse of Terra’s ecosystem has caused significant financial damage, estimated at over $40 billion, leading to scrutiny of similar projects in the cryptocurrency market. Terraform Labs has settled to pay $4.47 billion to resolve a civil lawsuit with the SEC, with the company’s founder, Do Kwon, agreeing to pay nearly $400 million. Kwon is currently detained and facing legal proceedings for his extradition sought by the United States and South Korea.
