As a seasoned crypto investor with a keen interest in following regulatory developments and staying informed about major players in the industry, I find the news about Montenegrian Prime Minister Milojko Spajić’s early investment in Terraform Labs both intriguing and concerning.
Newly unveiled SEC documents indicate that Montenegrin Prime Minister Milojko Spajić made an early investment in Terraform Labs back in April 2018. The records reveal that on this date, he purchased 750,000 Luna tokens for $75,000. At its peak, the value of his investment reached a staggering $14 million. This disclosed information provides insight into Spajić’s financial transactions and his early support for one of the most prominent crypto projects.
Early Investment by Montenegrin Prime Minister and Legal Implications
A recently unveiled court filing by the Securities and Exchange Commission (SEC) disclosed that the prime minister of Montenegro was an early backer of the collapsed Terraform Labs crypto initiative, contrary to his earlier assertions that only his Singaporean employer had invested. The document presented evidence in the form of a contract, dated April 17, 2018, which he personally signed with Terraform Labs.
Discovering this latest proof that the prime minister personally invested in the project against previous undisclosed information may pose challenges for him. The recently unveiled SEC document, contrary to initial assertions, sheds new light on the matter.
Financial experts reported that the prime minister bought approximately 750,000 Luna tokens at a price of ten cents apiece. This purchase occurred when the tokens were at their lowest value due to the significant risk involved in investing so early on in the project. According to the SEC, a total of around $13.75 million was spent by the prime minister and other early investors on April 23 and 24 to finance Terraform Labs’ initial development.
The Rise and Fall of Terraform Labs
As an analyst, I would rephrase it as follows: I was involved in the analysis of the events surrounding Terraform Labs, the company responsible for the creation of LUNA and TerraUSD cryptocurrencies. In a short period, these digital assets experienced remarkable growth and reached a market capitalization of $2 billion. However, their upward trajectory came to a sudden halt in May 2022, resulting in a catastrophic collapse that erased nearly $40 billion from the overall crypto market. The aftermath of this unprecedented event left billions of dollars in losses across the crypto ecosystem and led several hedge funds providing collateral to Terraform Labs to fail.
As a crypto investor looking back at events in April 2024, I can’t help but reflect on a significant development that shook the industry: Terraform Labs and its co-founder Do Kwon were found liable for defrauding investors in a civil case brought by the SEC. This verdict came after Kwon’s arrest in March 2023, following months of evading international law enforcement.
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2024-06-19 14:17