Montenegro’s Prime Minister Linked to Early Investment in Terraform Labs

Montenegro’s Prime Minister Milojko Spajić was reportedly an early investor in the now-defunct Terraform Labs (TFL), according to local Vijesti, citing court documents.

In April 2018, he invested $75,000 in the company to acquire 750,000 LUNA at $0.1 each, securing the politician the 16th spot on Do Kwon’s list of company investors.

Media reports indicate that alongside Spajić, 14 individuals and 10 companies received initial tokens totaling approximately $13.75 million.

In the spring of 2022, at its peak, Terra (LUNA) was trading at $120. If Spajić did not sell his tokens, he missed out on a $90 million profit. Sources from Vijesti revealed he lamented substantial losses due to the project’s collapse.

Spajić claimed he never personally invested in TFL. Instead, it was Singapore-based Das Capital SG, where he worked from 2017 to 2020, that made the investment. However, court documents list his name among the investors.

On April 5, a jury in the Southern District of New York found TFL and Do Kwon guilty of deceiving investors and securities fraud. The trial lasted nine days and was conducted in absentia. 

In South Korea, Kwon faces numerous charges, including violations of capital market laws. 

Previously, it was reported that he was released from a Montenegrin prison after serving time for attempting to cross the border with forged documents.

In July, TFL reached an agreement with the SEC, agreeing to pay a $4.47 billion fine. The company’s CEO, Chris Amani, announced the cessation of operations and urged the community to take control of the Terra blockchain.