The recent filing by the U.S. Securities and Exchange Commission (SEC) reveals that the Prime Minister of Montenegro was one of the initial investors in the failed Terra Luna blockchain project, which reportedly lost millions of dollars after collapsing in 2022.
In 2018, Milojko Spajic, as one of the 81 initial investors out of 16, invested $750,000 in the company. At that price, he purchased 750,000 LUNA tokens.
LUNA had once surged to $199 per token, but plummeted in 2022, potentially resulting in Spaich losing over $140 million due to the collapse. However, he may have sold some tokens before the collapse to protect himself from losses.
Interestingly, Spajic has never publicly discussed being a victim of the LUNA crash. In earlier statements, he mentioned a company he was associated with being defrauded of $75,000, but did not mention his personal investment.
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“Do Kwon is a fraud, who deceived me, my friends, and our company when he invested in this project in 2018,” said Spajic.
Terraform Labs, responsible for the algorithmic stablecoin UST, caused nearly $4 billion in losses in the crypto market. This has led to legal troubles for Do Quon, the co-founder of Terraform Labs, in Montenegro. He has been convicted of using a forged passport and is currently serving time in prison, awaiting extradition to South Korea or the United States.
