Prime Minister Milojko Spajić of Montenegro was among the early investors in Terraform Labs, investing just days before the company was registered in Singapore on April 23, 2018.
New Revelations Post-SEC Settlement
Nearly a week after Terraform Labs settled with the United States Securities and Exchange Commission (SEC), new findings from an April court document have reignited controversy around the failed crypto project.
SEC Reveals Montenegrin PM’s Early Investment in Terra
According to a report from Montenegrin media outlet Vijesti, Prime Minister Spajić invested $75,000 in Singapore-based Terraform Labs in April 2018 to purchase 750,000 Terra (LUNA) tokens. This investment occurred just days before Terraform Labs was officially registered.
Details from SEC Court Documents
The court documents, disclosed by the SEC, reveal that Spajić was among the early investors. Although Spajić had previously claimed that he never personally invested in the failed project, stating that Das Capital SG, a Singaporean company he worked for from 2017 to 2020, was the investor, the SEC documents list him as the 16th investor with a contract dated April 17, 2018.
The Collapse of Terraform Labs
Terraform Labs, known for its Luna and TerraUSD tokens, reached a market cap of $2 billion before collapsing in May 2022, wiping out nearly $40 billion from the crypto market. This collapse not only caused significant financial losses but also led to the downfall of several crypto hedge funds that had collateralized with the firm.
Summary Review: The involvement of Montenegro’s Prime Minister as an early investor in Terraform Labs adds another layer to the ongoing scrutiny of the project and its dramatic collapse. This revelation underscores the far-reaching impact of Terra’s failure, which has had significant repercussions in the broader crypto ecosystem.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
