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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

US Court Filings Expose Montenegro’s Prime Minister’s Stake In Failed Terraform Labs

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Terraform Labs

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A recent Bloomberg report has revealed that Montenegro’s Prime Minister, Milojko Spajic, personally invested in Terraform Labs years before the company’s collapse. The discovery has raised concerns regarding the founder’s choice to flee prosecution by seeking refuge in the same nation. 

The founder of Terraform Labs, Do Kwon, was detained in Montenegro in March 2023 and is currently facing extradition demands from the US and South Korea. 

Opposition Calls For Resignation

According to Bloomberg, Milojko Spajic has claimed that the investment was made by Singapore-based company Das Capital SG, in which he was a partner. However, the independent Montenegrin newspaper Vijesti, which broke the news, reported that the holdings grew to nearly $90 million at one point. 

Spajic’s LinkedIn profile shows that he worked as a credit analyst and investor in Singapore from 2014 to 2020 before returning to Montenegro to serve as finance minister in late 2020. 

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The revelations surrounding the prime minister’s investment have emerged at a critical time for Montenegro, where Spajic has led a “fragile” ruling coalition since October. 

As a NATO member and European Union candidate country, the controversy surrounding the prime minister’s involvement in a collapsed crypto firm has increased pressure from the opposition, who now demand Spajic’s resignation.

Terraform Labs Lawsuit Exposes Prime Minister’s Investment

The prime minister’s investment details came to light in a lawsuit filed by the US Securities and Exchange Commission against Terraform Labs and Do Kwon. 

Kwon, the founder of the crypto firm, is facing prosecution linked to the $40 billion collapse of the TerraUSD stablecoin in 2022. 

In April, a civil trial in New York found the bankrupt company and Kwon personally liable for fraud, resulting in Terraform agreeing to pay $4.5 billion to settle the case with the SEC.

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In light of these developments, Terraform CEO Chris Armani recently announced the complete dissolution of the company’s operations via a social media post on X (formerly Twitter).  

While expressing disappointment in the lawsuit’s outcome, Armani confirmed that TFL would cease operations and transfer ownership of the chain to the community.

On the other hand, Kwon has already served his local sentence in Montenegro after being detained using a fake passport. The justice minister of Montenegro favors sending Kwon to the US, while the courts support his extradition to South Korea. With multiple rulings, Kwon’s fate now lies in the hands of the High Court.

Terraform Labs
The 1-D chart shows LUNC’s price trending downwards. Source: LUNCUSD on TradingView.com

At the time of writing, the protocol’s native token, Luna Classic (LUNC), is trading at $0.000091, with sharp price declines of over 6% and 22% over the past seven and fourteen days, respectively.

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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