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A recent Bloomberg report revealed that the Prime Minister of Montenegro, Milojko Spajic, personally invested in Terraform Labs years before the company collapsed. The discovery has raised concerns about the founder’s choice to escape prosecution by seeking refuge in the same country.
Founder of Terraform Labs Do KwonHe was arrested in Montenegro in March 2023 and currently faces extradition requests from the United States and South Korea.
The opposition demands his resignation
According to Per Bloomberg, Milojko Spajic claimed that the investment was made by Singapore-based Das Capital SG, of which he was a partner. However, Montenegro’s independent newspaper Vejesti, which broke the news, reported that the property had risen to nearly $90 million at one point.
Spajic’s LinkedIn profile shows he worked as a credit and investor analyst in Singapore from 2014 to 2020 before returning to Montenegro to serve as finance minister in late 2020.
The revelations surrounding the prime minister’s investment have come to light at a critical time for Montenegro, where Spić has led a “fragile” ruling coalition since October.
As a member of NATO and a candidate country to join the European Union, the controversy surrounding the Prime Minister’s involvement in this has collapsed. Encryption company Pressure has increased from the opposition, which is now demanding Spaj’s resignation.
Terraform Labs lawsuit exposes PM’s investments
Details of the prime minister’s investment emerged in a lawsuit filed by the US Securities and Exchange Commission against Terraform Labs and Do Kwon.
Kwon, the founder of the cryptocurrency company, faces prosecution linked to the collapse of the $40 billion TerraUSD stablecoin in 2022.
In April, a civil trial in New York found the bankrupt company and Kwon personally liable for the fraud, leading to the Terraform lawsuit Payment approval $4.5 billion to settle the case with the Securities and Exchange Commission.
In light of these developments, Terraform CEO Chris Armani recently announced Announce Complete liquidation of the company’s operations via a social media post on X (formerly Twitter).
While Armani expressed his disappointment in the outcome of the lawsuit, he confirmed that TFL would cease operations and transfer ownership of the chain to the community.
On the other hand, Kwon has already served Local wholesale In Montenegro after being arrested using a fake passport. Montenegro’s Justice Minister favors sending Kwon to the United States, while the courts favor his extradition to South Korea. With multiple rulings, Kwon’s fate is now in the hands of the Supreme Court.
At the time of writing, the original code of the protocol was, Luna Classic (LUNC), trading at $0.000091, with sharp price declines of over 6% and 22% over the past seven and 14 days, respectively.
Featured image of DALL-E, chart from TradingView.com
