Investment Adventures of the Prime Minister of Montenegro: Milojko Spajic and His Investment in Terraform Labs
Date: 2024-06-21 Author: Henry Casey Categories: IN WORLD
Prime Minister of Montenegro Milojko Spajic has found himself in the spotlight due to information about his investment in Terraform Labs in 2018. Local media, citing documents from the US Securities and Exchange Commission (SEC), claim that Spajic was an early investor and acquired a significant amount of Terra Classic (LUNC) tokens.
In April 2018, Milojko Spajic purchased 750,000 LUNC tokens at a price of $0.1 per token, which amounted to a total of $75,000. According to journalists, this rate was the lowest possible at that time. On the same day, 14 more individuals and ten companies invested an additional $13.75 million in the project.
Financial losses
In the spring of 2022, the price of one LUNC token reached $119, but a few days later the cost of the tokens dropped to zero. If Spajic did not sell his tokens before the crash, then his potential losses amounted to about $90 million. The report also states that Spajic complained to his acquaintances about the loss of a significant amount due to the collapse in the value of Terra.
One financial expert noted that Spajic may have retained some of his tokens. “If he had sold them all earlier, he would not have been deceived,” the expert emphasized. Also, if Spajic sold his tokens at a price higher than what he bought them for, he would have to pay capital gains tax in Montenegro.
Official Statement from Spajic
Spajic himself said that he never personally invested in Terraform Labs, and the investments were made by the Singaporean company Das Capital SG, where he worked from 2017 to 2020. However, in SEC court documents his name appears on the list of investors.
Information about the financial investments of the Prime Minister of Montenegro in Terraform Labs raises many questions and draws attention to the role of politicians in cryptocurrency investments. Despite Spajic's statements, SEC documents indicate his involvement in investments, which casts doubt on his claims and raises the interest of the public and journalists.
These developments come amid a $4.5 billion settlement between the SEC and Terraform Labs that was approved by a court in the United States. This adds another layer to the complex and convoluted story of investing in cryptocurrency projects and their consequences for everyone involved.
