Prime Minister Milojko Spajic, who took office in October 2023, was 16th in the list of 81 first investors of Terraform Labs. The Montenegrin politician bought 750,000 Terra (LUNA) tokens just a few days before the company was registered in Singapore in April 2018.
Previously, Spajic claimed that he had never personally invested in a failed crypto project. According to him, the money in Terraform Labs was invested by the Singapore firm Das Capital, where he worked from 2017 to 2020. Although it is Spajic's name that appears on the list of investors, and not the name of the company.
The documents were made public a week after Terraform Labs entered into an agreement with the U.S. Securities and Exchange Commission (SEC). The company and its co-founder Do Kwon They admitted violating American securities laws and agreed to pay the regulator $4.47 billion.
Terraform Labs is behind the infamous LUNA and TerraUSD (UST) crypto assets, which had a market capitalization of $2 billion. In May 2022, the project failed, destroying almost $40 billion worth of crypto assets. This led to the bankruptcy of several cryptocurrency hedge funds, including Three Arrows Capital (TAC). In March 2023, Do Kwon was arrested in Montenegro while trying to escape to Dubai with false documents. The United States and South Korea are unsuccessfully trying to get Do Kwon extradited.