A recent court document has shed light on the early investors of Terraform Labs, a crypto project that collapsed in May 2022. The document reveals that Montenegrin Prime Minister Milojko Spajić was among the early investors, investing $75,000 in April 2018 to purchase 750,000 Luna tokens.

The Investment

Spajić's investment was made through a contract dated April 17, 2018, and he acquired the tokens at 10 cents each. This was a significant investment at the time, considering the high risk involved in investing in a new and untested project. The total amount paid by Spajić and other early investors was around $13.75 million.

Legal Implications

The revelation of Spajić's direct personal investment in Terraform Labs could have legal implications for him. His previous claims that only Das Capital SG, a Singaporean company he worked for, invested in the project have been contradicted by the court document. This could raise questions about his failure to disclose his personal investment earlier.

The Rise and Fall of Terraform Labs

Terraform Labs was behind the LUNA and TerraUSD cryptocurrencies, which reached a market cap of $2 billion before their collapse. The collapse wiped out nearly $40 billion from the crypto market, causing significant financial fallout. The project's failure also led to the collapse of multiple crypto hedge funds that had offered collateral to the firm.

Conclusion

The revelation of Spajić's early investment in Terraform Labs highlights the risks and potential for fraud in the crypto market. The case serves as a reminder of the importance of transparency and disclosure in financial dealings.