The Prime Minister of Montenegro turned out to be one of the first investors in Terra LUNA Coin. The opposition is calling for the Prime Minister’s resignation. Amid these developments, whales and other investors started selling tokens after Terra’s CEO confirmed the massive LUNC and USTC burn.
Montenegro Prime Minister’s LUNA Coin investment exposed!
As you have been following on Kriptokoin.com, Terra’s founder and CEO Do Kwon fled to Montenegro after the collapse of the ecosystem. Montenegrin daily newspaper Vijesti reported that an Excel dataset submitted to the U.S. District Court for the Southern District of New York revealed that Prime Minister Milojko Spajić was the 16th investor in a list of 81 early investors of the controversial crypto firm when it was founded in April 2018. While the data includes companies and individual investors, it shows that the prime minister bought 750,000 LUNA Coins at 10 cents each on April 17, 2018. It is therefore alleged that Kwon chose Montenegro as a place to escape criminal prosecution.
Milojko Spajic invested $75,000 in LUNA in 2018, buying 750,000 tokens at $0.10. When the token price rose above $119 in 2022, his investment was worth $90 million. It is unclear whether Spajic sold these tokens. The opposition party has called for Spajic’s resignation. It is worth noting that Spajic made the investment before he became prime minister and has an extensive background in global banking, having worked at institutions such as Citi and Goldman Sachs and as a partner in a venture capital fund in Singapore. Milojko Spajic joined the cabinet as Minister of Finance in late 2020 under former prime minister Zdravko Krivokapić.
LUNC burn of $6.5 billion in the Terra ecosystem
Terra Luna Classic has seen more than 6.5 billion LUNCs burned in the last 24 hours due to major wallets selling LUNC tokens. This has raised concerns in the community. The move comes after Terraform Labs CEO Chris Amani yesterday approved burning LUNC and USTC held in TFL and LFG wallets. Major wallets selling LUNC and wallet movements on centralized crypto exchanges have pushed the number of LUNC burns to over 6.5 billion in the last 24 hours. This contributed to a large decrease in the total supply and circulating supply of LUNC and an increase in LUNC in the community pool.
LUNC trading volumes increased by more than 600% in 24 hours, indicating trading by a large number of traders and investors. The sale took place hours after Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets would be burned. He even agreed to blacklist and burn wallets holding LUNC and USTC by the Terra Classic community if the firm somehow did not have access to any wallets.
LUNC and USTC prices fall
Terra Luna Classic ecosystem tokens suffered a major drop as whales and other investors sold LUNC. Despite the sell-off, Terra Luna Classic members expressed confidence that the LUNC price will increase in the future, with the Tax2Gas app also in the works. The LUNC price has fallen by over 19% in the last 24 hours. Thus, the token price dropped to $0.00007486. Meanwhile, the LUNA Coin price also saw a decline. The token lost 4.36% to $0.41 in the last 24 hours.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
