In a surprising twist, it's been revealed that Montenegro's Prime Minister was an early investor in Terraform Labs, purchasing 750,000 $LUNA tokens for $75,000 in April 2018. At its peak, those tokens skyrocketed to $90 million.
Do Kwon's Arrest in Montenegro
This connection takes on new significance in light of Do Kwon's arrest in Montenegro. Kwon, co-founder of Terraform Labs, was detained at Podgorica airport while attempting to board a flight to Dubai with forged documents. The arrest followed an eight-count indictment by US prosecutors for securities fraud, wire fraud, commodities fraud, and conspiracy.
Terraform Labs Downfall
Terraform Labs faced intense scrutiny after its algorithmic stablecoin, TerraUSD, lost its dollar peg, causing the value of the token and its underlying cryptocurrency to plummet to near zero. The collapse led to a sell-off in major cryptocurrencies like Bitcoin, Ethereum, and Tether.
Global Implications
As the story unfolds, regulators and investors worldwide are watching closely. With Montenegro's Prime Minister tied to Terraform Labs, the country's involvement in the crypto space is under scrutiny. Stay tuned for further developments.
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