- The Prime Minister of Montenegro has been revealed as one of the first investors in Terra LUNA Coin.
- Opposition parties are now calling for his resignation due to the investment revelations.
- This comes as Terra’s CEO confirms a substantial burn of LUNC and USTC tokens, leading to a flurry of sell-offs by whales and other investors.
Discover the startling connection between Montenegro’s Prime Minister and Terra LUNA, amidst significant token burns and market upheavals.
Prime Minister of Montenegro’s LUNA Coin Investment Exposed
According to a recent report, Milojko Spajić, the Prime Minister of Montenegro, was identified as one of the early investors in Terra LUNA Coin. Documents submitted to the U.S. District Court for the Southern District of New York showed that Spajić was the 16th investor in a list of 81 early backers from April 2018. Specifically, the Prime Minister had purchased 750,000 LUNA tokens at $0.10 each on April 17, 2018.
The investment has sparked considerable controversy, with accusations that Spajić’s involvement influenced Terra co-founder Do Kwon’s decision to use Montenegro as a haven amid legal troubles. Despite calls for resignation from opposition parties, it’s noteworthy that this investment occurred before Spajić took his office and during his tenure at notable financial institutions including Citi and Goldman Sachs.
Massive LUNC Token Burn in the Terra Ecosystem
The Terra ecosystem recently witnessed a significant development with the burning of over 6.5 billion LUNA Classic (LUNC) tokens within 24 hours. This mass token burn was predominantly due to large wallet holders liquidating their LUNC holdings. This move was confirmed by Terraform Labs CEO Chris Amani, who validated that LUNC and USTC tokens held in TFL and LFG wallets would undergo burning. Such a large-scale token burn has profound implications on the circulating supply and market dynamics, instigating both concern and interest in the Terra community.
LUNC and USTC Price Decline
The substantial sale of LUNC tokens has led to a significant price drop for Terra Luna Classic’s ecosystem tokens. Over the past 24 hours, the price of LUNC has plummeted by more than 19%, settling at $0.00007486. Meanwhile, LUNA Coin has also experienced a downturn, falling by 4.36% to $0.41. Despite these declines, some within the Terra Luna Classic community remain optimistic, citing ongoing initiatives like the Tax2Gas project as potential catalysts for future price increases.
Conclusion
In summary, the disclosure of Montenegro’s Prime Minister as an early investor in Terra LUNA Coin, coupled with the recent large-scale burning of LUNC tokens, has ushered in a period of volatility and speculation within the crypto market. The ramifications of these events continue to unfold, with significant impacts on token supply and investor sentiment. As the market responds to these developments, continued vigilance and strategic insight are paramount for stakeholders navigating this evolving landscape.
