LUNA and LUNC Coin Drops! Prime Minister’s LUNA Investment Revealed!

It was revealed that the Prime Minister of Montenegro was one of the first investors of Terra LUNA Coin. The opposition demands the Prime Minister’s resignation. Amidst these developments, whales and other investors started selling tokens after Terra CEO confirmed the massive LUNC and USTC burning.

Montenegrin Prime Minister’s LUNA Coin investment has been exposed!

cryptokoin.com As you follow from , Terra’s founder and CEO Do Kwon fled to Montenegro following the collapse of the ecosystem. An Excel data set filed with 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, Montenegrin daily Vijesti reported. While the information includes companies and individual investors, it shows that the prime minister purchased 750 thousand LUNA Coins at 10 cents each on April 17, 2018. For this reason, it is alleged that Kwon chose Montenegro as a place to escape criminal prosecution.

Milojko Spajic invested $75,000 in LUNA in 2018, purchasing 750,000 tokens at $0.10. When the token price rose above $119 in 2022, his investment reached a cost of $90 million. It is unclear whether Spajic sold these tokens. The opposition party demanded Spajic’s resignation. It should be noted that Spajic made this investment before becoming prime minister and has an extensive background in global banking, working as a partner in institutions such as Citi and Goldman Sachs and a venture capital fund in Singapore. Milojko Spajic joined the cabinet as Minister of Finance in late 2020, during the reign of former prime minister Zdravko Krivokapić.

$6.5 billion worth of LUNC burning took place in the Terra ecosystem

Terra Luna Classic has seen over 6.5 billion LUNC burned in the last 24 hours as major wallets sell LUNC tokens. This increased the concerns in the community. The move comes after Terraform Labs CEO Chris Amani yesterday confirmed burning LUNC and USTC held in TFL and LFG wallets. Major wallets selling LUNC and wallet movements on centralized crypto exchanges have caused the number of LUNC burns to exceed 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 TFL and LFG wallets would be burned. It has even agreed to blacklist and burn wallets holding LUNC and USTC by the Terra Classic community unless the firm somehow has access to a random wallet.

LUNC and USTC prices dropped

Terra Luna Classic ecosystem tokens suffered a massive decline as whales and other investors sold LUNC. Despite the sale, Terra Luna Classic members expressed their belief that the price of LUNC, for which the Tax2Gas application is also being worked on, will increase in the future. LUNC price has fallen over 19% in the last 24 hours. Thus, the token price dropped to $0.00007486. Meanwhile, the price of LUNA Coin also saw a decrease. The token lost 4.36% in the last 24 hours, falling to $0.41.