Crypto Mogul Do Kwon Accused Of Secret Political Relations In Montenegro

Key Points:

• According to Montenegro Prime Minister, Terra founder Do Kwon has political relations with Europe Now political party President Milojko Spajić.
• Kwon claimed to have funded Europe Now in a letter to departing Prime Minister Dritan Abazović and the Special State Prosecution.
• The revelation surfaced in the last days of the pre-election campaign, only days before the June 11 general election, which Europe Now seems to be winning.

Milojko Spajić, the head of Montenegro’s pro-Western Europe Now party, has been accused of having business relations with cryptocurrency billionaire Do Kwon, who was detained earlier this year in the Adriatic nation.

Montenegro Prime Minister Dritan Abazović says he reviewed Terra co-founder Do Kwon’s handwritten letter and sent it to the prosecutor’s office.

Do Kwon has been in contact with former Finance Minister Milojko Spajić since 2018, according to the letter. Spaji is also the president of the political party Europe Now. Terra’s co-founder claims to have funded the political party Europe Now.

On Tuesday, outgoing Prime Minister Dritan Abazović, political parties, and non-governmental organizations asked the Special State Prosecution to look into the suspected relationships between Do Kwon and Milojko Spajić.

In a statement issued on June 6, Abazović said that the government would transmit the letter to the prosecution in order to initiate an investigation.

Spajić reacted, claiming that Kwon was a fraudster and that Europe Now had notified the authorities of his presence in the country. He further said that Kwon defrauded several individuals, including his friends and the firm where he worked in 2018.

Spajić told public broadcaster RTCG that he had been notified by crypto sector acquaintances that an effort would be made to link him with Kwon.

“It’s not good for Montenegro if Spajić had contacts with Do Kwon, because the man is wanted by the US and South Korean authorities. We cannot become a breeding ground for global fraudsters, even if they use blockchain or anything else,” he said.

Spajić refuted these charges, claiming that he alerted Minister of Interior Filip Adzic about Do Kwon’s presence in the nation. Prime Minister Dritan Abazović, on the other hand, denies this. He said that he had known Do Kwon since 2018 when his friends and the company for which he works invested in the Terra project.

“Which is why we had the special satisfaction of reporting him to authorities,” he stated.

But, all of his competitors saw the letter as an opportunity to progress in the race. Spajić was suspected of being engaged in organized crime by Nebojša Medojević, the head of the far-right Movement for Changes (PZP). He went on to say that Western media have alleged that Montenegro is a nation that conceals illicit crypto transactions and that Spajic was a part of it.

Medojević requested the prosecution to investigate if Spajić was a member of an internationally coordinated criminal organization and whether he was in charge of laundering money from smuggling through cryptocurrency.

Spajić pushed the crypto business in Montenegro as Finance Minister. Vitalik Buterin, the co-founder of Ethereum, was also given Montenegrin citizenship in April. Buterin and Spajić also endorsed the Ethereum Development Conference, which will take place in May 2023.

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Harold

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