Montenegro Crypto Ties: Unraveling Terra Co-Founder’s Political Connections and the Risks Involved

Montenegro political scene, Terra co-founder's alleged ties, intricate Baroque art style, dimly lit room, officials gathered around a table, letters and documents scattered, blend of optimism and tension, contrasting shadows and light, vibrant yet muted colors, whispers of corruption amidst crypto industry growth.

Allegations have surfaced regarding Terra co-founder Do Kwon’s political ties with a political party leader in Montenegro. Outgoing Prime Minister Dritan Abazović and other government officials reportedly received a letter from Kwon claiming that he financed the Europe Now political party. Montenegro prosecutors are calling for further investigations into these allegations, which could have significant implications for the country and its developing relationship with cryptocurrencies.

The possession of a handwritten letter by Kwon, submitted to the Special State Prosecution Office by Prime Minister Abazović, seems to confirm an ongoing relationship between Kwon and former Finance Minister Milojko Spajić since 2018. Spajić, who is also the president of the Europe Now political party, asserts that he only knew Kwon in a professional capacity. Spajić claims that his previous involvement with the Terra project stems from an investment made by his friends and the company he worked for.

There are concerns that Montenegro may become a breeding ground for global fraudsters if individuals such as Do Kwon are proven to have significant connections within the country’s political sphere. Critics argue that any involvement with Kwon, who is wanted by both US and South Korean authorities, would be detrimental to Montenegro’s reputation and integrity.

However, former Finance Minister Spajić has a track record of promoting the crypto industry in Montenegro. During his tenure, Ethereum co-founder Vitalik Buterin received Montenegrin citizenship, and Spajić was involved in the promotion of the Ethereum Development Conference in May 2023.

In the midst of these allegations, the Montenegro Basic Court has approved Do Kwon and former CFO Han Chang-joon’s bail request for the second time on June 2. The new bail sets several conditions, including compliance with court summons, surveillance, and other measures. However, Montenegro prosecutors are appealing against the court’s decision regarding passport forgery charges, believing that Kwon and Han must remain in custody. The decision on the appeal now lies with the Montenegro High Court.

This unfolding situation presents a potential conflict between Montenegro’s efforts to promote the crypto industry and the need to maintain its integrity by distancing itself from controversial figures. As authorities investigate the alleged ties, the outcome could significantly impact the country’s relationship with key cryptocurrencies and their industry players.

Source: Coingape

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