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Terra Luna Co-Founder Do Kwon’s Political Ties in Montenegro Under Investigation

Last updated: | 4 min read
Source: Pixabay

Terra Luna (LUNA) co-founder is making headlines again, this time looking into his relationship with Montenegro’s political elite. 

The news comes after Montenegrin politician Dritan Abazovic, in collaboration with political parties and NGOs, commissioned the Special State Prosecution to establish whether Do Kwon had any political ties in Montenegro.

Prosecution to Determine Relationship between Do Kwon and Europe Now Party Leader

Specifically, the Special State Prosecution will determine whether there are any truths to allegations of Kwon having business dealings with Milojko Spajic, the leader of the Europe Now political party.

The news follows a media report on June 5, citing sources whose identities remain concealed for obvious reasons, alleging that Do Kwon had sent a letter to Abazovic, former Justice Minister Marko Kovac, and the Special State Prosecution.

Reportedly, the letter was handwritten by Do Kwon himself, claiming to be a friend to Spajic for five years now, with the two having met in Belgrade, the capital city of Serbia, several times. 

It also reveals donations from the Terra executive to the Europe Now political party.

The development is concerning considering the criminal charges surrounding Do Kwon and its role in the Montenegro leadership. 

It is worth mentioning that Europe Now, though only recently formed, has the upper hand compared to other political parties, with opinion polls showing it could lead the incoming administration after preliminary elections due in four days. 

Notably, the speculation could see Spajic become the next prime minister of Montenegro.  

Montenegro Cannot Become A Breeding Ground For Fraudsters

Citing Justice Minister of the outgoing government, Abazovic, who confirmed receiving the letter and informing the prosecution:

It is not good for Montenegro if Spajic 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 would.

Besides Abazovic, one of the pro-Serbian For the Future of Montenegro political party leaders, Milan Knezevic, has also called on the prosecution to probe the case. 

On his part, Knezevic wants to determine whether Do Kwon sponsored Europe Now’s political rallies of 2022, as well as the ones in April in the race to form the next government. 

If true, it would tip the odds against Spajic and his comrades because of electoral rules for one to run for prime minister.

Speaking to the media, Knezevic said:

The prosecution should inform the public about this letter. Serious doubts are being cast on the electoral process, and we want to get to the end of the elections without such scandals.

Nevertheless, Spajic has contradicted the claims, claiming to have reported Do Kwon to the Interior Ministry upon his arrival in the country. 

In his words, “Do Kwon is a fraudster who defrauded millions of people, including my friends and the company I worked for when we invested in this project in early 2018. 

This is why we had the special satisfaction of reporting him to authorities.”

In a dramatic twist, Abazovic has insisted that Spajic is lying, saying that the leader of the Europe Now political party never informed the Interior Ministry about the Korean national’s presence in Montenegro.

Spajic Advocated For Crypto Development in Montenegro

Noteworthy, Spajic promoted the development of crypto and the blockchain industry during his tenure as Montenegro’s finance minister. 

His advocacy for crypto was so intense that the likes of Ethereum (ETH) co-founder added being a Montenegrin to his list of nationalities, including Russian and Canadian.

The relationship between Buterin and Spajic advanced to a May 15 crypto conference at the coastal resort of Lustica Bay in Montenegro. 

The conference’s theme was “Montenegro should become a center for the blockchain industry.”

Do Kwon was arrested in Podgorica, the capital city of Montenegro, on March 23 alongside his compatriot, Han Chang-Joon, a senior executive at mobile payment provider Chai. 

According to reports, the two Koreans were trying to travel with fake documents. Notably, this was months after Do Kwon fled as the South Korean authorities pursued him following the implosion of his multi-billion-dollar cryptocurrency empire.

Since his arrest in Montenegro, South Korea, and the United States have been pushing for his extradition to prosecute him onsite. 

The two countries want him to face criminal charges after his trial in Montenegro. 

The latest update in the case was on June 2, reporting a move by the Basic Court n Podgorica to let Do Kwon and Han Chang-Joon out on bail, totaling 400,000 euros each. 

This was on the condition that their legal rep accommodates and be responsible for them in Podgorica until the trial concludes.