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<p class="is-style-lead">Reports have emerged suggesting that Do Kwon, the co-founder of Terra, had financial connections to the leader of a political party in Montenegro.</p>



<p>Outgoing Montenegrin Prime Minister Dritan Abazovic has reportedly requested the special state prosecution to investigate rumors surrounding Do Kwon&#8217;s alleged business ties with Milojko Spajic, the head of Europe Now political movement.</p>



<p><a href="https://balkaninsight.com/2023/06/06/montenegro-urged-to-probe-crypto-fugitives-ties-with-party-leader/" target="_blank" rel="noreferrer noopener">According to Balkan Insight</a>, Do Kwon supposedly acknowledged in a letter addressed to Abazovic, outgoing Justice Minister Marko Kovac, and the special state prosecution that he had provided financial support to Europe Now.</p>



<p>In March, Do Kwon and former Terraform Labs CFO Chang-joon Han were detained at the Podgorica airport in Montenegro on suspicion of using fake travel credentials to enter Dubai.</p>



<p>The Montenegro High Court recently ordered that Do Kwon and Han Chang-Joon be placed under house detention until their next court appearance on June 16, with a maximum potential sentence of five years in jail.</p>



<h2 class="wp-block-heading" id="do-kwon-admitted-to-having-political-ties">Do Kwon admitted to having political ties</h2>



<p>Abazovic, upon receiving the letter from Do Kwon, emphasized that Montenegro should not become a haven for global fraudsters, regardless of their use of <a href="https://crypto.news/learn/what-can-blockchain-do/">blockchain</a> or any other technology.</p>



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<p>Abazovic stated in a press conference that potential communication between Spajic and Do Kwon, sought by U.S. and South Korean authorities, &#8220;is not good for Montenegro.&#8221;</p>



<p>While Spajic vehemently denied the allegations, he did admit to investing in Terra along with his employer. Speaking to the local daily Vijesti, Spajic referred to Do Kwon as a scammer who defrauded millions of individuals, including his friends and the firm he worked for when they invested in the project in early 2018.</p>



<p>Spajic&#8217;s interest in <a href="https://crypto.news/a-z-guide-on-how-the-blockchain-can-revolutionize-the-fashion-industry/">blockchain</a> and cryptocurrencies is clear, as he shared a picture on social media with ethereum developer Vitalik Buterin, holding Buterin&#8217;s newly acquired Montenegrin passport in April 2022.</p>



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<p>At the conference, Spajic organized a panel discussion on <a href="https://crypto.news/price/ethereum/">ethereum</a> with Buterin, ethereum researcher Vlad Zamfir, and University of Memphis law professor Boris Mamlyk, addressing topics such as blockchain identity and smart government contracts.</p>



<p>Spajic predicted that the blockchain industry would account for 30% of Montenegro&#8217;s economy within three years, contributing an additional 1.5 to 2 billion euros to the country&#8217;s GDP.</p>



<p>In May this year, Spajic and Buterin were seen together at the EDCON conference in Montenegro, further highlighting their involvement in the blockchain community.</p>



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            Do Kwon’s trial in Montenegro        </a>

    
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Do Kwon allegedly backed a political party in Montenegro

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