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Reports have emerged suggesting that Do Kwon, the co-founder of Terra, had financial connections to the leader of a political party in Montenegro.

Outgoing Montenegrin Prime Minister Dritan Abazovic has reportedly requested the special state prosecution to investigate rumors surrounding Do Kwon’s alleged business ties with Milojko Spajic, the head of Europe Now political movement.

According to Balkan Insight, 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.

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.

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.

Do Kwon admitted to having political ties

Abazovic, upon receiving the letter from Do Kwon, emphasized that Montenegro should not become a haven for global fraudsters, regardless of their use of blockchain or any other technology.

Abazovic stated in a press conference that potential communication between Spajic and Do Kwon, sought by U.S. and South Korean authorities, “is not good for Montenegro.”

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.

Spajic’s interest in blockchain and cryptocurrencies is clear, as he shared a picture on social media with ethereum developer Vitalik Buterin, holding Buterin’s newly acquired Montenegrin passport in April 2022.

At the conference, Spajic organized a panel discussion on ethereum with Buterin, ethereum researcher Vlad Zamfir, and University of Memphis law professor Boris Mamlyk, addressing topics such as blockchain identity and smart government contracts.

Spajic predicted that the blockchain industry would account for 30% of Montenegro’s economy within three years, contributing an additional 1.5 to 2 billion euros to the country’s GDP.

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

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