Terra Co-Founder’s Letter Sparks Montenegrin Politics 2023

Do Kwon, co-founder of the blockchain platform Terra, has ignited a political tempest in Montenegro through a handwritten letter.

According to a report by Balkan Insight, the letter, addressed to departing Prime Minister Dritan Abazovi and departing Justice Minister Marko Kovac, alleges a previously unknown connection between Kwon and former Finance Minister Milojko Spaji, who is also the leader of the Europe Now political party.

Prime Minister Abazovi immediately forwarded the letter to the Special State Prosecutor’s Office, emphasizing the necessity of investigation.

The letter asserts that Kwon financed Europe Now, eliciting widespread calls from political parties, NGOs, and the general public for a comprehensive investigation into these alleged connections.

The gravity of the situation has not been lost on Prime Minister Abazovi, who has expressed concern about the potential repercussions for Montenegro. He emphasized that the nation cannot become a refuge for international fraudsters, regardless of the technology involved.

Spaji vehemently denied any relationship with Kwon, but confessed to having known him as a friend since 2018 due to his company’s investment in the Terra initiative. Given Spaji’s prior advocacy for the cryptocurrency industry during his tenure as finance minister, the revelation astonished many.

As Montenegro grapples with the complexities of these unexpected associations and their potential ramifications, the unfolding controversy intensifies. As demands for transparency increase, the Special State Prosecutor’s investigation may alter Montenegro’s future in unanticipated ways.