Crypto Baron Do Kwon Captured in Montenegro: A Haven for Crypto-Friendly Venues and Organized Crime
The Arrest of Do Kwon
Do Kwon, the notorious fraudster behind the failed stablecoin project Terra, was finally arrested in Montenegro in March after being on the run. He had been using a falsified Costa Rican passport as he sought refuge in Dubai. However, law enforcement found the former crypto baron in Montenegro, which is an unlikely location for blockchain conference-goers.
Montenegro: A Hub for Digital Currencies
While it may seem bizarre for Do Kwon to have sought refuge in Montenegro, figures in the country have been pushing for it to become a crypto-friendly hub for years. Montenegro awarded citizenship to Vitalik Buterin, the Russian co-founder of Ethereum, who received a passport from the country’s government. Milojko “Mickey” Spajic, a finance minister, even took credit for the photo-op.
The Political Bombshell Surrounding Do Kwon’s Arrest
Recent reports allege that Kwon financed the political party of Spajic, who he claimed was his business partner. On June 7, 2023, the Europe Now party pushed back, stating that the allegations tying the party and Spajic to Kwon are merely political smears. Montenegro is holding parliamentary elections, and Spajic is standing in the election. He was, until Tuesday, one of the favorites to become the country’s new prime minister.
Montenegro: A Hive of Organized Crime
Montenegro has always been known as a mecca for organized crime, and it has a history of corrupt politicians flexing their influence to help gangs avoid prosecution in exchange for bribes and other favors. Former mayor Milo Bozovic was recently arrested on suspicion of drug trafficking and other crimes.
The Connection Between Crypto and Organized Crime
Crypto is alleged to help develop Montenegro’s economy, but some individuals are skeptical. Many have stated that the sector that would most benefit from the new industry is organized crime. With all that has been happening, the stakes are high for Sunday’s election. The party that Spajic is representing could become the largest party in the nation’s parliament, thereby enabling him to vie for the job of prime minister.
Do Kwon’s Future is Uncertain
If Spajic emerges as the prime minister, he could become the world’s first crypto premier. However, whether that’s a good thing for Montenegro, the digital currency market, and Do Kwon is unknown. Djukanovic’s main opponents in Sunday’s election are Andrija Mandic of the Democratic Front, which wants closer ties with neighboring Serbia and Russia, and Jakov Milatovic, a pro-Western economist, and the deputy head of Europe Now. His opponents accuse Djukanovic and his party of being corrupt, with links to organized crime. Djukanovic and his party deny the allegations.
Montenegro: A Haven for Crypto-Friendly Venues and Organized Crime
Montenegro is an unlikely but growing hub for digital currencies. It may be an advantage for the country’s economy, but organized crime could also easily manipulate the sector. Montenegro’s political system is at a crossroads, and Sunday’s election could make or break its future. Do Kwon’s fate remains uncertain, causing many to question what will happen to the former crypto baron.