Montenegro’s Crypto Connection: The Unlikely Hideout for a Fugitive Crypto Baron

Picture Source: Reuters

In an unexpected turn of events, Do Kwon, the mastermind behind the failed stablecoin project Terra, was apprehended in Montenegro after months on the run. This coastal Balkan nation, known for its association with organized crime, has recently taken an interest in digital currencies and positioned itself as a crypto-friendly destination. The convergence of Kwon’s presence in Montenegro and allegations of political ties with influential figures have stirred controversy ahead of the country’s parliamentary elections. As Montenegro stands at a crossroads, the implications of crypto developments and the potential rise of a crypto premier have become subjects of intense debate.

Montenegro’s Crypto Enthusiasm and Influential Figures:

Montenegro, a relatively unknown player in the crypto world, has surprised many with its interest in digital currencies. Notably, the country granted citizenship to Vitalik Buterin, the co-founder of Ethereum, showcasing its commitment to fostering the crypto sector. This move was orchestrated by Milojko “Mickey” Spajic, a government finance minister at the time, who sought to attract global crypto experts to bolster the country’s economy and create high-paying jobs.

Kwon’s Alleged Political Ties and Controversy:

Recent reports suggest that Do Kwon, during his stay in the Balkans, supported the political party co-founded by Milojko Spajic, Europe Now. The Montenegrin government has acknowledged the connection between Kwon and Spajic, citing a letter in which Kwon claims to be business partners with Spajic and states that he made financial contributions to Europe Now’s local election campaign in 2022 and its successful presidential campaign earlier this year.

The Implications for Montenegro’s Elections:

These allegations have sent shockwaves through Montenegro’s political landscape as the country approaches parliamentary elections. Spajic, a candidate in the election and a favorite for the position of prime minister, faces calls for an investigation into the claims made in Kwon’s letter. The Europe Now party has defended itself against these allegations, denouncing them as political smears. The outcome of the elections will determine the course of Montenegro’s political future and its potential impact on the crypto industry.

Montenegro’s Checkered Past and Crypto’s Role:

Montenegro has long been associated with organized crime, serving as a hub for activities such as drug and cigarette trafficking. The country has faced instances of corrupt politicians collaborating with criminal networks in exchange for bribes and other favors. The growing enthusiasm for crypto in Montenegro raises questions about the sector’s potential exploitation by organized crime. While Spajic claims that crypto can foster economic development, skeptics suggest that it may serve the interests of illicit activities.

The Road Ahead: Uncertainty and Speculation:

As the parliamentary elections draw near, the stakes are high for Montenegro’s political future. Following Europe Now’s victory in the presidential election earlier this year, the party aims to become the largest in the parliament, positioning Spajic as a potential prime minister. If successful, Spajic could become one of the world’s first crypto premiers, raising questions about the implications for Montenegro, the digital currency market, and Do Kwon’s fate.


Montenegro’s journey into the world of cryptocurrencies has taken an unexpected twist with the arrest of Do Kwon, a fugitive crypto baron. The country’s efforts to embrace the crypto sector have coincided with allegations of political ties and concerns about organized crime involvement. The outcome of Montenegro’s upcoming parliamentary elections will determine the path the nation takes, potentially shaping its political landscape and the future of its crypto industry. As uncertainties linger, only time will reveal the true impact of these events on Montenegro and its ambitions in the world of digital currencies.

Leave a Reply

Your email address will not be published. Required fields are marked *