Do Kwon Saga Morphs Into a Political Thriller as Extradition Process Gets Shrouded in Accusations of Political Manipulation

The concrete walls of a Montenegrin prison hold Do Kwon, the fallen crypto king, but they seemingly couldn't contain his digital millions.

Do Kwon, the crypto entrepreneur whose spectacular rise and fall captivated the world, now faces fresh scrutiny as he awaits extradition from a Montenegrin prison. While behind bars, Kwon is alleged to have orchestrated the movement of substantial Bitcoin sums, raising troubling questions about the security of his crypto holdings and the preparedness of authorities in the face of increasingly sophisticated digital finance.

Accused of orchestrating the spectacular collapse of the Terra/Luna ecosystem, Kwon became a symbol of the risks inherent in the volatile world of cryptocurrency. But even from behind bars, his story continues to defy expectations.

A new report from Portal ETV alleges a significant delay – 72 days – in seizing Kwon’s digital keys and electronic devices, a critical oversight that allegedly allowed him to continue accessing and transferring his crypto wealth. This lapse, according to the report, enabled at least three separate crypto transactions originating from Kwon’s digital wallet, routed through an account linked to a Podgorica telephony firm.

While the details of these transactions remain shrouded in uncertainty, their alleged existence exposes a potential blind spot in handling high-profile cryptocurrency cases. How could a prisoner, stripped of his freedom, still wield such financial power from within a supposedly secure facility?

The narrative takes an even stranger turn with the claim that the seizure of Kwon’s devices was only initiated after a direct intervention from high-ranking officials within the Ministry of Police and Police Directorate. This detail suggests a potential breakdown in standard procedure, raising questions about the internal workings of the Montenegrin justice system.

Further fueling speculation is the unexplained incident of Kwon’s confiscated mobile phone mysteriously activating within the High Court evidence room, a detail that adds a touch of the surreal to an already complex narrative.

Accusations of political manipulation also surround Kwon’s extradition process. Former Justice Minister Andrej Milović alleges that Prime Minister Milojko Spajić used Kwon’s fate to secure a lucrative 30-year airport concession deal from South Korea.

Milović claims that Spajić, after initially favoring a French bid, abruptly switched his support to South Korea following a court ruling in favor of Kwon’s extradition. This sudden shift, he argues, suggests a quid pro quo, with Kwon becoming a pawn in a high-stakes political game.

Adding to the complexity is Spajić's own financial link to Kwon’s failed venture. Reports of a $75,000 personal investment in Terra/Luna tokens by Spajić have raised questions about potential conflicts of interest and undisclosed financial ties between the Prime Minister and the disgraced crypto king.

These allegations drew sharp criticism from Montenegro’s President and former Prime Minister, both accusing Spajić of misleading the public about his relationship with Kwon and eroding public trust in the government.

The Do Kwon saga, once a story of crypto ambition and market collapse, has morphed into a political thriller, raising fundamental questions about transparency and accountability within Montenegro. Kwon remains in Montenegro, as the country’s High Court suspends his extradition proceedings pending an appeal ruling.

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