Milojko Spajic, the Prime Minister of Montenegro, has been identified as an early backer of Terraform Labs, a company co-founded by Kwon Do-hyung (Do Kwon). According to documents filed with the U.S. Securities and Exchange Commission (SEC), Spajic is listed as the 16th investor in Terraform Labs, acquiring 750,000 luna coins at a price of 10 cents each in April 2018. This revelation has sparked concerns regarding Spajic’s potential influence on Kwon’s ongoing extradition trial. Kwon, who was taken into custody in Montenegro in March 2023 for using a forged passport, is being sought for extradition by both South Korea and the United States. Kwon is said to prefer being sent back to South Korea, where penalties for financial crimes are perceived to be less severe. There are also allegations that Kwon had a meeting with Spajic in Serbia while he was on Interpol’s wanted list and provided illicit political contributions ahead of Montenegro’s 2022 election. Just recently, a Montenegro appeals court overturned a ruling that would have led to Kwon’s extradition to South Korea.
