Montenegro Prime Minister Listed Among Top Terraform Labs Investors in SEC Filing

Milojko Spajic, Prime Minister of Montenegro, was revealed as an early investor in Terraform Labs, co-founded by Kwon Do-hyung (Do Kwon). A filing with the U.S. Securities and Exchange Commission (SEC) lists Spajic as the 16th investor in Terraform Labs, purchasing 750,000 luna coins at 10 cents each in April 2018. This revelation raises concerns about Spajic’s influence over Kwon’s extradition trial. The Terraform Labs co-founder was arrested in Montenegro in March 2023 for using a fake passport. Both South Korea and the U.S. seek his extradition. Kwon prefers extradition to South Korea, where penalties for financial crimes are less severe. Reports also allege that Kwon met with Spajic in Serbia while on Interpol’s red list and provided illegal political funding before Montenegro’s 2022 election​. Last month, a Montenegro appeals court reversed an order to extradite Kwon to South Korea.