Digital currencies: Cryptocurrency in Montenegro
Digital currencies: Cryptocurrency in Montenegro
EThe words chosen by Milojko Spajic are clear: “The intervention destroyed us,” says Montenegro’s designated prime minister. The leader of the pro-European party “Europe Now” has just won the election. The intervention came from a suspected swindler, Do Kwon, who was arrested in Montenegro in March. The story is as intricate as it is layered. And it reveals a lot: about the relationship between crime and politics in Montenegro, and how poorer countries compete for the crypto economy to open up new sources of income – and get bloody noses in the process.
Stanford-educated Kwon, founder of Terraform Labs, was once hailed as a cryptocurrency pioneer and developed the Luna digital currency along with the TerraUSD stablecoin. Such a stablecoin should always reflect the value of a regular currency in the crypto world one to one. However, the spectacular collapse of Terra and Luna in May 2022 turned Kwon from a hero of innovation into one of the most wanted men in the industry. The bankruptcy resulted in $40 billion in losses, while the market crash resulted in over $2 trillion in losses, according to the New York Times.
Source: Frantfurter Allgemeine
I work as an author at the World Herald News, a news website that also covers the economy. I have been writing about economic topics for over six years and have written extensively on topics such as unemployment, housing prices, and the stock market. My goal is to provide readers with expert insight into these important issues so they can make informed decisions.
