PANews reported on May 22 that according to Protos, citing Montenegrin media reports, Terraform co-founder Do Kwon and former executive Han Chang-joon not only bought a luxury apartment in Belgrade, the capital of Serbia, before traveling to Montenegro, but they may have met with Montenegrin Prime Minister Milojko Spajić at some point before their arrest. Dritan Abazović, former Montenegrin Prime Minister and current MP, said that the two may not only be associating with the Serbian elite and evading law enforcement agencies, but also have a bigger plot.

Abazović claims that a source told him that Do Kwon and the country’s Prime Minister Milojko Spajić met at Topalovićeva 4 in Belgrade, and that Spajić may have reached a deal with Do Kwon to buy millions of dollars worth of Terra/Luna tokens for a Bulgarian-registered, Singapore-based hedge fund called Das Capital. Spajić was able to buy the tokens for 10 cents and sell them for $118, although there is no evidence to support this claim. It is worth noting that Spajić did work for Das Capital, but it is unclear when he last helped the company trade and whether the hedge fund is involved in cryptocurrencies.