Already notorious as an agent of market mayhem, the crypto industry has now unleashed political havoc, too, upending a critical general election in Montenegro, a troubled Balkan nation struggling to shake off the grip of organized crime and the influence of Russia. Only days before a vote on June 11, the political landscape in Montenegro was thrown into disarray by the intervention of Do Kwon, the fugitive head of a failed crypto business whose collapse last year contributed to a $2 trillion crash across the industry. In a handwritten letter sent to the authorities from the Montenegrin jail where he has been held since March, Mr. Kwon claimed that he had “a very successful investment relationship” with the leader of the Europe Now Movement, the election front-runner, and that “friends in the crypto industry” had provided campaign funding in return for pledges of “crypto-friendly policies.”Europe Now had been expected to win a decisive popular mandate in elections for a new Parliament. Its campaign mixed populist promises to raise salaries and pensions with pledges to put the country on a clear path to joining the European Union by cleansing the crime and corruption that flourished under Montenegro’s former longtime leader Milo Djukanovic.

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Persons: Kwon, ”, Milo Djukanovic Organizations: Montenegrin, Mr, European Locations: Montenegro, Balkan, Russia, Europe, European Union