Authorities in Montenegro are attempting to imprison Terra’s creator Do Kwon as soon as possible. With a market valuation of over $6 billion, Terra is a blockchain-based payment network that has experienced rapid growth in popularity. The Montenegrin government is eager to bring Kwon to justice since he is accused of embezzlement and fraud.
When Terra’s populace discovered discrepancies in the business’ financial documents in December 2022, the lawsuit against Kwon got underway. Kwon was accused of inflating the value of UST, Terra’s native token, and using the money to support his lavish lifestyle in Montenegro. Kwon was charged with overcharging investors for UST before manipulating the market with the money earned.
The charges led to a flurry of demonstrations, and the Montenegrin government opened an inquiry. Kwon’s involvement in fraudulent operations was confirmed by the investigation’s findings, and the government then issued an arrest order for him.
Kwon, however, has hidden, and the Montenegrin government is having trouble finding him. The administration has appealed to the international world for assistance, but Kwon has escaped capture thus far.
The Terran community is in upheaval at the same time. Investors want to know why UST’s value has fallen, and they’re getting no response. Several are demanding that Kwon to be prosecuted and for a more responsible party to take over the management of the Terra network.
The long-term feasibility of blockchain-based payment networks like Terra is also being questioned by some analysts. They contend that these networks are susceptible to fraud and abuse since there is no control or regulation. They claim that additional incidents similar to Kwon’s might happen in the future if the industry does not take action to address these worries.
Notwithstanding these difficulties, there are nevertheless good reasons to be upbeat. The banking sector might be completely transformed by blockchain technology, which many experts predict will eventually become standard. But, for this to happen, the sector must get over its growing pains and establish itself as a dependable and trustworthy alternative to established banking institutions.
It is still unclear in the case of Terra whether the network will be able to move past Kwon’s alleged wrongdoings. The community, however, is committed to moving ahead, and many are attempting to reestablish trust in the network. They assert that the network can survive with the correct leadership and that Terra’s core technology is sound.
Finally, the prosecution of Do Kwon and Terra serves as a sobering reminder of the dangers and difficulties the blockchain business faces. But it’s also a call to action for the sector to take effort to make sure that these risks are reduced and that blockchain technology’s advantages can be realised.
Does Montenegro accept Bitcoin?
When it comes to fostering the market economy and the financial sector, the nation is among the most liberated, and this is also true of cryptocurrencies, including the most important one, Bitcoin. Nowadays, this is the preferred payment option among bank clients in Montenegro.
How do I withdraw money from Montenegro?
There are ATMs available for cash withdrawals, although there are less than we are accustomed to. For instance, we certainly spotted an ATM in Budva close to the post office. Next to the majority of bank branches are ATMs. They claim that banks in Montenegro don’t charge customers to withdraw cash.