The referee just watched Patane falling!
Giuseppe Patane was the unlucky guy on the other end of the knockout. Jonkus pressed him to the ropes and annihilated all resistance with a barrage of punches. Patane was obviously stunned and first hung on the ropes and then just fell out of the ring to be knocked out twice on one night. That was the time when referee waved off the bout.
Some comments to the video on Youtube say that this accident clearly shows why MMA is better than any other combat sports. It’s not just about the refereeing, though in this fight it really left much to be desired, but about the environment. The cage just won’t let you crash through so you will probably get one knockout per fight, not more. But actually things like that happen in cage fights as well. Sometimes these MMA knockouts are even more insane than the one you’ve just seen. But that one in Trieste was a scary knockout anyway. Fortunately, Giuseppe Patane wasn’t hurt too badly and still trains and fights for his Accademia Muay Thai El Dinamito.