Do Kwon Cashes Out Bitcoin In Serbia Using Funds From The ‘Luna Foundation Guard’ Wallet

Do Kwon Cashes Out Bitcoin In Serbia Using Funds From The ‘Luna Foundation Guard’ Wallet

  • Terra Luna founder Do Kwon has cashed out Bitcoin in Serbia, after allegedly taking residence there to avoid extradition. 
  • Do Kwon used the ‘Luna Foundation Guard’ (LFG) wallet to withdraw funds, blockchain analysis shows the total wallet balance is around 6980 BTC ($117,435,708).

Although Sam Bankman-Fried was recently detained and arrested, Do Kwon continues to walk free. Do Kwon fled to Serbia to avoid extradition by the South Korean governent, and Interpol issued a red alert classifying him as a wanted fugitive – despite this Do Kwon continues to tweet and engage with the community. 

Digital Asset, a Korean news agency has reported that 9.64 Bitcoin ($162,189 as of press release) was transferred from the LFG wallet – allegedly the first time Do Kwon has attempted to exchange crypto to fiat currency since being on the run. 

According to the report, exchanging Bitcoin for Fiat currency is easy in the Serbian capital Belgrade, due to them playing host to multiple Bitcoin ATMs.

Coin ATM Radar showing two local Bitcoin ATMs in Belgrade.

There are two active Bitcoin ATMs in Belgrade. Source: Coin ATM Radar

Blockchain analysis undertaken in October reveals how the LFG wallet has made multiple transactions, and holds 6980 Bitcoin – valued at $117,435,708 as of press release. 

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In a September tweet, Do Kwon claims he has made no attempt to hide from authorities and even states that members of the crypto community are likely to have spotted him in public areas.

On the Flipside

  • Whilst authorities continue to hunt for Do Kwon, it seems that public interest in his arrest is waning due to him not openly ‘scamming’ – the community seems to be more focused on blatant fraudulent activity by the likes of FTX founders.

Why You Should Care

Updates regarding recent ecosystem collapses are important for investors to note, as they do impact the market and crypto prices.

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