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Is Terra Founder Do Kwon Really Withdrawing LFG-Related Bitcoin In Serbia?

Terra co-founder Do Kwon is on a run after the Terra-LUNA crisis in May. South Korean prosecutors investigating the Terra-LUNA crisis have tracked Do Kwon in Serbia. However, Serbia has no extradition treaty with South Korea. On Friday, South Korean media reported that Do Kwon has cashed in Bitcoin worth nearly $190K in Serbia.

Terra Founder Do Kwon Using LFG Bitcoins?

Terra co-founder Do Kwon has exchanged Bitcoin worth $190K from the Luna Foundation Guard for cash in Serbia, reported South Korean media Korea Economic Daily’s Hankyung on December 23.

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The South Korean media cited that Digital Asset, which claims to be tracking on-chain data for 7 months, reported a transfer of 9.64 BTC from the Luna Foundation Guard (LFG) wallet to the Binance wallet on November 8. Also, the company confirmed a transfer of $10,000.

Moreover, it also reported that Do Kwon moved about 6983 BTC from a Binance’s LFG wallet to an unidentified wallet. However, the cash-in was not recorded this time.

Meanwhile, prosecutors are aware of Do Kwon’s entry into Serbia, where deposits and withdrawals of virtual assets are easy. Prosecutors also believe that he will continue to need funds to continue to be on the run and for daily needs. According to CoinATMRadar, there are two cryptocurrency kiosks in Serbia’s capital Belgrade.

CoinGape checked the Luna Foundation Guard wallet address for Bitcoin transactions on BitInfoCharts and found no recent transactions. The last transaction from the wallet was on May 18, 2022. However, this is the only declared wallet address by LFG, which was created in May before the Terra-LUNA crisis.

On November 16, Luna Foundation Guard disclosed an audit report by auditing firm JS Held. The audit revealed that LFG spent almost $2.8 billion between May 8-12 to defend TerraUSD’s (UST) peg. This includes 80,081 BTC and 49.8 million in stablecoins.

Terra (LUNA) Working On Revival

Do Kwon’s Terra (LUNA) has been working on the revival of the new Terra chain after separating from the Terra Classic chain. Currently, Terraform Labs is working on a new cross-chain “Station” wallet to bring back utility to the chain.

The LUNA price is trading at $1.26, down nearly 1% in the last 24 hours.

So read: Will This Pattern Bring Recovery Cycle Back To Terra Luna Classic?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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