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 disaster in May. South Korean prosecutors investigating the Terra-LUNA disaster 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 price practically $190K in Serbia.

Terra Founder Do Kwon Using LFG Bitcoins?

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

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

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

Meanwhile, prosecutors are conscious of Do Kwon’s entry into Serbia, the place deposits and withdrawals of digital property are simple. Prosecutors additionally consider that he’ll proceed to wish funds to proceed to be on the run and for day by day wants. 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 located no current transactions. The final transaction from the pockets was on May 18, 2022. However, that is the one declared pockets handle by LFG, which was created in May earlier than the Terra-LUNA disaster.

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

Terra (LUNA) Working On Revival

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

The LUNA value is buying and selling at $1.26, down practically 1% within the final 24 hours.

Also 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 information about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at the moment masking all the newest updates and developments within the crypto trade.

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