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Terra Founder Do Kwon Cashes Out Bitcoins in Serbia

Fri, 12/23/2022 - 08:38
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Alex Dovbnya
Do Kwon cashed out 9.64 Bitcoins ($120,000) from LFG after fleeing to Serbia, according to report by local media outlet
Terra Founder Do Kwon Cashes Out Bitcoins in Serbia
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On-chain data shows that Terraform Labs founder Do Kwon cashed out 9.64 Bitcoins ($120,000) from the Luna Foundation Guard (LFG) after recently entering Serbia, according to a South Korean cryptocurrency media outlet.

It is worth noting that Serbia is a country with no extradition treaty with South Korea.

Bitcoin ATM machines are installed in places such as Belgrade where Bitcoin can be exchanged for dollars. According to data provided by CoinATMRadar, there are two cryptocurrency kiosks in Belgrade.

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The cryptocurrency market felt shockwaves back in May when TerraUSD and Luna crashed to zero, with billions of dollars worth of virtual assets evaporating virtually overnight. The South Korean fugitive has since been fleeing to different countries.

In September, a South Korean court issued an order for Kwon's arrest amid allegations of fraud from Terraform Labs' investors. The Seoul Southern District Prosecutors' Office has since been tracking the disgraced cryptocurrency entrepreneur for months. Earlier this month, it was confirmed that Kwon was hiding in Serbia after leaving Dubai in October.

At the same time, Kwon continues to deny running away from justice as he remains active on social media. In October, Kwon said that he believed the charges leveled against him were politically motivated.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at