Terra founder Do Kwon cashes in bitcoins in Serbia

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 newspaper.

It should be noted that Serbia is a country that does not have an extradition treaty with South Korea. Bitcoin ATMs are installed in places like Belgrade where bitcoins can be exchanged for dollars. According to the data provided by CoinATMRadar, there are two crypto-currency kiosks in Belgrade.

The crypto-currency market felt shockwaves last May when TerraUSD and Luna collapsed to zero, with billions of dollars in virtual assets evaporating virtually overnight, Do Kwon held responsible for the disaster has since fled to different countries.

In September, a South Korean court ordered Do Kwon’s arrest amid allegations of fraud by Terraform Labs investors. The Seoul Southern District Prosecutors’ Office has been tracking the fugitive crypto-currency entrepreneur for months. Earlier this month, it was confirmed that Do Kwon was hiding in Serbia after leaving Dubai in October.

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