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 Might. South Korean prosecutors investigating the Terra-LUNA disaster have tracked Do Kwon in Serbia. Nonetheless, Serbia has no extradition treaty with South Korea. On Friday, South Korean media reported that Do Kwon has cashed in Bitcoin price almost $190K in Serbia.

Terra Founder Do Kwon Utilizing LFG Bitcoins?

Terra co-founder Do Kwon has exchanged Bitcoin price $190K from the Luna Basis Guard for money in Serbia, reported South Korean media Korea Financial Every day’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 Basis Guard (LFG) pockets to the Binance pockets on November 8. Additionally, the corporate confirmed a switch of $10,000.

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

In the meantime, prosecutors are conscious of Do Kwon’s entry into Serbia, the place deposits and withdrawals of digital property are simple. Prosecutors additionally imagine that he’ll proceed to wish funds to proceed to be on the run and for each day wants. In response 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 latest transactions. The final transaction from the pockets was on Might 18, 2022. Nonetheless, that is the one declared pockets handle by LFG, which was created in Might earlier than the Terra-LUNA disaster.

On November 16, Luna Basis Guard disclosed an audit report by auditing agency JS Held. The audit revealed that LFG spent virtually $2.8 billion between Might 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 Traditional chain. At the moment, Terraform Labs is engaged on a brand new cross-chain “Station” pockets to deliver again utility to the chain.

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

Additionally Learn: Will This Sample Convey Restoration Cycle Again To Terra Luna Traditional?

Varinder is a Technical Author and Editor, Expertise Fanatic, and Analytical Thinker. Fascinated by Disruptive Applied sciences, he has shared his data about Blockchain, Cryptocurrencies, Synthetic Intelligence, and the Web of Issues. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at present masking all the newest updates and developments within the crypto trade.

The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.

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