While FTX founder Sam Bankman-Fried, one of this year’s biggest crypto crooks, has finally been arrested and extradited to the US, Terra Luna founder Do Kwon is still on the run, and cashing out Bitcoin.

Just last week, it was revealed that the CEO of Terraform Labs, who is wanted by Interpol, has registered a residence in Serbia. Already in October, reports surfaced that he had traveled to this European country from Dubai.

Korean news outlet Digital Asset reports today that Do Kwon is believed to have cashed out Bitcoins for the first time after fleeing to Serbia. The report says he disbursed 9.64 BTC, the equivalent of $120,000. For this, Do Kwon allegedly made use of the LFG Luna Foundation Guard wallet. This is shown by on-chain data, news media outlet, Digital Asset, claims.

The First Time Do Kwon Cashes Out Bitcoin

Remarkably, this is the first time on Do Kwon’s run that he has been in the situation of exchanging Bitcoins for a fiat currency. The report speculates that the Terra Luna founder may have chosen Serbia as a destination for his escape because the country does not have an extradition agreement with South Korea.

Moreover, deposits and withdrawals of cryptocurrencies are easily accessible, it adds. As the report states, about 9.64 BTC was transferred from the Luna Foundation Guard (LFG) wallet to Binance via the “relay wallet.” The report also states that South Korean prosecutors are aware of the facts and believe that conversion to fiat is likely.

“It is known that Serbia has installed ATMs in the capital Belgrade where Bitcoins can be exchanged,” the Digital Asset report adds. There are two Bitcoin ATMs in the capital Belgrade where Bitcoin can be exchanged for fiat, according to Coin ATM Radar.

People close to Kwon believe, according to the report, that Do Kwon needs escape funds to provide for his family abroad. So far, the transactions have been more of shifting coins, rather than exchanging them for fiat money.

According to an October analysis by OXT Research, Do Kwon, the Luna Guard Foundation (LFG), or another Terra-related entity may hold over 6,983.21 BTC in a wallet.

LFG has claimed their ONLY wallet is currently funded with 313 BTC.

But the blockchain tells a different story. pic.twitter.com/PrHWjhi9xQ

— ∴Ergo∴ (@ErgoBTC) October 5, 2022

The Final Destination Of Do Kwon’s Escape?

As mentioned at the outset, all indications are that the Terra Luna founder will remain in Serbia after a South Korean court issued an arrest warrant for him in September. Prosecutors in South Korea believe this will allow Do Kwon to challenge a Korean Justice Ministry’s extradition request in court.

As NewsBTC reported, unlike Do Kwon, the other leaders behind Terra Luna are not on the run.

In early December, Terraform Labs co-founder Shin Hyun-Seung, also known as Daniel Shin, and seven other Terra employees were subpoenaed to appear in court in South Korea. The hearing by the prosecutors was about issuing arrest warrants for all of them.

At press time, the Bitcoin price was at $16,682, still facing major resistance at the $16,900 level.

Featured image from MoneyWeek, Chart from TradingView.com