Do Kwon is looking for cash in Serbia.
He transferred 9.64 BTC (worth almost $190,000) from LFG wallet to Bitcoin wallet.
Arrests are still difficult because Serbia and South Korea also do not have extradition records.
Do Kwon is looking for cash in Serbia during the run. On-chain data noted there was a movement of 9.64 BTC ($190,000 at the time) from LFG wallets to Bitcoin wallets, South Korean media reported.
According to the data, this displacement appeared from November 8 after he was identified to have entered Serbia. This is the first time he has come across the situation of exchanging bitcoins for cash like dollars while on the run.
Approximately 9.64 BTC was transferred from the LFG-owned wallet to the Binance wallet. Source: Digital Asset
Reportedly, South Korean prosecutors believe that Do Kwon recently entered Serbia, where it is relatively easy to deposit and withdraw cryptocurrencies, and withdrew the absconding amount and is currently investigating.
Serbia and South Korea also have no extradition records. In the prosecution industry, if the bitcoin being laundered is transferred to a Binance wallet, it is considered converted into legal tender, such as US dollars.
It is known that Serbia has installed ATMs that can exchange bitcoins in the capital Belgrade and elsewhere.
Previously, Digital Asset reported on November 30 that “CEO Kwon transferred approximately 6983 BTC (about $121.5 million at the time) from Binance’s LFG wallet to an unknown wallet.” At this point, withdrawal status is not disclosed.
The arrest of the founder of Terra is still difficult despite the Government opening a lengthy investigation a few months ago. Reportedly, the Korean Ministry of Justice is requesting cooperation from the Serbian government, and investigating agencies are investigating whether there are special facilitators in Serbia.
Do Kwon has repeatedly denied most of the allegations in interviews with other media, claiming via channels like Twitter that he “didn’t run away”. The Securities and Financial Crimes Unit of the Seoul Southern District Prosecutor’s Office received an arrest warrant for Kwon on charges of providing false information to investors in September.