TFL CEO Kwon Reportedly Cashes Out Bitcoin In Serbia From LFG Wallet Funds

While issues surrounding FTX have not been settled yet, another controversial crypto figure, Do Kwon, made headlines after several outlets reported that he cashed out Bitcoin using funds from the wallet of the Luna Foundation Guard (LFG), a non-profit organization and entity behind Terraform Labs.

Despite Sam Bankman-Fried, the founder and former CEO of FTX, walking out of the courthouse on bail last week, investors are somehow relieved that the brains behind the spectacular collapse of the once most trusted brand in the crypto space has been extradited to the U.S. and now awaiting for his next day in court.

But this is not the case with Kwon.

The TFL CEO, while on the red notice list of Interpol, is nowhere to be found and the latest rumors placed him in the Balkans, specifically in Serbia, where he reportedly took residence to avoid extradition by the South Korean government.

While his current whereabouts are unconfirmed, Digital Asset, a local news outlet in South Korea, reported that Kwon had cashed out Bitcoins, a first after a long while, after he fled to the Balkans.

The embattled crypto executive withdrew 9.46 Bitcoin, which is around $162,189 in value based on the prevailing rate of BTC, and allegedly made use of the Luna Foundation Guard wallet, as revealed by on-chain data.

Exchanging Bitcoin for fiat is not a hard task in Serbia since its capital Belgrade has two active Bitcoin ATMs.

Blockchain analysis conducted by OXT Research in October revealed that the LFG wallet has made several transactions and holds 6,980 BTCs valued at around $117,435,708 based on the prevailing Bitcoin rate.

"LFG has claimed their ONLY wallet is currently funded with 313 BTC. But the blockchain tells a different story," its Twitter account said at the time.

It is worth noting that this is not the first time that Kwon has been accused of taking money from Terra.

In June, crypto researcher FatMan claimed that the TFL CEO withdrew $2.7 billion in the days leading to the collapse of Terra.

"Some of you thought $80m per month was bad," Fatman tweeted. "That's nothing. Here's how Do Kwon cashed out $2.7 billion (33 x $80 [million]) over the span of mere months thanks to Degenbox: the perfect mechanism to drain liquidity out of the LUNA [and] UST system and into hard money like USDT," the crypto researcher said.

Unlike FTX, whose top executives like Bankman-Fried, Gary Wang and Alameda Research's former CEO Caroline Ellison, were charged by a U.S. court, the Securities and Exchange Commission and Commodity Futures Trading Commission, none of the Terra executives have been charged until now.