Do Kwon Cashes Out Bitcoin in Serbia Using Funds from the ‘Luna Foundation Guard’ Wallet

Do Kwon cashes out 9.64 Bitcoin in Serbia after fleeing there to allegedly avoid extradition by the South Korean authorities.

Do Kwon Hiding Out in Serbia, South Korean Ministry of Finance is Seeking Serbian Cooperation: Reports
  • Terra Luna founder Do Kwon has cashed out Bitcoin in Serbia after allegedly taking residence there to avoid extradition. 
  • Do Kwon used the ‘Luna Foundation Guard’ (LFG) wallet to withdraw the funds. Blockchain analysis shows the total wallet balance is around 6980 BTC ($117,435,708).

Although Sam Bankman-Fried was recently detained and arrested, Do Kwon continues to walk free. Do Kwon fled to Serbia to avoid extradition by the South Korean government, and Interpol issued a red alert classifying him as a wanted fugitive – despite this, Do Kwon continues to tweet and engage with the community. 

Digital Asset, a Korean news agency, reported that 9.64 Bitcoin ($162,189 as of press release) was transferred from the LFG wallet – allegedly the first time Do Kwon attempted to exchange crypto for fiat currency since being on the run. 


According to the report, exchanging Bitcoin for fiat is easy in Belgrade due to the Serbian capital playing host to multiple Bitcoin ATMs.

Coin ATM Radar showing two local Bitcoin ATMs in Belgrade.

Blockchain analysis undertaken in October reveals how the LFG wallet has made multiple transactions and holds 6980 Bitcoin – valued at $117,435,708 as of writing. 

In a September tweet, Do Kwon claims he has made no attempt to hide from authorities and even states that crypto community members are likely to have spotted him in public areas.

On the Flipside

  • While authorities continue to hunt for Do Kwon, public interest in his arrest is waning due to him not openly ‘scamming.’ The community seems to be more focused on blatant fraudulent activity by the likes of FTX’s founders.

Why You Should Care

Updates regarding recent ecosystem collapses are important for investors to note, as they impact the market and crypto prices.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Zack Dadfar

Zack is a Crypto writer and trader, having been trading digital assets since 2017. Throughout time his portfolio and knowledge has grown, leading him down the writing path. With multiple project launches under his belt (NFTs and DeFi), and a degree in English Literature, Zack is excited to be combining his skills and passions to write for DailyCoin readers.