After recently entering Serbia, Terra founder Do Kwon transferred 9.64 BTCS (then worth nearly $190,000) from the LFG wallet to the Binance wallet on November 8. This is the first time that on-chain data has captured Do Kwon's exchange of bitcoins for cash, such as dollars, while he was on the run.
It is known that the prosecution is tracking CEO Kwon assuming that he recently entered Serbia, where deposits and withdrawals of virtual assets are easy, and appropriated the escape funds. Serbia has no record of being a criminal with Korea.
CEO Kwon is currently fleeing the country after being sued over the collapse of UST (Terra USD) and LUNA (Terra) prices in May, and the government confirmed that he entered Serbia last October.
Digital Asset has been tracking the surrounding on-chain data for seven months since the lawsuit against CEO Kwon, and on November 8, at 10:29 pm, about 9.64 BTC from the Luna Foundation Guard (LFG) wallet to the Binance wallet (about 19 as of November 8) (10,000 dollars, approximately 261.59 million won) was transferred.
In the prosecution and the industry, if you move the Bitcoin that was being laundered to the Binance wallet, it is regarded as being converted into legal currency such as the dollar. Serbia is known to have installed ATMs (ATMs) that can exchange bitcoins in the capital, Belgrade, etc.
According to on-chain data, on the morning of November 8, 9.64 BTC was moved from the LFG wallet to the 'relay (via) wallet' on two occasions. Digital Asset confirmed that the 9.64 BTC of the two wallets was soon transferred to the Binance wallet.
People around Kwon believe that he will continue to need escape funds to escape abroad with his family. Previously, the flow of coins around him was more 'washing' rather than currency exchange.
Digital Asset reported on November 30 that "CEO Kwon moved about 6983 BTC (approximately 155.6 billion won at the time) from Binance's LFG wallet to an unidentified wallet . " At this time, the situation of cashing was not revealed.
Digital Asset called him to ask for the escape funds, but he did not answer. There was no reply to text messages either.