Terraform Labs CEO Do Kwon, who is wanted by Interpol and believed to have fled to Serbia, has reportedly cashed out Bitcoin for the first time since his escape.
According to a report from Korean news outlet Digital Asset, Kwon disbursed 9.64 BTC, worth approximately $120,000, using the LFG Luna Foundation Guard wallet.
The report speculates that Kwon may have chosen Serbia as a destination due to its lack of extradition agreement with South Korea and its accessibility for cryptocurrency deposits and withdrawals.
South Korean prosecutors are reportedly aware of the transaction and believe that Kwon likely converted the BTC to fiat currency.
Meanwhile, FTX founder Sam Bankman-Fried, also known as one of this year’s biggest crypto crooks, has been arrested and extradited to the US.