Arkham Intel Exchange, a platform focused on “deanonymizing the blockchain,” has received its first submission relating to wallet addresses associated with Terraform Labs and its co-founder, Do Kwon. The submission was made by two “on-chain sleuths” and resulted in a bounty payment of 9,519.2625 Arkham (ARKM), which is equivalent to around $5,000. An anonymous user and Ergo, who describes himself as a “glorified accountant” working with OXT Research, provided evidence of wallets owned by Kwon and Terra. This information potentially contradicts public statements by Terra regarding the ownership of only one Luna Foundation Guard wallet, which reportedly holds 313 Bitcoin.
The platform, Arkham Intel Exchange, was launched on July 10 and has faced criticism from the crypto community, with many considering it little more than a snitching service. It allows users to post bounties seeking information on blockchain transactions, which will be released to the public 90 days after approval. This means that information on the Kwon and Terra wallet addresses may become accessible in late October.
Terra became embroiled in controversy during the 2022 crypto market crash when its algorithmic stablecoin, TerraClassicUSD (USTC), decoupled from the US dollar. Kwon’s whereabouts were largely unknown between May 2022 and March 2023 when he was arrested in Montenegro for using fake travel documents and subsequently sentenced to four months in prison.
In South Korea, individuals associated with Terra are currently under investigation by local authorities examining the exchange. In July, co-founder Shin Hyun-seong, also known as Daniel Shin, reportedly faced his first hearing related to allegations of illicit profits from the sale of LUNA tokens.
The submission of wallet addresses related to Terraform Labs and Do Kwon to Arkham Intel Exchange raises questions about the accuracy of Terra’s public statements regarding its holdings. The information provided by the anonymous user and Ergo could potentially shed light on the extent of Terra’s reserves and the actions taken during the market crash.
As the bounties requested on Arkham Intel Exchange become public after 90 days, there is a growing expectation that more information related to the crypto industry will be revealed. This could potentially have significant implications for various players within the sector and lead to further investigations by regulatory authorities.
Despite the negative reception within the crypto space, Arkham Intel Exchange provides a platform for individuals to contribute valuable information and promote transparency in an industry that has often been criticized for its lack of accountability. By incentivizing the sharing of information through bounties, Arkham seeks to address some of these concerns and encourage a more open and honest ecosystem.
In conclusion, the submission of wallet addresses connected to Terraform Labs and its co-founder, Do Kwon, to Arkham Intel Exchange highlights potential discrepancies in public statements made by Terra. This development comes at a time when Terra and its associates are already under scrutiny from regulatory authorities. Furthermore, the Arkham platform itself has faced criticism within the crypto community. However, it also offers an opportunity for increased transparency and accountability within the industry. As the bounties revealing blockchain transaction information become public in the coming months, the industry eagerly awaits the potential revelations and their impact on the wider crypto ecosystem.