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Crypto News

Arkham Intel Exchange Approves $5,000 Bounty for Do Kwon and Terra Wallet Information

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

arkham

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While Terra co-founder Do Kwon is presently detained in Montenegro and the site is still under investigation in South Korea, cryptocurrency users are still looking for information about wallets.

The first submission to a platform aimed at “deanonymizing the blockchain” has been accepted, and it concerns details on wallet addresses linked to Terraform Labs and its co-founder Do Kwon.

Arkham Intel Exchange announced on July 24 that two “on-chain sleuths” had won a bounty of 9,519.2625 Arkham (ARKM)—roughly $5,000 at the time of writing. An anonymous user and Ergo, an OXT Research “glorified accountant,” submitted the platform “evidence of wallets” owned by Kwon and Terra. Ergo stated this could contradict Terra’s claims of keeping only one Luna Foundation Guard wallet with 313 Bitcoin in reserve.

Since its July 10 launch, Arkham has drawn criticism from many in the cryptocurrency industry, who see it as little more than a glorified snitching service. The company enables users to post bounties asking for details on blockchain transactions, which will be made available to the general public 90 days after Arkham gives its permission. This implies that all details regarding the Kwon and Terra wallet addresses might be made public by the end of October.

When the platform’s algorithmic stablecoin, TerraClassicUSD (USTC), depegged from the US dollar in 2022, it was Terra that generated the most criticism. Between May 2022 and March 2023, Kwon’s whereabouts were mainly unknown. He was eventually detained in Montenegro and given a four-month prison sentence for using falsified travel credentials.

Local officials looking into the deal are also presently questioning people related to Terra in South Korea. According to reports, co-founder Shin Hyun-seong, also known as Daniel Shin, appeared in court for the first time in July to answer questions about allegations of making illegal gains through the sale of LUNA tokens.