Arkham Intel Exchange offers $5K bounty for information on Do Kwon and Terra wallets

Arkham Intel Exchange offers $5K bounty for information on Do Kwon and Terra wallets

Deanonymizing the Blockchain: Unveiling Secrets in the Industry

The blockchain industry, despite its promise of decentralized anonymity, is not immune to scrutiny and investigation. This is evident in the recent submission accepted by Arkham Intel Exchange, a platform dedicated to “deanonymizing the blockchain.” The submission, made by two “on-chain sleuths,” provides information on wallet addresses associated with Terraform Labs and its co-founder, Do Kwon. The revelation has sparked controversy and shed light on potential discrepancies in Terra’s public statements.

Unraveling the Evidence

Arkham Intel Exchange, in its announcement on July 24, disclosed that it received evidence of wallet addresses owned by Do Kwon and Terra. The platform rewarded the anonymous user and Ergo, a self-described “glorified accountant” from OXT Research, with a bounty payment of 9,519.2625 Arkham (ARKM), equivalent to roughly $5,000 at the time. The evidence potentially challenges Terra’s claim of holding only one Luna Foundation Guard wallet, which supposedly contains 313 Bitcoin (BTC) as a reserve.

Ergo took to Twitter to share the details of the evidence provided: “Expanded labels for the LFG BTC address activity after running off with funds intended for defense of the UST depeg have been added to Arkham as part of their bounty program.” This tweet suggests that further information regarding the wallet addresses and their activity will be made public through Arkham’s bounty program.

Arkham Intel Exchange: A Controversial Platform

Launched on July 10, Arkham Intel Exchange has faced criticism from various quarters within the crypto space. Critics argue that the platform serves primarily as a glorified snitching service. It allows users to post bounties requesting information on blockchain transactions, which will be released to the public 90 days following approval at Arkham. Consequently, any information discovered about the wallet addresses associated with Do Kwon and Terra may become available to the public in late October.

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Terra’s Controversial Journey

Terra, the platform at the center of this recent revelation, has not been free from controversy. During the 2022 crypto market crash, Terra’s algorithmic stablecoin, TerraClassicUSD (USTC), depegged from the United States dollar, leading to much speculation and criticism. However, the focus shifted to Do Kwon himself, as his whereabouts remained largely unknown from May 2022 until March 2023. In a surprising turn of events, Montenegro authorities apprehended Kwon and later sentenced him to four months in prison for using forged travel documents.

Moreover, individuals associated with Terra in South Korea are currently under investigation by local authorities. Co-founder Shin Hyun-seong, also known as Daniel Shin, faced allegations of illicit profits from the sale of LUNA tokens. These ongoing legal issues have cast a shadow over Terra’s reputation and raised further questions regarding the platform’s operations.

Conclusion

The blockchain industry, despite its revolutionary potential, is not exempt from scrutiny and investigation. The recent submission accepted by Arkham Intel Exchange regarding wallet addresses connected to Terraform Labs and Do Kwon exemplifies this reality. The controversy and public interest surrounding this revelation have sparked discussions on the transparency and accountability within the industry. As blockchain technology continues to evolve, it is essential for platforms like Arkham Intel Exchange to navigate the delicate balance between privacy and accountability to maintain public trust and integrity.

References: – Expanded labels for the LFG BTC address activity after running off with funds intended for defense of the UST depeg have been added to Arkham as a part of their bounty program.Details and additional color on the attribution are provided below. – Terraform Labs seeks access to FTX wallets in fraud defense – [‘Terra hit us incredibly hard’: Sunny Aggarwal of Osmosis Labs](https://example.com/article