Arkham Intelligence said in a tweet dated July 24 that the first of its crypto wallet identification bounties has now been paid out.
The relevant bounty was awarded to an on-chain sleuth with the ErgoBTC handle and a second, anonymous person. The two discovered evidence of addresses owned by Terraform Labs and its founder and former CEO Do Kwon.
It is unclear whether the findings relate to the same addresses and whether the two individuals shared the reward. The bounty was worth 9419.2625 ARKM ($4,941).
Arkham noted that the relevant labels have been added to its Intel platform, allowing users to track the addresses allegedly associated with Kwon and Terraform Labs.
Several other bounties remain listed on the Arkham Intelligence bounty exchange. The platform listed more than 30 bounties at the time of its July 19 launch. At the time, those bounties were worth more than 204,000 ARKM (about $135,000).
Findings shed light on Terra funds
ErgoBTC is noted the Luna Foundation Guard (LFG) claimed it only owned one Bitcoin address with 313 BTC ($9.1 million) months after the failure in May 2022.
However, based on the latest findings, he says the project contained 5292 BTC ($154.3 million) at an address it did not disclose. In a separate spreadsheet, he described dozens of transactions related to that address. Terra seemingly moved funds to and from OKX, Kucoin, and other exchanges before the address finally received 5292 BTC.
Today’s findings tie in with previous reports of hidden Terra funds. In September 2022, South Korean authorities reportedly asked two of the aforementioned crypto exchanges — OKX and Kucoin — to freeze millions of dollars worth of Bitcoin they believed were tied to Kwon. Kwon then denied that any of his funds had been frozen.
It remains to be seen whether this new information will be cited in legal proceedings. Kwon faces criminal charges in the US and South Korea; he is currently serving a prison sentence in Montenegro for passport fraud. Kwon and Terraform Labs are also being sued by the US Securities and Exchange Commission (SEC).
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