In a recent development, Arkham Intel Exchange, a platform focused on “deanonymizing the blockchain,” has taken its first significant step towards revealing the identities behind wallet addresses associated with Terraform Labs and its co-founder, Do Kwon.
On July 24, the platform announced that it had received a submission from two vigilant “on-chain sleuths.” As a result, the duo was rewarded with a bounty payment of 9,519.2625 Arkham (ARKM), which roughly amounted to $5,000 at the time of the announcement. The anonymous contributor, alongside Ergo, a self-proclaimed “glorified accountant” affiliated with OXT Research, provided Arkham Intel Exchange with compelling evidence regarding wallets allegedly owned by both Kwon and Terra.
The information presented has the potential to contradict public statements made by Terra, particularly the claim of holding only one Luna Foundation Guard wallet, which reportedly contains 313 Bitcoin (BTC) valued at approximately $29,151.
Launched just a couple of weeks ago on July 10, Arkham Intel Exchange has sparked mixed reactions within the cryptocurrency community. Critics label it as little more than a glorified “snitching service.” The platform operates by allowing users to post bounties soliciting information on blockchain transactions, which will be made available to the public 90 days after Arkham’s approval. Consequently, any information concerning Kwon and Terra wallet addresses is likely to become accessible to the public sometime in late October.
Terra was previously embroiled in controversy during the 2022 crypto market crash, mainly due to the depegging of its algorithmic stablecoin, TerraClassicUSD (USTC), from the United States dollar. Adding to the intrigue, Kwon’s whereabouts remained largely unknown from May 2022 until March 2023, when he was apprehended by Montenegrin authorities and subsequently sentenced to four months in prison for using forged travel documents.
In a related investigation, authorities in South Korea are also scrutinizing individuals linked to Terra. Notably, in July, the platform’s co-founder, Shin Hyun-seong, also known as Daniel Shin, faced his initial hearing on charges related to alleged illicit profits from the sale of LUNA tokens.
As the submissions on Arkham Intel Exchange continue to roll in, the platform’s impact on the crypto space and its potential ramifications for Terra and its co-founder will be closely monitored by both industry experts and enthusiasts alike.
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