Arkham announces $5K bounty payout as Terra-related address are identified Arkham announces $5K bounty payout as Terra-related address are identified
Evidence of a wallet holding 5292 BTC ($154.3 million) has emerged.
2 min read
Updated: Jul. 25, 2023 at 12:56 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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 handle ErgoBTC and a second, anonymous individual. The two discovered evidence of addresses owned by Terraform Labs and its founder and former CEO Do Kwon.
It is unclear whether the findings concern 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 that are allegedly linked to Kwon and Terraform Labs.
Several other bounties remain listed on Arkham Intelligence’s bounty exchange. The platform listed over 30 bounties at the time of its launch on July 19. At the time, those bounties were worth more than 204,000 ARKM (about $135,000).
Findings shine light on Terra funds
ErgoBTC noted that the Luna Foundation Guard (LFG) claimed that it owned only one Bitcoin address with 313 BTC ($9.1 million) months after its failure in May 2022.
However, based on the latest findings, he says that the project held 5292 BTC ($154.3 million) in an address that it did not disclose. In a separate spreadsheet, he detailed 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 are related to earlier reports about hidden Terra funds. In September 2022, South Korean authorities reportedly asked two of the above crypto exchanges — OKX and Kucoin — to freeze millions of dollars of Bitcoin that they believed were linked to Kwon. Kwon then denied that any of his funds had been frozen.
It is yet to be seen whether this new information will be cited in legal proceedings. Kwon faces criminal charges in the U.S. and South Korea; he is currently serving a prison sentence in Montenegro for passport fraud. Kwon and Terraform Labs also face charges from the U.S. Securities and Exchange Commission (SEC).
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.
