Bounty

Arkham

Million

Terra

Foundation

Controversial Arkham Intel Exchange’s first bounty has unearthed evidence of undisclosed wallets containing $160 million worth of digital assets tied to Do Kwon and Terraform Labs.&nbsp; 
Terra had previously claimed that it had exhausted all of its reserves in an attempt to defend the UST stablecoin peg.&nbsp; Undisclosed Terra Wallets?&nbsp; 
Two anonymous on-chain investigators have earned Arkham Intel’s inaugural bounty after providing considerable evidence of undisclosed wallets holding more than $160 million worth of digital assets tied to Terraform Labs and its founder, Do Kwon. This effort allowed the investigators, including one who describes himself as a “glorified accountant,” to win the bounty of ARKM tokens worth around $5000.&nbsp; 
The wallets in question contain over 5200 BTC. This figure contradicts Luna Foundation Guard’s previous claims of being in possession of only 313 BTC. The foundation had, back in May 2022, stated on Twitter,&nbsp; 
“As of now, the Foundation’s remaining reserves consist of the following assets: · 313 $BTC · 39,914 $BNB · 1,973,554 $AVAX · 1,847,079,725 $UST · 222,713,007 $LUNA (of which 221,021,746 is currently staked with validators).” 
The revelations made by Arkham’s bounty hunters could have significant repercussions for Do Kwon. The Luna Foundation Guard’s primary mission was to maintain the dollar peg of its algorithmic stablecoin, TerraUSD (UST). The foundation relied on its reserves of Bitcoin to maintain this peg by purchasing UST from the markets as a final line of defense against UST de-pegging. However, despite its efforts, both UST and LUNA collapsed in May 2022, wiping around $40 billion in value from the markets.&nbsp; More Insights Expected&nbsp; 
Arkham Intel expects more insights related to the wallets in question to emerge over the next few months. However, the issuer of the bounty, in this case, Arkham, maintains exclusive rights to the information unearthed for a period of 90 days. The Terra collapse is often described as one of the most crippling events in the crypto space, triggering chaos in the markets and wiping billions in investor wealth.&nbsp; 
Terra founder Do Kwon had been on the run since the collapse but was recently apprehended in Montenegro on charges of traveling using forged documents. The arrest came after the United States Securities and Exchange Commission had accused Do Kwon and Terraform Labs of orchestrating a multi-billion dollar fraud.&nbsp; Arkham Intel Exchange And Privacy Concerns&nbsp; 
The Arkham Intel Exchange is hugely controversial, acting as a marketplace facilitating the trading of on-chain data. Despite the bounty, the platform has sparked considerable debate in crypto circles. Critics have flagged concerns about the potential misuse of private information by bad actors and have suggested that the platform could also facilitate the inadvertent creation of a surveillance marketplace.&nbsp; 
However, platform supporters have countered this argument, arguing that such a platform is necessary for unmasking bad actors in the crypto space and giving whistleblowers a secure avenue to disclose crucial information. Arkham Intel CEO Miguel Morel has called for a nuanced approach to the subject, stating,&nbsp; 
“You need to think [...] very carefully about what sort of information should be allowed on versus not.”&nbsp; 
The platform, launched on the 10th of July, has been described by critics as a glorified snitching service, with concerns that it could dox innocent users. Platform users can place bounties for information related to specific blockchain transactions, which would then be made available after a period of 90 days. 
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Arkham Bounty Discovers $160 Million In Alleged Terra Wallets

Crypto Daily™

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