Arkham Intelligence said in a dated tweet: July 24th The first identification bounty for cryptocurrency wallets has been paid out.
A related bounty was awarded to an on-chain detective with the handle ErgoBTC and a second anonymous individual. They found evidence of an address owned by Terraform Labs and its founder and former CEO, Do Kwon.
It’s unclear if the findings are for the same address, or if the two shared the reward. The bounty was worth 9419.2625ARKM ($4941).
Arkham noted that relevant labels have been added to its Intel platform, allowing users to track addresses allegedly linked to Kwon and Terraform Labs.
Several other bounties are still listed on the Arkham Intelligence Bounty Exchange. The platform had over 30 bounties listed at its launch on July 19th. At the time, these bounties were worth over 204,000 ARKM (approximately $135,000).
Findings Shed Light on Terra Fund
ErgoBTC point out The Luna Foundation Guard (LFG) claimed to have only one Bitcoin address worth 313 BTC ($9.1 million) months after the May 2022 failure.
However, based on the latest findings, the project held 5,292 BTC ($154.3 million) at an undisclosed address. In another spreadsheet, he detailed dozens of transactions related to the address. Terra appears to have moved funds to and from OKX, Kucoin and other exchanges before the address finally received 5292 BTC.
Today’s discovery is related to previous reports of hidden Terra funds. In September 2022, South Korean authorities reportedly asked two of the above cryptocurrency exchanges, OKX and Kucoin, to freeze millions of dollars worth of Bitcoin believed to be associated with Kwon. Kwon has since denied that his own funds have been frozen.
It is not yet known if this new information will be cited in legal proceedings. Kwon faces criminal charges in the United States and South Korea. He is currently serving a prison sentence in Montenegro for passport fraud. Kwon and Terraform Labs have also been sued by the US Securities and Exchange Commission (SEC).
An article first appeared on CryptoSlate that said Arkham had announced a $5,000 bounty payout, as Terra-related addresses were identified.