While Terra co-founder Do Kwon is presently detained in Montenegro and the site is still under investigation in South Korea, cryptocurrency users are still looking for information about wallets.
The cryptocurrency industry is experiencing exciting advances as a platform aiming at “deanonymizing the blockchain” achieves its first success! Wallet addresses linked to Terraform Labs and its co-founder Do Kwon have been submitted to Arkham Intel Exchange, a site created to shine light on blockchain transactions.
In response to the challenge, two tenacious “on-chain sleuths” sent proof of Kwon and Terra’s wallets to the platform, potentially contradicting Terra’s claims in public that she only had one Luna Foundation Guard wallet. They have received a generous bounty payout of 9,519.2625 Arkham (ARKM), or around $5,000, for their fascinating discovery.
Related: Do Kwon, Terra co-founder, sentenced to four months in Montenegro for passport fraud
The team of Ergo, a self-described “glorified accountant” employed by OXT Research, and anonymous user received a bounty payout of 9,519.2625 Arkham (ARKM), or about $5,000 at the time of publication, for their work. The timing is ideal since Arkham Intel Exchange, which only debuted on July 10, has already had a significant impact on the blockchain ecosystem.
The Arkham Intel Exchange now has its first approved submission: new evidence of wallets owned by Do Kwon / Terraform Labs.
— Arkham (@ArkhamIntel) July 24, 2023
An anonymous on-chain sleuth and @ErgoBTC were the successful bounty hunters. The new labels are available for all to track here: https://t.co/GT9dCGU5q6pic.twitter.com/0QruCFQ4OS
Despite all the attention this innovative platform has received, some detractors have expressed their concerns, calling it nothing more than a “snitching service.” However, many people are attracted by the possibility of more accountability and transparency in the crypto world. Users can post bounties asking details on blockchain transactions, and those bounties will become public 90 days after Arkham gives them the green light. With the Kwon and Terra wallet information set to be released later in October, anticipation is running high.
Terra itself has encountered its fair share of controversy, particularly after TerraClassicUSD (USTC), its algorithmic stablecoin, depegged from the US dollar during the 2022 crypto market crisis. Co-founder Shin Hyun-seong, also known as Daniel Shin, is also under investigation for allegedly making illegal gains from the sale of LUNA tokens.
Related: Terraform Labs CEO Do Kwon Steps Down, New CEO Appointed
Transparency and accountability will be crucial in determining the future of blockchain technology, it is obvious as the cryptocurrency community excitedly anticipates the next discoveries from Arkham Intel Exchange. We have exciting times coming as we delve further into the blockchain’s mysteries!