Do Kwon’s Wallet Found? ‘Dox-to-Earn’ Arkham Intel Awards First Bounty

The ‘dox-to-earn’ model of Arkham Intel Exchange faced criticism. Still, it may lead to more transparency for Terra-Luna.

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  • Controversial platform Arkham Intel paid out a $5,000 bounty to two investigators. 
  • Investigators had information on Do Kwon of Terra-Luna. 
  • Critics call Arkam Intel a “dox-to-earn” platform. 

In the world of cryptocurrency, transparency is a double-edged sword. On the one hand, it fosters trust and accountability; on the other, it can lead to privacy concerns. A recent development involving the controversial Arkham Intel Exchange has brought this debate to the forefront. The platform has awarded its first bounty to on-chain investigators who found information on wallets owned by Do Kwon, the co-founder of Terraform Labs. 

Arkham Intel Pays Out Bounty on Do Kwon’s Info

On Monday, July 24, Arkham Intel Exchange announced that it had awarded its first bounty to two “on-chain sleuths” who provided evidence of wallets owned by Do Kwon and Terra. 


The bounty, amounting to 9,519.2625 Arkham (ARKM) or roughly $5,000, was awarded to one anonymous user and ErgoBTC. The latter is a self-described “glorified accountant” working with OXT Research. 

The bounty was put out in the wake of confusion surrounding the whereabouts of Terra’s lost funds. While Arkham did not confirm what the investigators found, Ergo revealed some of their findings. 

According to Ergo, the investigator that claimed the Arkham bounty, the Luna Foundation Guard (LFG) story does not add up. According to the investigator, LFG did not cover the trails of the wallets it used. This potentially enabled Ergo and the other investigator to find other wallets. 

They noted that these findings contradict LFG’s statements about its reserves. Namely, the foundation maintains that its reserves are in only one wallet, containing 313 Bitcoin


Still, the information sent to Arkham Intelligence is unavailable to the public. According to Arkham Intel’s website, the bounty providers get exclusive access to the information for 90 days. After that, all information found by the investigators becomes public. 

Where are Terra-Luna’s Funds? 

The controversy about Terra-Luna’s absent funds erupted after the spectacular Terra stablecoin collapse in June 2022. The demise of the stablecoin left international authorities launching investigations and issuing arrest warrants. 

Following the collapse, Do Kwon left South Korea and hid in Montenegro, allegedly avoiding law enforcement. However, Montenegrin authorities eventually arrested him in May 2023 as he tried to leave the country. The former crypto billionaire remains in a Montenegro prison to this day. 

On the Flipside

  • Arkham Intelligence was criticized for its controversial “dox-to-earn” wallet, where users can place bounties on info about specific wallets. This naturally caused concerns over on-chain privacy. 
  • The bounty payout saw some crypto users praise Arkham Intelligence for its role in providing transparency in its case. 

Why This Matters 

Finding additional wallets linked to Terra-Luna will help to compensate victims of the collapse. Moreover, the investigation will shed light on the case against Do Kwon in South Korea. 

Read more about Arkham’s “dox-to-earn” model: 

Why Binance’s IEO Arkham (ARKM) Faces “Dox-to-Earn” Backlash

Read more about Do Kwon of Terra-Luna:

Do Kwon: The Rise and Fall

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.