Arkham Intelligence, a crypto data provider, has revealed crucial information about the crypto holdings and wallet activity of Terraform Labs and its founder, Do Kwon.
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Anonymous sleuth and well-known crypto analyst, ErgoBTC, received a $5,000 bounty from Arkham Intelligence for his discovery. He submitted the data to Arkham Intelligence for the Arkham Intel Exchange, revealing crucial information about the crypto holdings and wallet activity of Terraform Labs and its founder, Do Kwon.
The Arkham Intel Exchange now has its first approved submission: new evidence of wallets owned by Do Kwon / Terraform Labs.
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/GT9dCGU5q6 pic.twitter.com/0QruCFQ4OS
— Arkham (@ArkhamIntel) July 24, 2023
Terraform and Do Kwon Hold Over $160M in Crypto
As per the data, Terraform Labs and Do Kwon presently possess $161.27 million in crypto assets. However, their cumulative loss on these holdings amounts to $61 million.
Terraform Labs’ portfolio is predominantly comprised of Bitcoin (BTC), with a substantial holding of 5.292K BTC valued at $154.20 million. Ethereum (ETH) follows closely, with 2.522K ETH amounting to $4.67 million.
Apart from Bitcoin (BTC) and Ethereum (ETH), Terraform Labs also holds significant amounts of CVX, GOHM, USDT, BUSD, and USDC, collectively worth millions of dollars.
Interestingly, the latest transaction in the data recorded sending 13.9K OPEN tokens valued at $123 to a null address.
Notable Transactions and Financial Management at Terraform Labs:
A noteworthy transaction involved moving 5,292 BTC worth an impressive $162.5 million between two Terraform Labs addresses three weeks ago. Such substantial in-house transfers indicate strategic financial management within the organization.
The wallet balance reached a peak of over $955 million in March 2022. However, following the Terra ecosystem’s implosion two months later, the cumulative balance experienced significant declines. These drops were triggered by massive outflows initiated by Terraform Labs and Kwon.
Terraform Labs Withdrew Billions in Crypto:
Arkham Intelligence’s data revealed financial insights into Terraform Labs’ activity. From November 2020, the company witnessed total deposits of $1.70 billion, while total withdrawals amounted to $1.12 billion during the same period.
The data indicates that Terraform Labs heavily relied on Binance for most transactions. Notably, deposits through Binance accounted for a significant 70% of all deposits, totaling $1.2 billion. Similarly, withdrawals through Binance constituted 71%, amounting to $802 million.
The data has piqued interest and speculation in the crypto community as Do Kwon faces charges from South Korean prosecutors and the US SEC.
Amidst the Terra saga, Kwon has consistently denied rumors of moving funds on-chain for personal purposes. The recent data disclosure coincides with Do Kwon’s lawyers filing a supplementary document, citing the recent XRP victory in the SEC case as leverage to seek dismissal of the agency’s lawsuit against him.
Important:聽Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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