Blockchain sleuths who uncovered new information on wallets connected to Terraform Labs received a $5,000 payout.

The Arkham Intel exchange, a marketplace for trading on-chain data, made its first bounty payment to users who identified wallets belonging to Terraform Labs and its founder Do Kwon.

Expanded labels for the LFG BTC address activity after running off with funds intended for defense of the UST depeg have been added to Arkham as a part of their bounty program.

Details and additional color on the attribution are provided below. https://t.co/RzEqz4jj01

— 🏴∴glorified accountant∴🏴 (@ErgoBTC) July 24, 2023

An anonymous user, and pseudonymous Twitter user “@ErgoBTC” who works at OXT Research, were paid 9519 ARKM tokens for their submission, worth around $5,000 at the time of writing.

ErgoBTC shared additional details of his research, which he first made public in October, when the Luna Foundation Guard, the entity behind the Terra ecosystem, claimed to have just one Bitcoin wallet funded with 313 BTC. 

“While it may be true that this is the only formally ‘declared’ wallet controlled by the LFG, they seem to have failed to account for the trail of bread crumbs left by the change outputs used to fund their new declared wallet,” wrote ErgoBTC at the time.

Over the course of the next few months, the researcher continued to track the funds, noting that they continued to move even after Kwon’s arrest in March.

Kwon may have been rolled up for faking a passport. But LFG the BTC are still moving. https://t.co/KNbzUJEcyK pic.twitter.com/8Wo71zPIls

— 🏴∴glorified accountant∴🏴 (@ErgoBTC) July 3, 2023

(Laura Shin confronts Kwon about LFG’s Bitcoin holdings being much larger than it publicly claimed in this episode of Unchained.)

The wallet in question, which has now been officially labeled “Terraform Labs” on Arkham’s platform, appears to hold $160 million worth of crypto, of which $153 million sits in Bitcoin.