Arkham Intel Exchange Just Went After Do Kwon Crypto Wallets

On Monday, the Arkham Intel Exchange, which has a history of controversy, initiated its first-ever bounty hunt.

This came after two crypto investigators discovered evidence of crypto wallets belonging to Do Kwon, who is now an international fugitive after being the former CEO of Terraform Labs.

The platform had previously offered a reward for more information on Kwon.

An anonymous blockchain investigator and a person called ErgoBTC were awarded 9,519.26 ARKHM, which is equivalent to $4,950, for successfully completing the hunt and getting approval from the platform.

Terraform Labs experienced a significant collapse in May 2022, which saw the stablecoin TerraUSD and cryptocurrency Luna go under.

The Securities and Exchange Commission accused Do Kwon of securities violations, such as selling unregistered transactions of crypto asset securities, failing to provide full and truthful disclosures, and repeating misleading information to investors.

On July 10, Arkham Intel Exchange was launched to encourage users to discover on-chain data through a bounty program.

Anyone can request information by posting a bounty, but the platform must approve the submissions.

If successful, bounty hunters receive a reward, and the user who posted the bounty retains the information for 90 days before disclosing it to the Arkham community.

However, the platform has raised concerns among some members of the crypto community who fear that it may be used to expose the identities of innocent individuals.

According to Mike McGlone, a senior macro strategist at Bloomberg Intelligence, Bitcoin (BTC) will eventually reach a price of $100,000.

However, he also cautions that the cryptocurrency may experience a major setback before reaching that milestone.

During an interview with crypto influencer Scott Melker, McGlone reiterated his long-term prediction but also mentioned the possibility of Bitcoin dropping below $20,000 and hitting a new low before beginning to rise again.