Arkham Intelligence Reveals Crypto Holdings and Wallet Activity
Arkham Intelligence, a crypto data provider, has disclosed critical information regarding crypto holdings and wallet activity to Terraform Labs and its founder Do Kwon.
This revelation came from an anonymous investigator and famous crypto analyst, ErgoBTC. He received a $5,000 bounty awarded by Arkham and provided the data to Arkham Intelligence for the Arkham Intel Exchange.
More than $160 million is held by Terraform and Do Kwon
According to the data, Terraform Labs and Do Kwon currently own $161.27 million in crypto assets. Despite this impressive number, the cumulative loss on their property is $61 million.
Bitcoin (BTC) is the largest item in Terraform Labs’ wallet, with a whopping 5,292 thousand bitcoins held worth $154.20 million.
Ethereum (ETH) is next, with 2,522K ETH worth $4.67 million.
In addition, Terraform Labs owns large amounts of CVX, GOHM, USDT, BUSD and USDC, totaling millions of dollars.
Interestingly, the last transaction reported in the data involved 13.9 thousand OPEN tokens worth $123 being sent to an empty address.
Another noteworthy transaction was the recent whale movement of 5,292 BTC with a staggering value of $162.5 million. It was done between my two Terraform Labs addresses three weeks ago. Such significant internal transfers indicate strategic financial management within the organisation.
The balance in these wallets peaked at over $955 million in March 2022. However, the cumulative balance saw a sharp decline in the wake of the Terra ecosystem crash two months later. The decline was also caused by massive outflows initiated by Terraform Labs and Kwon.
Terraform Labs has withdrawn $1.12 billion since 2020
Arkham Intelligence data also provided insights into Terraform Labs’ financial activity. Since November 2020, the company has seen total filings of $1.70 billion. Conversely, withdrawals totaled $1.12 billion over the same period.
The data further reveals that Terraform Labs relied heavily on Binance for most of the transactions. Notably, deposits through Binance accounted for 70% of all deposits, amounting to $1.2 billion. Similarly, withdrawals through Binance accounted for 71%, totaling $802 million.
The data sparked interest and speculation within the cryptocurrency community as Do Kwon faces charges from South Korean prosecutors and the US Securities and Exchange Commission.
Amidst the Terra saga, Kwon has repeatedly denied rumors of an on-chain money transfer to fund his affairs. The latest disclosure came shortly after Do Kwon’s attorneys filed a supplemental document, seeking to capitalize on XRP’s recent victory in the SEC’s case to dismiss the agency’s lawsuit against Kwon.