Arkham unveils Terraform’s and Do Kwon’s secret holdings

Arkham Intelligence, a crypto data provider, has disclosed crucial information regarding the crypto holdings and wallet activity of Terraform Labs and its founder, Do Kwon. 

The revelation came from an anonymous sleuth and renowned crypto analyst, ErgoBTC. He won a $5,000 bounty granted by Arkham and submitted the data to Arkham Intelligence for the Arkham Intel Exchange.

Over $160m held by Terraform and Do Kwon

According to the data, Terraform Labs and Do Kwon currently hold $161.27 million in crypto assets. Despite this impressive figure, the cumulative loss on their holdings stands at $61 million.

Bitcoin (BTC) is the largest component of Terraform Labs’ portfolio, with a substantial holding of 5.292K BTC valued at $154.20 million.

Ethereum (ETH) comes in next, with 2.522K ETH amounting to $4.67 million.

Additionally, Terraform Labs holds considerable amounts of CVX, GOHM, USDT, BUSD, and USDC, totaling millions of dollars in value.

Interestingly, the last transaction reported in the data involved sending 13.9K OPEN tokens valued at $123 to a null address.

Another noteworthy transaction was its last whale movement of 5,292 BTC worth a staggering $162.5 million. It was made between two Terraform Labs addresses three weeks ago. Such significant inhouse transfers suggest strategic financial management within the organization.

The balance on these wallets peaked at over $955 million in March 2022. However, the cumulative balance witnessed drastic declines following the Terra ecosystem implosion two months later. This drop was also triggered by massive outflows initiated by Terraform Labs and Kwon.

Terraform Labs has withdrawn $1.12 billion since 2020

Arkham Intelligence’s data also provided insights into Terraform Labs’ financial activity. Since November 2020, the company has witnessed total deposits amounting to $1.70 billion. Conversely, total withdrawals stood at $1.12 billion during the same period. 

The data further reveals that Terraform Labs relied heavily on Binance for most transactions. Notably, deposits through Binance accounted for a substantial 70% of all deposits, amounting to $1.2 billion. Similarly, withdrawals through Binance constituted 71%, totaling $802 million.

The data has sparked interest and speculation within the crypto community as Do Kwon faces charges from South Korean prosecutors and the US SEC.

Amid the Terra saga, Kwon has repeatedly denied rumors of moving funds on-chain to bankroll his affairs. The recent disclosure comes up shortly after Do Kwon’s lawyers filed a supplementary document, seeking to leverage the recent XRP victory in the SEC case to dismiss the agency’s lawsuit against Kwon.