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Fortune
Fortune
Marco Quiroz-Gutierrez

Someone offered a $670 bounty for Elon Musk’s crypto wallet via 'intel-to-learn' app Arkham

Elon Musk (Credit: Nathan Laine—Bloomberg via Getty Images)

With someone already tracking Elon Musk’s private jet, why not his personal crypto wallet?

One person has offered to pay about $670 in crypto to get that information, crypto journalist Molly White reported on Tuesday, via a blockchain application that's raised a multitude of privacy and safety concerns following the launch of its “intel exchange."

The so-called “intel-to-earn” application Arkham allows users to submit a bounty for information about an individual’s blockchain transactions “in the public interest.”

“The goal is to usher in a new era of greater transparency in crypto, where scammers, hackers, dumpers, and other harmful actors can be identified much more easily and quickly—and valuable pieces of market analysis, dashboards and research can be monetized by their discoverers,” the project’s website reads.

Other bounties on the exchange include nearly $7,000 for information on undiscovered crypto wallets owned by fugitive Terraform Labs founder Do Kwon, and $67,000 to uncover the hacker who reportedly stole $415 million from FTX in the wake of its collapse last year.

Despite the site's purportedly noble intentions, some are cautioning that paying to dox crypto users is antithetical to the space’s culture, which prides itself on anonymity. Others on Crypto Twitter pointed out that the application could incentivize violence and corruption.

In a Twitter Spaces this week, Arkham CEO Miguel Morel pushed back on people’s criticisms of the project, saying the bar for verifying information will be high.

All information submitted in response to bounties must be publicly available and should not include physical addresses, phone numbers, financial information, or other information tied to personal IDs, according to the company’s website.

Arkham has raised over $10 million in two funding rounds that value the company at $150 million, and some investors include venture capital investor Tim Draper, Bedrock Capital, Wintermute Trading, GSR Markets, and the cofounders of Palantir and OpenAI, according to the crypto exchange Binance.

The project’s native cryptocurrency is down 10% at around 67 cents as of Tuesday afternoon, according to Binance.

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