> ## Documentation Index
> Fetch the complete documentation index at: https://docs.sleuthintel.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Sleuth - Institutional Access - Private Bounties

> Original Sleuth document.

<div style={{ margin: "-24px -32px", width: "calc(100% + 64px)" }}>
  <iframe title="Sleuth - Institutional Access - Private Bounties" srcDoc={"<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n<meta charset=\"UTF-8\">\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n<title>SLEUTH \u00b7 Institutional Access \u00b7 Private Bounties</title>\n<link href=\"https://fonts.googleapis.com/css2?family=Orbitron:wght@500;700;900&family=Share+Tech+Mono&display=swap\" rel=\"stylesheet\">\n<style>\n:root{\n  --green:#00FF66; --green-dim:#00cc52; --green-glow:rgba(0,255,102,0.3);\n  --green-faint:rgba(0,255,102,0.06); --bg:#060606; --card:#0c0c0c;\n  --border:#1a1a1a; --text:#FFD700; --gold:#FFD700; --gold-glow:rgba(255,215,0,0.25);\n  --red:#ff4444; --red-dim:#cc3333;\n}\n*{margin:0;padding:0;box-sizing:border-box;}\nhtml{scroll-behavior:smooth;}\nbody{background:var(--bg);color:var(--text);font-family:'Share Tech Mono',monospace;line-height:1.65;overflow-x:hidden;}\n.wrap{position:relative;z-index:1;max-width:1000px;margin:0 auto;padding:0 24px 80px;}\n.hero{padding:70px 0 20px;}\n.vtag{color:var(--green-dim);font-size:0.78rem;letter-spacing:3px;margin-bottom:18px;}\nh1{font-family:'Orbitron',sans-serif;font-weight:900;color:var(--green);font-size:clamp(1.8rem,4.4vw,2.8rem);\n  letter-spacing:2px;text-shadow:0 0 18px var(--green-glow);margin-bottom:16px;}\n.section{padding:44px 0 10px;}\n.eyebrow{color:var(--gold);font-size:0.8rem;letter-spacing:3px;margin-bottom:10px;}\nh2{font-family:'Orbitron',sans-serif;font-weight:700;color:var(--green);font-size:clamp(1.3rem,3vw,1.9rem);\n  letter-spacing:1.5px;margin-bottom:16px;text-shadow:0 0 14px var(--green-glow);}\np{margin-bottom:14px;}\n.lead{font-size:1.05rem;color:var(--gold);}\nul{margin:0 0 16px 20px;}\nli{margin-bottom:10px;}\nstrong{color:var(--green);}\n.card{background:var(--card);border:1px solid var(--border);border-left:2px solid var(--green-dim);\n  padding:22px;margin:18px 0;border-radius:2px;}\n.card h4{font-family:'Orbitron',sans-serif;color:var(--green);font-size:0.88rem;letter-spacing:1.5px;margin-bottom:10px;}\n.card.gold{border-left-color:var(--gold);}\n.card.gold h4{color:var(--gold);}\n.statrow{display:flex;gap:18px;flex-wrap:wrap;margin:26px 0;}\n.stat{flex:1;min-width:180px;background:var(--card);border:1px solid var(--border);padding:20px;\n  border-radius:2px;text-align:center;}\n.stat .n{font-family:'Orbitron',sans-serif;font-weight:900;color:var(--green);font-size:1.4rem;\n  text-shadow:0 0 12px var(--green-glow);}\n.stat .l{color:var(--gold);font-size:0.7rem;letter-spacing:1.2px;margin-top:6px;}\n.flowline{display:flex;flex-wrap:wrap;align-items:center;gap:8px;margin:22px 0;}\n.node{background:var(--card);border:1px solid var(--green-dim);padding:8px 14px;border-radius:2px;\n  font-size:0.75rem;letter-spacing:1px;color:var(--green);}\n.arr{color:var(--gold);}\n.callout{border:1px solid var(--green-dim);background:rgba(0,255,102,0.04);padding:22px 26px;\n  margin:24px 0;border-radius:2px;}\n.callout .ct{font-family:'Orbitron',sans-serif;color:var(--green);letter-spacing:2px;font-size:0.9rem;margin-bottom:10px;}\n.flagbox{border:1px solid var(--red-dim);background:rgba(255,68,68,0.05);padding:18px 22px;margin:22px 0;border-radius:2px;}\n.flagbox .ct{font-family:'Orbitron',sans-serif;color:var(--red);letter-spacing:2px;font-size:0.85rem;margin-bottom:8px;}\ntable{width:100%;border-collapse:collapse;margin:22px 0;font-size:0.85rem;}\nth{color:var(--gold);text-align:left;padding:9px 10px;border-bottom:1px solid var(--green-dim);\n  letter-spacing:0.5px;font-weight:400;}\ntd{padding:9px 10px;border-bottom:1px solid var(--border);}\ntr:hover td{background:var(--green-faint);}\n.tablewrap{overflow-x:auto;}\n.footer{border-top:1px solid var(--border);padding:26px 0;margin-top:40px;display:flex;justify-content:space-between;\n  font-size:0.7rem;color:var(--green-dim);letter-spacing:1px;flex-wrap:wrap;gap:8px;}\n</style>\n</head>\n<body>\n<div class=\"wrap\">\n\n<div class=\"hero\">\n  <div class=\"vtag\">// INTERNAL \u00b7 TEAM SHARE \u00b7 NOT FINAL COPY \u00b7 v4 ADDS SETTLEMENT MODES</div>\n  <h1>Institutional Access \u00b7 Private Bounties</h1>\n  <p class=\"lead\">Institutions buy one membership: full platform access for the team, and the right to post private bounties. The membership is the door, the bounty is the spend. We provide the framework, the surface, and the workforce.</p>\n</div>\n\n<div class=\"section\">\n  <div class=\"eyebrow\">// 01 \u00b7 Why they come</div>\n  <h2>Two measured numbers open the door</h2>\n  <p>Matched band for band against a market-rate analyst desk, the swarm delivers verified intelligence at 6.5x to 9.6x lower cost, and the gap widens with volume. On novel threat patterns, the kind incumbent scanners are structurally blind to, the swarm flags in a median of one hour against 16 to 19 hours for public discovery, while incumbents catch novel patterns only a third of the time.</p>\n  <div class=\"statrow\">\n    <div class=\"stat\"><div class=\"n\">6.5x\u20139.6x</div><div class=\"l\">CHEAPER THAN A DESK</div></div>\n    <div class=\"stat\"><div class=\"n\">1HR VS 16\u201319HR</div><div class=\"l\">NOVEL THREAT DETECTION</div></div>\n  </div>\n  <p>Cheaper on what they already buy. Faster on what their current vendor cannot see at all. Target buyers: compliance desks at exchanges and custodians, funds and market makers running counterparty diligence, insurers, investigators. Framed in their own language: a retainer for the relationship, billing for the work. The familiarity does the selling.</p>\n</div>\n\n<div class=\"section\">\n  <div class=\"eyebrow\">// 02 \u00b7 The model</div>\n  <h2>Membership is the door. Bounties are the spend.</h2>\n  <div class=\"flowline\">\n    <span class=\"node\">MEMBERSHIP</span><span class=\"arr\">\u2192</span>\n    <span class=\"node\">POST PRIVATE BOUNTY</span><span class=\"arr\">\u2192</span>\n    <span class=\"node\">T3 SWARM RIGHTS HUNT IT</span><span class=\"arr\">\u2192</span>\n    <span class=\"node\">POINTS + COMPLETION</span><span class=\"arr\">\u2192</span>\n    <span class=\"node\">PAYOUT + REFUND</span><span class=\"arr\">\u2192</span>\n    <span class=\"node\">90 DAYS \u2192 TREE</span>\n  </div>\n\n  <div class=\"card\">\n    <h4>THE MEMBERSHIP</h4>\n    <p style=\"margin:0\">$1K a month flat. KYB'd, account managed, 5 seats at full Tier 4 access, and the right to post private bounties. Extra seats negotiable at higher rates. Seats carry tier access, never swarm rights: an institution's analysts browse, query, and hit the API at Tier 4, but hunting, verifying, and listing stay individually earned. Capital doesn't cross the line, even enterprise capital. Real enough to filter, cheap enough that it never blocks a deal, and the smooth recurring line next to the bounty flow, which is where the money is.</p>\n  </div>\n\n  <div class=\"card\">\n    <h4>THE BOUNTY</h4>\n    <p style=\"margin:0\">The institution sets the price. Not us. They post whatever intel ask they want, at whatever number they want, and a serious investigation can run five figures or more. At intake the ask is structured into scoped components, each with a points budget. No scope, no bounty. That structuring is part of the account-managed service, and it makes the swarm's job sharper too. The poster also picks how it settles: open-ended, or a deadline of their choosing, from four hours to four months. No minimum window. Urgency is the point, not a risk to gate. At deadline the bounty settles at whatever completion stands, the refund-in-full rule on the unfound remainder is what protects a poster who sets a window the swarm can't fully clear.</p>\n  </div>\n\n  <div class=\"card\">\n    <h4>THE HUNT</h4>\n    <p style=\"margin:0\">The private board is visible to holders of Tier 3 swarm rights only. The public Most Wanted board stays open to every licensed hunter, unchanged; the private board is the elite lane. Capital can post to it; only earned rank can hunt it. Open work, no claiming: any licensed hunter contributes, every submission runs the identical belt, blind verifiers, and grading as public intel. A contribution floor means scraps earn nothing. Only the machine's visibility changes, never the machine.</p>\n  </div>\n\n  <div class=\"card\">\n    <h4>THE REQUESTER IS INVISIBLE, END TO END</h4>\n    <p style=\"margin:0\">Hunters never see who asked. The fold-in never reveals it. No link exists at any stage, before, during, or after. The ask itself is often the sensitive part, a fund mapping a counterparty is revealing a position, and anonymity protects that completely.</p>\n  </div>\n</div>\n\n<div class=\"section\">\n  <div class=\"eyebrow\">// 03 \u00b7 The math</div>\n  <h2>Points decide the split. Completion decides the release.</h2>\n  <p><strong>Points.</strong> The existing 1 to 10 grade curve maps to 10 to 250 points, same superlinear shape the swarm already works under: a grade 9 find is worth many multiples of a grade 3. On private bounties the curve assigns points, not dollars. A hunter's share of the released pool is their points over total points.</p>\n  <p><strong>Completion.</strong> Each scoped component carries a points budget set at intake. Under pro-rata settlement, completion is points earned against each budget, capped per component so one over-delivered component can't mask an unfound one, summed across the scope. Find 70% of what was asked and 70% of the bounty releases. Under all-or-nothing settlement, nothing releases below 100%, see Section 03b. Settlement fires at full completion, or at the poster's deadline if they set one, whichever comes first.</p>\n  <p><strong>The remainder refunds in full.</strong> The institution only ever pays for what was found. No credits, no rollover, no fine print. That single clause survives any procurement review and sells harder than any rate card would.</p>\n  <div class=\"tablewrap\">\n  <table>\n    <tr><th>Mechanic</th><th>How it works</th></tr>\n    <tr><td>Price</td><td>Set by the institution, open, quoted on their scope</td></tr>\n    <tr><td>Scope</td><td>Structured into components at intake, each with a points budget</td></tr>\n    <tr><td>Settlement mode</td><td>Pro-rata or all-or-nothing, see Section 03b</td></tr>\n    <tr><td>Release</td><td>Pro-rata: completion % of the bounty, unfound remainder refunds in full. All-or-nothing: full payout at 100%, zero and full refund below it</td></tr>\n    <tr><td>Settlement timing</td><td>Full completion or poster's deadline, whichever first. No minimum window</td></tr>\n    <tr><td>Hunter split</td><td>Pro rata by points, 10 to 250 per graded item, existing curve</td></tr>\n    <tr><td>Platform split</td><td>50% of the released amount is platform revenue</td></tr>\n    <tr><td>Buyback</td><td>Standard 25% of that revenue, same rule as every other dollar</td></tr>\n  </table>\n  </div>\n  <div class=\"callout\">\n    <div class=\"ct\">NEVER TOUCHES THE PUBLIC CEILING</div>\n    <p style=\"margin:0\">Private bounty payouts are funded by the bounty itself. They are fully additive to the swarm's earnings and never compete with the public $150K epoch ceiling. A big institutional month makes hunter wages bigger, never smaller. Hard rule.</p>\n  </div>\n</div>\n\n<div class=\"section\">\n  <div class=\"eyebrow\">// 03a \u00b7 Pricing floors</div>\n  <h2>The institution sets the price. We set the floor.</h2>\n  <p>Open pricing sells. Open pricing with no guardrail also lets a bounty get priced under what the work is worth, which kills completion, kills the hunter's time, and hands the institution a dead board on their first try. The account manager applies a floor at intake, during the same scoping conversation that already breaks the ask into components. The institution still names the final number. They're just naming it with a real number in front of them.</p>\n\n  <div class=\"card\">\n    <h4>TWO TIERS, NOT ONE</h4>\n    <p style=\"margin:0\">The floor depends on what kind of work the component actually is, not on how it's phrased. <strong>Tree-tier</strong> covers anything that looks like intel the swarm already produces at scale: standard wallet tagging, entity attribution, known pattern types. <strong>Institutional-tier</strong> covers incident response and novel investigation work nobody else can do at all, not just cheaper. The category decides the tier. No separate scoring rule, no precedent lookup against the Tree, no points-budget threshold to argue over.</p>\n  </div>\n\n  <div class=\"tablewrap\">\n  <table>\n    <tr><th>Tree-tier component</th><th>Maps to</th><th>Floor \u00b7 one third of independent investigator rate</th></tr>\n    <tr><td>Basic trace</td><td>Single wallet, single chain</td><td>$500 \u2013 $1,150</td></tr>\n    <tr><td>Standard</td><td>Multi-hop, attribution</td><td>$1,150 \u2013 $2,650</td></tr>\n    <tr><td>Complex</td><td>Multi-chain, bridge or mixer tracing</td><td>$2,650 \u2013 $6,650+</td></tr>\n  </table>\n  </div>\n  <p>Sourced from published independent blockchain forensic investigator pricing, not our own grade curve. Anchoring a $1K institutional membership's bounty pricing to the $10-$250 public tag curve would undersell the T3+ hunters doing real investigative work, so the floor comes from the market rate for that work instead.</p>\n\n  <div class=\"card gold\">\n    <h4>INSTITUTIONAL-TIER FLOOR</h4>\n    <p style=\"margin:0\">Incident response and novel investigation work has no cheaper comparable to discount from, since it's the category we're actually competing on. Floor is one third of the $800-$1,500/hr emergency, no-retainer incident response rate, roughly $265-$500/hr, applied to the account manager's estimated scope hours at intake. Hard minimum of $2,650 per bounty regardless of hour count, so a real incident can't be scoped down small enough to duck the hourly math.</p>\n  </div>\n\n  <div class=\"callout\">\n    <div class=\"ct\">WHY ONE THIRD, NOT A DISCOUNT OFF OUR OWN RATES</div>\n    <p style=\"margin:0\">The floor is one third of what the institution's realistic outside alternative costs, an independent investigator or an emergency IR desk, never a fraction of what we'd otherwise charge. There's no self-referential number for an institution to lowball against. If a submitted price comes in under the floor, the account manager flags it before intake closes: the price goes up or the scope shrinks. The institution still picks. They just can't pick blind.</p>\n  </div>\n</div>\n\n<div class=\"section\">\n  <div class=\"eyebrow\">// 03b \u00b7 Settlement modes</div>\n  <h2>Pro-rata pays for progress. All-or-nothing pays for the finish.</h2>\n  <p>Pro-rata is the default: pay for whatever percentage lands, refund the rest. It works whenever the ask can genuinely be split into parts, a hundred wallets tagged is worth roughly a hundred times one wallet tagged. Some asks don't split. Identifying the one entity behind a wallet either happens or it doesn't, there's no such thing as 80% of an identification. For those, all-or-nothing is the only mode that actually describes the value.</p>\n\n  <div class=\"card\">\n    <h4>THE ASK DECIDES ELIGIBILITY, NOT PREFERENCE</h4>\n    <p style=\"margin:0\"><strong>Divisible asks</strong> (wallet sweeps, batch tagging, anything with partial value) get both modes on the table. The institution picks. Some procurement processes only pay for a finished deliverable regardless of what's cheaper, that buyer takes all-or-nothing even though pro-rata would usually cost them less. That's fine, the option existing costs us nothing and the higher price on the win covers it. <strong>Atomic asks</strong> (one identification, one confirmed link) are all-or-nothing only, because pro-rata isn't a definable payout there in the first place.</p>\n  </div>\n\n  <div class=\"card gold\">\n    <h4>WHAT ALL-OR-NOTHING ACTUALLY MEANS</h4>\n    <p style=\"margin:0\">100% completion, full payout. Anything less, zero payment and zero intel handed back, full refund to the institution. A hunter takes this bet when they're confident they can close it, or because they already hold data that gets them there at near-zero extra effort. Either way it's a real bet, not a formality.</p>\n  </div>\n\n  <div class=\"tablewrap\">\n  <table>\n    <tr><th>Mode</th><th>Floor</th><th>Payout on a miss</th></tr>\n    <tr><td>Pro-rata</td><td>One third of true cost</td><td>Partial, matched to completion %</td></tr>\n    <tr><td>All-or-nothing</td><td>Half of true cost</td><td>Zero, full refund to institution</td></tr>\n  </table>\n  </div>\n  <p>Half is a flat launch number, not a modeled one. We have zero real completion-rate data on institutional bounties yet, so a flat round number beats a fake-precise formula. It's a dial to revisit once beta data exists, not a rate to defend as correct on day one.</p>\n</div>\n\n<div class=\"section\">\n  <div class=\"eyebrow\">// 04 \u00b7 The moat</div>\n  <h2>90 days, then the Tree. No exceptions.</h2>\n  <p>Every private bounty answer folds into the Tree at grade after a 90 day exclusivity window. There is no perpetual buyout, no priced exception, no shadow graph. Fold-ins enter in monthly batches rather than dated per bounty, which blunts anyone trying to reverse-engineer who asked what and when. Every institutional dollar eventually makes the canonical graph more complete, for free.</p>\n  <p>The honest edge: intel that is sensitive by content rather than by requester, an exchange investigating its own breach, won't be posted here, anonymity can't hide what the intel is about. We lose a sliver of the most paranoid work and keep a model with zero leaks. Worth it.</p>\n</div>\n\n<div class=\"section\">\n  <div class=\"eyebrow\">// 05 \u00b7 Why it wins</div>\n  <h2>Three flows from one mechanic</h2>\n  <ul>\n    <li><strong>More subs.</strong> Membership adds a recurring institutional revenue line that grows with logo count, and the private board becomes a real perk of reaching Tier 3 swarm rights. Rank pulls harder.</li>\n    <li><strong>More intel.</strong> Every bounty is free canonical intel on a 90 day delay, paid for by someone else.</li>\n    <li><strong>Higher wages.</strong> Bounty pools are additive to the epoch payroll. Institutional demand raises what the swarm earns without touching how it earns.</li>\n  </ul>\n  <p>Versus the field: Arkham's bounties are human-brief and foundation-gated, Bubblemaps' Intel Desk lets staked whales steer the queue. Ours prices by direct demand, grades blind, pays by earned rank, and hands the graph everything after 90 days.</p>\n</div>\n\n<div class=\"section\">\n  <div class=\"eyebrow\">// 06 \u00b7 Sequencing</div>\n  <h2>After public Most Wanted proves the loop</h2>\n  <p>Hard dependencies unchanged: Tree live, verifier track running, billing live. First two or three institutions come in as design partners at pilot membership pricing, with a named success metric, a live detection race against their incumbent vendor over one week of real incidents.</p>\n</div>\n\n<div class=\"flagbox\">\n  <div class=\"ct\">STILL TO VALIDATE</div>\n  <p style=\"margin:0\">Component points budgeting needs a worked example before it goes near the WP, and swarm throughput at beta scale needs checking against plausible bounty volume so we never sell a hunt we can't staff. With no minimum window, a 4-hour bounty needs a real answer for how fast the private board actually reaches available T3+ hunters, that's a notification and staffing question, not a pricing one, and it's unsolved. The all-or-nothing half floor is a launch guess, real completion-rate data from beta bounties needs to replace it once it exists. Revenue will be lumpier than a retainer model, the membership line is the answer to that question when VCs ask it.</p>\n</div>\n\n<div class=\"footer\">\n  <span>SLEUTH \u00b7 TEAM SHARE \u00b7 INSTITUTIONAL BOUNTIES \u00b7 v4</span>\n  <span>Whitepaper is master \u00b7 WP, deck and 2-pager updates on the pending list</span>\n</div>\n\n</div>\n</body>\n</html>\n" } style={{ width: "100%", minHeight: "100vh", border: "none", display: "block", background: "#060606" }} />
</div>
