Arkham Defends Against Rivals' Accusations of Suspicious Token Transfers
Summary:
Arkham, a blockchain analytics firm, is defending itself against allegations of suspicious token transfers, brought on by competitor Nansen. Arkham's controversial handling of over 25.2 million ARKM tokens has raised concerns. However, the firm maintains that all transactions were in accordance with its public tokenomics and aligned with approved procedures. The disparities in token counts are attributed to the timed deployment of vesting wallets, in response to new hires and non-crypto investor addresses. Despite experiencing a surge in market capitalization fueled by AI integration, Arkham's ARKM value has seen a considerable decline in the past month.
Arkham, a blockchain analytics enterprise, has issued allegations against its rivals, accusing them of promoting fear, uncertainty, and doubt ("FUD") following concerns regarding the transfer of its proprietary ARKM tokens. While Arkham didn't identify their challengers explicitly, few days previously, a report by Nansen, another blockchain analytics company, stated that Arkham had moved more than 25.2 million ARKM (valued over $56 million) over the past 48 hours into anonymous wallets, as well as the cryptocurrency exchange, Binance. Nansen's post came with a note that discussed the secretive nature of Arkham's transfers, highlighting the fact that ARKM was sent to disparate Binance addresses that had never been functioned before, in addition to one freshly created wallet address.
On April 9th, Arkham counterclaimed, explaining that the ARKM transactions were in line with the publicized tokenomics and pertaining to released tokens. 20 million ARKM tokens were dispatched to a new wallet address in the first transaction, following the adoption of a protocol initiative called: "Deploy ARKM-secured Chainlink DON for Intel Verification; Add Support for Solana; Establish Treasury Pool I; Implement Bounty Joining." Furthermore, Arkham's developers justified the dispatch of 5 million ARKM from its ecosystem fund as per the standard unlocking process of its tokenomics.
Arkham straightened out the disparities between the token quantity in its vesting wallets and the number stated in its tokenomics paper, clarifying that vesting wallets would be "deployed overtime" in line with the receipt of addresses from non-cryptocurrency investors and the hiring of new personnel. The firm reassured all stakeholders that there haven't been any premature releases and that all tokens, belonging to both the team and investors, were fully locked and could be traced using the "top holders feature" on their platform.
At the point of publication, ARKM's fully diluted market capitalization was pegged at $2.047 billion. Despite an impressive rally over the past year, largely facilitated by the buzz around Arkham's application of AI in its blockchain analytics, ARKM has seen a nearly 40% drop in value in the past month. The company had received financial backing from Binance Labs in November of the preceding year, though the sum remains undisclosed. Related: Arkham Intelligence pinpoints intersection of MicroStrategy Bitcoin assets with Fidelity's holdings.
Published At
4/9/2024 7:07:22 PM
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