Arkham accuses competitors of spreading ‘false rumors’ amid token selloff

Arkham, a blockchain analysis company, has accused rivals of creating confusion and doubt (FUD) following queries about the transfer of their ARKM tokens.

A few days before Arkham refused to identify its opposing rivals, Nansen’s post revealed that Arkham transferred approximately $56 million worth of ARKM (25.2m units) to unmarked wallets and the cryptocurrency exchange Binance. Nansen urged readers to investigate this activity themselves since Arkham was keeping it hidden. The ARKM was distributed among various inactive Binance addresses, as well as a brand-new wallet.

During Arkham’s April 9 update, they mentioned that the ARKM movements involved distributing tokens as outlined in the published token economics. In their initial transaction, 20 million ARKM were transferred to a new wallet address following an approved proposal named “Deploy ARKM-secured Chainlink DON for Intel Verification; Add Support for Solana; Establish Treasury Pool I; Implement Bounty Joining.” Concurrently, developers revealed that they had unlocked 5 million ARKM from their ecosystem fund in accordance with the tokenomics.

Arkham clarified that the difference between the actual token amounts in their vesting wallets and the numbers mentioned in their tokenomics document is due to the gradual deployment of these wallets. This process occurs as they obtain addresses from non-crypto investors and hire new team members. It’s important to note that there have been no early unlocks, and all tokens for teams and investors remain securely locked and can be monitored using the top holders feature on their platform.

At the time of publication, ARKM’s fully diluted market cap is $2.047 billion. Despite a spectacular run-up over the past year, in part due to hype surrounding the firm’s use of AI in its blockchain analytics, ARKM has lost nearly 40% of its value in the past month. The firm received an undisclosed investment sum from Binance Labs last November. 

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2024-04-09 20:28