Arkham CEO Clarifies Purpose of Program: “Not Snitching, But Identifying Bad Actors,” Claims CEO

The CEO of blockchain intelligence platform Arkham, Miguel Morel, has addressed the recent controversy surrounding their new “Intel Exchange” marketplace. Morel refuted claims within the crypto community that the platform operates as a “snitch-to-earn” or “dox-to-earn” system.

In a Twitter Space session held on July 11, Morel discussed the negative reception and clarified the purpose behind Arkham’s Intel Exchange. The platform’s intention was to “deanonymize the blockchain” by rewarding users with a newly introduced token, ARKM, in exchange for unveiling the identities behind otherwise anonymous blockchain addresses. The token sale was launched on Binance Launchpad earlier this week.

However, the marketplace faced swift criticism on Crypto Twitter, with many labeling it as a “snitch-to-earn” system. Morel firmly disagreed with these allegations and defended the platform’s objective, stating that it aimed to expose scammers and hackers involved in crypto exploits.

Morel pointed out that publicly available blockchains are not an effective means of safeguarding personal information and stressed that Arkham would exercise control over the data. He clarified that it is not an entirely unrestricted market where anyone can freely post any information for public consumption. Arkham will enforce certain restrictions and guidelines that will be gradually implemented.

The CEO highlighted that their primary focus is on uncovering trading firms, market makers, exchanges, and large institutions. He stated that these entities profit from possessing information about the buyers and sellers of significant token positions.

During the Twitter Space session, concerns were raised about potential abuse and the facilitation of false accusations by self-proclaimed “crypto detectives.” Morel assured participants that the platform would be subject to proper governance and vetting procedures, surpassing the levels of regulation seen on platforms like Twitter or Facebook. Each bounty would require approval before being made public.

TV host Ran Neuner expressed concerns about Arkham’s management of user data, particularly in light of a recent incident where user emails were leaked via the platform’s weblink referral program. The program had inadvertently exposed email addresses through easily decipherable strings in referral links.

Arkham’s CEO acknowledged the issue and assured users that steps would be taken to address such vulnerabilities and strengthen data security measures moving forward.

While the Intel Exchange faced initial criticism, Morel’s explanations aimed to clarify the platform’s purpose of identifying bad actors within the crypto space rather than promoting a culture of “snitching” or “doxing” for personal gain. Arkham intends to refine its operations and security protocols to ensure the platform aligns with industry standards and user expectations.

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