In a recent announcement, blockchain intelligence company Arkham unveiled what it claims to be the world’s first on-chain intelligence exchange. The launch of this exchange coincided with the introduction of their new cryptocurrency, ARKM, through Binance’s Launchpad service. However, the response from Crypto Twitter has been divided, with criticism aimed at Arkham’s mission to deanonymize the blockchain and its perceived role as a centralized intelligence agency.
The core concept of Arkham’s Intel Exchange revolves around anonymous posting and acceptance of bounties for information related to blockchain transactions. Once a bounty is completed, the entity that initiated it gains exclusive access to the data for 90 days, after which the data is released to the public. Despite claims of positive use cases, experts express concerns about potential misuse and the implications of Arkham’s proposed business model. Some argue that the exchange could create a lucrative platform for targeting wealthy individuals by placing bounties on their wallets, potentially leading to kidnapping incidents.
Critics have further accused Arkham of leaking the email addresses of users who signed up for the waitlist and shared the link on social media. It was discovered that the web form used for sign-ups encoded the email addresses in simple BASE64 format, making it easy to associate them with the Twitter accounts sharing the referral links. This raised speculation regarding intentional doxing, suggesting that Arkham’s goal might be to reveal the identities of prominent players in the blockchain space.
The controversy surrounding Arkham’s on-chain Intel Exchange highlights the need for careful consideration of privacy and security in the crypto community. As the industry continues to evolve, maintaining the balance between transparency and protecting sensitive information becomes crucial. By addressing these concerns, companies like Arkham can build trust and ensure the responsible use of blockchain intelligence.