In response to criticism from the crypto community, Arkham CEO Miguel Morel has refuted claims that the company’s newly launched “Intel Exchange” is a “snitch-to-earn” or “dox-to-earn” system. The platform aims to “deanonymize the blockchain” by rewarding users with the ARKM token for revealing the identities behind anonymous blockchain addresses.
The controversy surrounding Arkham’s marketplace arose when it was branded as a “snitch-to-earn” system on Crypto Twitter, leading to public backlash. However, Morel stated that the platform’s purpose is to uncover scammers and hackers involved in crypto exploits rather than encouraging malicious activities. He argued that public blockchains are ineffective at protecting private information and emphasized that Arkham will retain control over the data shared on the platform. Morel clarified that there would be restrictions and guidelines in place, with careful moderation of the information posted.
Addressing concerns and ensuring governance
Addressing concerns about potential abuse and false accusations, Morel assured participants in a Twitter Space discussion that Arkham’s system would be carefully governed. Unlike platforms like Twitter or Facebook, every bounty on Arkham’s Intel Exchange would require approval, ensuring a higher level of vetting and regulation.
However, TV host Ran Neuner expressed concern about how Arkham manages user data, highlighting the recent incident where user emails were leaked through the weblink referral program. This raised questions about data security and the handling of sensitive information within the company.
Identifying bad actors in the cryptocurrency market
Despite the controversy, Morel reiterated that the primary objective of Arkham’s Intel Exchange is to identify trading firms, market makers, exchanges, and large institutions involved in exploitative practices. He criticized these entities for profiting from insider information about significant token transactions.
In conclusion, Arkham’s CEO defended the purpose and intentions behind the Intel Exchange platform, emphasizing its role in identifying bad actors within the cryptocurrency market. The company aims to address security vulnerabilities and expose scams rather than promoting unethical behavior. However, concerns were raised regarding data management and user privacy, highlighting the importance of stringent safeguards and transparent practices within the blockchain industry.