Blockchain analytics company Arkham has hit back at competitors for allegedly spreading misinformation regarding the firm’s management of its native ARKM tokens. Arkham’s defensive stance comes as the analysis firm, Nansen, published a report accusing Arkham of shifting a substantial number of tokens to various unmarked wallets and Binance, the leading cryptocurrency exchange, without proper disclosure.
Scrutinizing Arkham’s Token Transactions
Nansen’s public disclosure claims that Arkham moved over 25 million ARKM tokens, valued at roughly $56 million, to unidentified wallets and Binance within a two-day span. This action raised eyebrows since the receiving wallet was previously inactive. The move prompted Nansen to issue a call for transparency, indicating that Arkham was not fully disclosing its token transfer activities.
Arkham rebutted the allegations on April 9, explaining that the token transfers aligned with their preset token release schedule. The firm detailed that a proposed protocol allowed for a 20 million ARKM distribution to a newly established wallet, with an additional 5 million tokens released from the ecosystem fund as per their tokenomics structure.
ARKM Token Valuation and Market Impact
In response to queries about the differences between actual token holdings and the projected figures, Arkham stressed that vesting wallets would become increasingly utilized, with tokens being allocated to non-cryptocurrency investors and new staff. Despite the controversy, Arkham assured stakeholders that no premature token unlockings had occurred and that all locked tokens could be traced within their platform.
Notes for the User
- Arkham insists that all token transfers are in accordance with their published tokenomics plan and no premature releases have occurred.
- The company emphasizes increased usage of vesting wallets in the future with non-crypto investors and new team members.
- Arkham’s ARKM token saw a 40% decrease in value last month, yet still holds a fully diluted market valuation of over $2 billion.
Despite the recent dip in ARKM’s market value, the token had previously seen a significant surge in price, partly due to Arkham’s adoption of AI for blockchain analytics. Arkham had also secured an investment from Binance Labs in the previous year, the amount of which was not disclosed publicly.