Arkham denies competitors’ claims of improper ARKM token transfers, citing adherence to tokenomics amid a 40% value drop.
Arkham, a prominent name in blockchain analytics, has leveled accusations against its rivals, claiming they’re deliberately disseminating misleading information to undermine the firm’s reputation. This accusation comes in the wake of speculative actions involving Arkham’s proprietary ARKM tokens, sparking a heated debate within the cryptocurrency community.
Arkham finds itself at the center of controversy following a significant transfer of its ARKM tokens, a move that competitors have flagged as suspicious. The firm, however, refutes these claims, suggesting that the transactions in question align perfectly with its publicly disclosed token distribution strategy.
Competitor Nansen recently spotlighted Arkham’s transfer of over 25.2 million ARKM tokens, valued at upwards of $56 million, to various new accounts and the Binance exchange platform. This action raised eyebrows, given the newly created accounts and the absence of prior activity associated with them. Nansen’s commentary hinted at a lack of transparency from Arkham’s end, inquiring a deeper dive into the matter.
Arkham’s Response
In response, Arkham clarified that it unlocked the tokens following the guidelines set out in its tokenomics documentation. Specifically, a significant portion of the tokens was allocated to a new wallet address in accordance with an approved operational proposal, which included enhancing blockchain verification methods, expanding support to additional blockchain platforms, and establishing a financial pool for future endeavors. Additionally, the ecosystem fund released a portion of tokens, adhering to the predetermined unlocking schedule.
Arkham further addressed concerns over the token distribution discrepancies by explaining that the process of deploying vesting wallets is ongoing, tailored to accommodate both traditional investors unfamiliar with cryptocurrency and new team members. The firm firmly stated that all tokens allocated to its team and investors remain securely locked and are verifiable through its platform’s tracking features.
Despite the firm’s efforts to clarify the situation, ARKM’s market valuation has experienced a significant downturn, shedding nearly 40% of its value over the previous month. This decline comes despite the buzz surrounding Arkham’s application of artificial intelligence in blockchain analysis and a notable financial endorsement from Binance Labs last year.