Blockchain analytics firm Arkham Intelligence debuts its native token
Blockchain analytics firm Arkham Intelligence debuts its native token, ARKM, at $0.75. The company hits a market cap of $113 million after ARKM was initially sold for $0.05 on the Binance launchpad. Participants locked up a staggering $2.4 billion in the launchpad to secure a better chance of receiving the full allocation.
A Treat for Beta Testers & Bounty Hunters
The launchpad also included an airdrop to early platform users and beta testers, with most receiving 197 tokens. Based on the current trading price, the value of those tokens is around $147. Presently, 150 million tokens are in circulation. 850 million tokens will unlock over an eight-year vesting schedule.
In an effort to unearth hidden information within the crypto space, Arkham Intelligence’s Intel Exchange has set up enticing bounties on high-profile wallets. Among the notable targets are Elon Musk, Do Kwon, and Sam Bankman-Fried. The rewards range from 1,000 to 10,000 ARKM tokens.
The most significant bounty, equivalent to around $70,000, is reserved for identifying the individual or entity behind the $415 million theft from FTX during its bankruptcy period. Despite controversies surrounding the platform, Arkham leaders emphasise its intention to expose exploits and fraud rather than engage in “doxing” or revealing private information.
The FTX hack remains a puzzle, and Arkham offers a 30-day window for investigators to make significant breakthroughs. After the exchange’s collapse, it was disclosed that the hacker stole $323 million from FTX’s international exchange. $90 million comes from FTX US and $2 million from FTX’s sister company Alameda Research.
Arkham’s Splash Generates Mixed Feelings
Arkham’s intel marketplace is generating mixed reactions among the crypto community. Critics are labelling it a “dox-to-earn program” while others find it an innovative initiative. The platform’s controversial nature is further heightened as Bankman-Fried, FTX’s former CEO, faces legal troubles. With his trial scheduled for October, former associates are expected to turn witnesses against him.
As the Intel Exchange opens new avenues for crypto detectives, it remains to be seen how this initiative will impact the crypto landscape and contribute to addressing security concerns within the industry.
