The CEO of Arkham, Miguel Morel, has responded to allegations made by the cryptocurrency community regarding their recently introduced “Intel Exchange” system, dismissing claims that it functions as a “snitch-to-earn” or “dox-to-earn” mechanism.
During a Twitter Spaces session held on July 11, Morel addressed the ongoing public relations controversy surrounding their marketplace.
Arkham’s Intel Exchange was designed to incentivize users with a new token, ARKM, for unveiling the identities linked to otherwise anonymous blockchain addresses, thereby aiming to “deanonymize the blockchain.” The platform launched this token sale on Binance Launched earlier this week.
The platform forced swift backlash and was labeled as a “snitch-to-earn” system on Crypto Twitter, drawing significant criticism.
However, Morel strongly contested these allegations and defended the platform’s purpose by emphasizing its aim to expose scammers and hackers involved in crypto exploits.
According to Miguel Morel, “Publicly available blockchains are likely the least secure means of safeguarding one’s private information.” He further clarified that Arkham would maintain authority over the data, stating, “ It’s not an entirely unrestricted market where anyone can freely share any information and have it immediately published online.”
According to Morel, the primary objective of their information exchange is to uncover trading firms, market makers, exchanges, and large institutions. He emphasized that these entities profit from having information about the buyers and sellers of significant token positions.
During the Twitter Space discussion, another participant expressed concern that Arkham could potentially enable false accusations by “crypto detectives” and emphasized the company’s responsibility to prevent abuse. However, Marrel reassured that the platform would be subject to proper governance.
He stated, “ Fortunately, it will undergo more scrutiny and regulations compared to platforms like Twitter or Facebook, as every bounty needs to be approved.”
TV host Ran Neuner raised further concerns, stating, “My concern lies not with the system itself but with your company’s management of the data.”
Also read: Binance Launchpad Introduces Arkham (ARKM) Token Sale!
