Arkham: Binance Users Lock $2.4 Billion For ARKM Launchpad

Biraajmaan Tamuly
Source: Binance Blog

Arkham Intelligence is witnessing an eventful week. After recently receiving criticism on Crypto Twitter over its bounty program to incentive ‘information sharing’, the protocol has undergone a successful launch. According to Binance, the exchange has completed the Arkham subscription launchpad for ARKM tokens. The public sale of the tokens reached its hard cap of $2.5 million.

According to the press release, the sale generated significant interest. Overall, a total of 114,454 participants got involved and committed over $2.4 billion worth of BNB. That is an oversubscription by 990 times. According to Binance,

“Users that committed 50 BNB received an allocation of 246.1109 ARKM and will have 0.05063977 BNB deducted.”

Additionally, airdrops will also take place which will be a separate event from the Binance launch. At press time, the ARKM token is worth $0.70, which is a whopping 14 times above its initial value of $0.05. Public trading for the token will commence on Binance at 8 a.m. ET on July 18.

Also Read: 1inch Surges 55% as $3.8 Million Worth of Tokens Moved to Binance

Arkham CEO Defends ‘Bounty’ Program

After the initial announcement, Arkham’s on-chain ‘Intel Exchange’ was labeled as ‘snitch-to-earn’ by the community. Its objective to ‘deanonymize the blockchain’ caused a massive commotion. Ran Reuner, a popular crypto commentator also commented and raised his issue with the system.

Source: Twitter

Additionally, other members also accused the intelligence company of assuming a centralized agency role because of leaked the email addresses of signed-up users. As a result, in a recent interview with CoinDesk, Arkham CEO Miguel Morel defended his position. According to Morel, publicly available blockchains are terrible to store private information. Likewise, another point in the context is that Bitcoin and Ethereum had a misperception of being inherently private. Consequently, he added that unless users were utilizing mixers such as Tornado Cash, the wallet address can be globally viewed. He stated,

“Speed, ease of use, actually owning your own assets, being able to make cross-border payments instantly – these are all amazing reasons for using cryptocurrency. “Trying to be completely anonymous is not one, and this is something that, you know, many people do not understand.“

The Arkham CEO positioned his services as a marketplace for traders and hedge funds. Furthermore, these individuals will be able to find information on who is buying and selling large positions of a token.

Also Read: Binance To Support Terra LUNA Pheonix Upgrade