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The chief of the startup blockchain intelligence platform Arkham has refuted claims by the crypto community that its new \u201cIntel Exchange\u201d is a \u201csnitch-to-earn\u201d or \u201cdox-to-earn\u201d system.<\/p>\n
On a July 11 Twitter Space, Arkham CEO Miguel Morel discussed the public relations debacle that has unfolded this week over its marketplace.<\/p>\n
Arkham\u2019s Intel Exchange aimed to \u201cdeanonymize the blockchain\u201d by rewarding users with a new token, ARKM, for revealing the identities behind otherwise anonymous blockchain addresses. It was launched on Binance Launchpad as a token sale this week.<\/p>\n
The platform rapidly generated a lot of criticism<\/a> on Crypto Twitter and was dubbed a \u201csnitch-to-earn\u201d system.<\/p>\n Morel disagreed with these claims and justified the platform saying it was designed to uncover scammers and hackers behind crypto exploits. <\/p>\n \u201cPublicly available blockchains are probably the worst possible way of keeping one’s private information private,\u201d he said before adding that Arkham would retain control of the data:<\/p>\n \u201cIt’s not a completely free market. So it’s not like anybody can just post any piece of information and then it can go online.\u201d <\/p><\/blockquote>\n \u201cThere are a bunch of restrictions and guidelines, all of which we will be rolling out,\u201d he added. <\/p>\n I’ll be joining the @MarioNawfal<\/a> CryptoTownHall at 14:45 UTC to have an open discussion about Arkham and our new Intel-to-Earn ecosystem. <\/p>\n See you there!https:\/\/t.co\/PEfHI8aLBw<\/a><\/p>\n \u2014 Miguel Morel | Arkham (@RealMiguelMorel) July 11, 2023<\/a><\/p><\/blockquote>\n Morel stated that the primary focus of its info exchange is uncovering trading firms, market makers, exchanges and very large institutions.<\/p>\n He added these large hedge funds and trading entities are \u201cmaking money off of information about who’s buying and selling large positions of a particular token.\u201d<\/p>\n Related: <\/em><\/strong>Crypto hacks and exploits snatch over $300M in Q2 2023<\/em><\/strong><\/a><\/p>\n Another participant in the Twitter Space pointed out that Arkham has a responsibility to prevent abuse and may facilitate false accusations by so-called \u201ccrypto detectives,\u201d however Morel maintained it will be properly governed. <\/p>\n \u201cThankfully, it’ll actually be more vetted and more regulated than something like Twitter or Facebook because every bounty needs to be approved.\u201d<\/p><\/blockquote>\n This raised even more concerns from TV host Ran Neuner<\/a> who said, \u201cmy issue is not with the system. My issue is with your company managing the data.\u201d<\/p>\n Arkham came under fire this week for leaking<\/a> user emails via its weblink referrals program which includes an easily decipherable string of characters in referral links that reveal the referring email address. <\/p>\n Magazine: <\/em><\/strong>Should crypto projects ever negotiate with hackers? Probably<\/em><\/strong><\/a><\/p>\n<\/div>\n\n