The “Arkham Intel Exchange” project seems to be struggling to seduce. And for good reason, the crypto community fears waves of “dox-to-earn” from this new, rather unique marketplace, recently highlighted by the Binance Launchpad. Its CEO Miguel Morel, however, defended himself, saying that the platform would be regulated and did not concern “small portfolios”.
Arkham Intelligence under fire from critics
The Arkham Intelligence project, recently brought to light following its arrival on the Binance Launchpad, has been under fire for a few days for its desire to “de-anonymize the blockchain”, and more particularly since it announced Arkham Intel Exchange, a marketplace dedicated to on-chain information exchange.
Concretely, Arkham Intel Exchange is defined as a platform allowing the purchase and sale of information relating to any portfolio hosted on the blockchain. Quickly, the initiative has been called “dox-to-earn” by much of the crypto communitywhich generally has at heart the principles of privacy and freedom, which are notably present in the very foundations of Bitcoin (BTC).
Faced with the wave of criticism, Arkham Intelligence CEO Miguel Morel, held a Twitter Space on July 11 to clarify the situation. According to him, the blockchain has many interests, but public blockchains are not designed for anonymity and Arkham only exploits this:
“You literally make transactions that you broadcast to a decentralized network of millions of people, all of whom can watch on the blockchain to see what transactions are broadcast. Speed, ease of use, owning your own assets, the ability to instantly make cross-border payments are all amazing reasons to use cryptocurrencies. Trying to be completely anonymous isn’t one, and that’s something a lot of people don’t understand. »
Moreover, according to him, the interest of Arkham Intel Exchange is not to allow the exchange of sensitive information of ” small wallets », but rather malicious actors like FTX :
“There is an incentive from the community that is being exploited to do some real work to find out who is behind the fraud so they can be reported to the authorities, or for the community to know. This could have prevented very large frauds and crises in the crypto sector, such as the collapse of FTX and Alameda. »
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Efforts to be made to reassure the community
Twitter Space participant Scott Melker (better known by the Twitter handle ‘The Wolf Of All Streets’) raised his concerns with the CEO of Arkham Intelligence regarding potential disclosures of private information via Arkham Intel Exchange :
“What concerns me is Pandora’s box that opens when you financially incentivize people to attack people. It could be very simple for someone to choose an individual they don’t like and build a false story against them. »
Arkham’s CEO defended himself, saying that the purpose of the platform was only to reveal the hidden information of big bad actors, and that the bounty system would be regulated :
“It’s not a completely free market. So it’s not like anyone can post any information and put it online. There are a number of restrictions and guidelines that we will put in place. »
Finally, Arkham Intelligence has also been criticized for its sponsorship service, which has leaked emails from its users, even though the platform had been notified in January 2023a priori without taking the necessary measures afterwards.
Founded in 2020, Arkham has raised over $12 million from various players including Palantir, a company behind Palantir Gotham, a surveillance service used by American intelligence (NSA, CIA, FBI, etc.) as well as those of a dozen European countries, including France. Other Twitter users have also drawn parallels between the Arkham logo and the Pentagon building in the United States.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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