The chief of the startup blockchain intelligence platform Arkham has refuted claims by the crypto group that its new “Intel Exchange” is a “snitch-to-earn” or “dox-to-earn” system.
On a July 11 Twitter Space, Arkham CEO Miguel Morel mentioned the general public relations debacle that has unfolded this week over its market.
Arkham’s Intel Exchange aimed to “deanonymize the blockchain” by rewarding customers with a brand new token, ARKM, for revealing the identities behind in any other case nameless blockchain addresses. It was launched on Binance Launchpad as a token sale this week.
The platform quickly generated quite a bit of criticism on Crypto Twitter and was dubbed a “snitch-to-earn” system.
Morel disagreed with these claims and justified the platform saying it was designed to uncover scammers and hackers behind crypto exploits.
“Publicly available blockchains are probably the worst possible way of keeping one’s private information private,” he stated earlier than including that Arkham would retain management of the information:
“It’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.”
“There are a bunch of restrictions and guidelines, all of which we will be rolling out,” he added.
I’ll be becoming a member of the @MarioNawfal CryptoTownHall at 14:45 UTC to have an open dialogue about Arkham and our new Intel-to-Earn ecosystem.
See you there!https://t.co/PEfHI8aLBw
— Miguel Morel | Arkham (@ActualMiguelMorel) July 11, 2023
Morel acknowledged that the first focus of its data alternate is uncovering buying and selling corporations, market makers, exchanges and really massive establishments.
He added these massive hedge funds and buying and selling entities are “making money off of information about who’s buying and selling large positions of a particular token.”
Related: Crypto hacks and exploits snatch over $300M in Q2 2023
Another participant within the Twitter Space identified that Arkham has a duty to forestall abuse and will facilitate false accusations by so-called “crypto detectives,” nevertheless Morel maintained it is going to be correctly ruled.
“Thankfully, it’ll actually be more vetted and more regulated than something like Twitter or Facebook because every bounty needs to be approved.”
This raised much more issues from TV host Ran Neuner who stated, “my issue is not with the system. My issue is with your company managing the data.”
Arkham got here below hearth this week for leaking person emails by way of its weblink referrals program which incorporates an simply decipherable string of characters in referral hyperlinks that reveal the referring e mail deal with.
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