Blockchain analytics company Arkham has accused its competitors of spreading false rumors in an attempt to create fear, uncertainty, and doubt (FUD) after questions were raised about the company’s transfer of its ARKM tokens. While Arkham did not name the specific competitors, another blockchain analytics firm called Nansen recently published a post claiming that Arkham had transferred over 25.2 million ARKM tokens (worth over $56 million) to unlabeled wallets and the cryptocurrency exchange Binance. Nansen highlighted that the tokens were sent to different Binance addresses with no prior activity and a new wallet address.
In response, Arkham stated in a post on April 9 that the ARKM movements were in line with the published tokenomics and were related to unlocked tokens. In the first transfer, 20 million ARKM tokens were sent to a new wallet address as part of an approved protocol proposal. Additionally, Arkham explained that 5 million ARKM tokens from its ecosystem fund were unlocked according to its tokenomics.
When asked about the discrepancy between the number of tokens in its vesting wallets and the number stated in its tokenomics paper, Arkham clarified that vesting wallets would be deployed gradually as they received addresses from non-crypto investors and made new hires. The company emphasized that there had been no early unlocks and that all team and investor tokens remained fully locked and traceable using the top holders feature on their platform.
As of now, ARKM’s fully diluted market cap is $2.047 billion. Despite a significant increase in value over the past year, partly due to the hype surrounding the company’s use of artificial intelligence in blockchain analytics, ARKM has experienced a 40% decrease in value in the past month. Last November, Arkham received an undisclosed investment from Binance Labs.
Related: Arkham Intelligence has identified that MicroStrategy’s Bitcoin holdings are pooled with Fidelity.