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Arkham’s CEO defends ‘dox-to-earn’ platform amidst backlash

TL;DR

  • The platform’s Intel Exchange incentivizes users to disclose the identities behind anonymous blockchain addresses by rewarding them with a new token called ARKM.
  • The CEO of Arkham, Miguel Morel addressed this move, asserting that the platform’s purpose was to uncover scammers and hackers involved in crypto exploits rather than promoting unethical behavior. 
  • Morel assured participants that the platform would be properly governed and more regulated than social media platforms like Twitter or Facebook.

Arkham, the startup blockchain intelligence platform, has faced criticism and controversy over its recently launched “Intel Exchange” marketplace. The CEO of Arkham, Miguel Morel, addressed these concerns during a Twitter Space session on July 11. The platform’s Intel Exchange incentivizes users to disclose the identities behind anonymous blockchain addresses by rewarding them with a new token called ARKM. However, the crypto community quickly labeled it a “snitch-to-earn” or “dox-to-earn” system.

Morel refuted these claims, asserting that the platform’s purpose was to uncover scammers and hackers involved in crypto exploits rather than promoting unethical behavior. He highlighted that public blockchains are not effective at keeping private information secure and emphasized that Arkham would retain control of the data shared on its platform. He clarified that the marketplace is not entirely open, with restrictions and guidelines in place to ensure responsible information sharing.

Arkham move to fight scammers

According to Morel, Arkham’s primary focus is to uncover trading firms, market makers, exchanges, and large institutions that exploit information about significant token transactions for profit. This approach aims to promote transparency and mitigate the unfair advantage held by certain entities in the crypto market.

During the Twitter Space session, concerns were raised about the potential for abuse and false accusations by individuals referred to as “crypto detectives.” Morel assured participants that the platform would be properly governed and more regulated than social media platforms like Twitter or Facebook. He explained that each bounty would require approval before being posted, adding an extra layer of oversight.

However, TV host Ran Neuner expressed concerns about Arkham’s management of user data. The company had recently faced backlash for leaking user emails through its weblink referral program, where referral links contained easily decipherable strings of characters that revealed the referring email addresses.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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