Arkham

Read

Bedrock

Blockchain forensics firm Nansen has uncovered Arkham’s shady $55 million transfers in ARKM, suggesting potential sales on Binance.
<a href="https://crypto.news/tag/arkham/" target="_blank" rel="noopener noreferrer nofollow">Arkham Intelligence</a>, a blockchain deanonymization platform backed by Binance and others, has found itself in hot water after its rival <a href="https://crypto.news/tag/nansen/" target="_blank" rel="noopener noreferrer nofollow">Nansen</a> revealed that Arkham sent over $55 million in ARKM tokens to unlabeled addresses, which then allegedly sold the tokens on <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>.
In <a href="https://x.com/nansen_ai/status/1775920526751662305" target="_blank" rel="noopener noreferrer nofollow">an X thread</a> on Apr. 4, Nansen wrote that Arkham had moved over 25.2 million ARKM tokens over the past few days, with most of the funds gone to “wallets unlabeled on their platform, where a significant portion has moved to Binance.”
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 gm It looks like <a href="https://twitter.com/ArkhamIntel?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ArkhamIntel</a> has moved over 25.2m <a href="https://twitter.com/search?q=%24ARKM&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ARKM</a> (&gt;$56m) over the past 2 days Most of these funds have gone to wallets unlabeled on their platform, where a significant portion has moved to Binance 😬 Let's take a look at what's going on because they won't show you… <a href="https://t.co/Tx0eoi9WMd" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Tx0eoi9WMd</a>— Nansen 🧭 (@nansen_ai) <a href="https://twitter.com/nansen_ai/status/1775920526751662305?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 4, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Among the recipients, two addresses sent over 2.6 million ARKM tokens directly to a Binance market-making address, Nansen said, adding that another two routed the funds through new addresses before eventually reaching a different Binance address, prompting intrigue over the complexity of the transfers.
Nansen noted there are still remain 200,000 ARKM that have not yet been transferred to Binance, However, the possibility remains open, with recent activity suggesting a potential future move to the exchange, the firm added.
You might also like: <a href="https://crypto.news/arkham-launches-on-chain-crypto-data-and-blockchain-intelligence-marketplace-receives-mixed-reaction/" rel="noopener noreferrer nofollow"> Arkham launches on-chain crypto data and blockchain intelligence marketplace, receives mixed reaction </a>
Founded in 2020, Arkham Intelligence gained prominence for disclosing numerous crypto addresses, offering valuable insights to blockchain researchers.
The platform secured funding from various investors, including Bedrock Capital, D1Ventures, Draper Associates, Sam Altman, and notably, Binance, which not only <a href="https://crypto.news/arkham-up-23-following-binance-labs-investment/" target="_blank" rel="noopener noreferrer nofollow">supported</a> Arkham through its venture arm, Binance Labs but also <a href="https://crypto.news/binance-launches-arkham-token-sale-launch-price-to-be-10x-higher/" target="_blank" rel="noopener noreferrer nofollow">assisted</a> in raising $2.5 million via Binance Launchpad, the exchange’s crowdfunding platform for startups.
As of press time, Arkham Intelligence made no public statements regarding the revelations, leaving uncertainties about whether the token sales originated from the Arkham team or its backers.
Read more: <a href="https://crypto.news/nansens-customers-get-phishing-emails-after-third-party-vendor-leak/" rel="noopener noreferrer nofollow"> Nansen’s customers get phishing emails after third-party vendor leak </a>

Nansen exposes Arkham’s dubious $55m transfers in ARKM via Binance

crypto.news

Other articles published on Apr 5, 2024

Veteran Trader Peter Brandt Labels Ethereum A 'Junk Coin,' Says Bitcoin Is 'King Over Gold'

Cat In A Dogs World Price Prediction: MEW Crashes 37% As FOMO Around CEX Listings Sends Traders F...

Q1 2024 Crypto Hack Overview: Trends, Losses, and Recovery Efforts

Raffle Coin Attracts Cardano & Polkadot Followers with a Presale Set to Challenge Major Crypto Pl...

JPMorgan Says SEC May Not Classify Ethereum A Security Because It’s Becoming More Decentralized

Top 5 P2E Games by Active Users for September 2023

Join our free newsletter for daily crypto updates!