Arkham’s CEO, Miguel Morel, recently attempted to counter critic accusations that referred to the blockchain platform’s new initiative, “Intel Exchange”, as “snitch-to-earn”. The Intel Exchange program, launched on Binance Launchpad, is a scheme designed to reveal the identities behind anonymized blockchain addresses. Morel passionately defended the platform, stating that it’s aimed at spotting scammers and hackers in the crypto world.
However, the startup’s intentions have been met with widespread skepticism and communal dispute mainly from Twitter and tech enthusiasts alike. Critics argue that the program’s objectives invite potential abuse and might even instigate unwarranted accusations from overzealous ‘crypto detectives’. In response, Morel dismissed these concerns, emphasizing the platform’s intent to adhere to a well-governed and regulated structure: “Thankfully, it’ll actually be more vetted and more regulated than something like Twitter or Facebook because every bounty needs to be approved.”
Interestingly, the platform aims to concentrate primarily on uncovering trading firms, exchanges, winged market makers, and sizable institutions. The way it operates could potentially disrupt traditional big players’ secretive trading habits, as Morel pointed out, who are “making money off of information about who’s buying and selling in large positions of a particular token.”
Nevertheless, the initiative’s data management has raised alarm bells among industry enthusiasts. TV host Ran Neuner voiced his concerns: “my issue is not with the system. My issue is with your company managing the data.” Controversy arose when Arkham came under pressure after allegations of leaked user emails via its referral program.
Despite the negative press, Arkham remained undeterred, maintaining its goal to combat the criminal underbelly of the crypto world using unconventional means. While the innovative approach to strengthening the crypto environment’s overall security is admirable, the reservations and skepticism faced by Arkham might be a sobering reminder of the need for stringent regulatory guidelines for private information management.
Source: Cointelegraph
