In the latest online buzz surrounding Arkham Intelligence, a company making waves in the world of cryptocurrency, questions arise about its legitimacy and transparency.
The crypto community is filled with chatter about the questionable practices and unclear affiliations of this rapidly growing blockchain enterprise.
The Arkham saga
Arkham, rising to prominence with its aggressive mission to ‘deanonymize the blockchain,’ recently garnered attention for its CEO’s ostentatious display of wealth.
However, the extravagant lifestyle is not what’s alarming crypto enthusiasts. The focus is on the company’s past endeavors and associations, specifically the infamous Arkham ICP report released back in June 2021.
When Arkham Intelligence first emerged on the scene, the firm’s credentials and expertise in industry research were largely unestablished.
The founder, Miguel Morel, only had a LinkedIn profile to his name, claiming a background as a cryptocurrency investor and creator of a fringe cryptocurrency operation named Reserve.
There were murmurings about Morel’s links to a cult and a close associate celebrating Hitler’s birthday, raising eyebrows in the community.
Despite the company’s unproven expertise, it dropped a bombshell report accusing DFINITY’s Internet Computer network of being a pump-and-dump scheme.
The claim lacked substantial evidence, only spotlighting specific ICP transfers allegedly associated with ‘insiders.’ The report, dubbed the Arkham ICP Report, caused considerable damage to the reputation of DFINITY and its native token, ICP.
The role of media and funding
Adding fuel to the fire, The New York Times co-published the report, increasing its reach and impact on DFINITY.
The exact reasons for this partnership remain unknown, prompting speculation that Arkham was commissioned to produce this defamatory report, potentially by a competitor.
Notably, after the report’s publication, the Arkham team relocated to an upscale mansion in Chelsea, London, allegedly funded by undisclosed sources. The presence of Eastern European security teams added an air of mystery, with unexplained cargo moving in and out of the mansion.
Amid the ensuing turmoil, Morel, the CEO of Arkham, made claims of tremendous public engagement with their platform and addressed criticisms on data privacy and protection.
The company pledged to make crypto a more transparent and fair place, pushing back against critics with promises of increased data protection measures. However, these promises seem to conflict with the company’s own practices.
Additional information indicates Arkham’s new blockchain transaction analysis product is derived from pre-existing technologies, and their client may have been a ‘business rival.’
The indications that Arkham’s report was professionally produced to blame DFINITY and ‘insiders’ for the falling ICP price adds to the controversies surrounding the company.
Moreover, it is suggested that the report might have been funded by Tim Draper, an American billionaire with significant holdings in Bitcoin and other cryptocurrencies.
His funding for Arkham raises more questions about potential conflicts of interest, considering the Internet Computer blockchain could pose a threat to his investment portfolio.
As Arkham Intelligence navigates its turbulent rise in the blockchain world, the company is under the microscope for its questionable actions and affiliations.
This scenario underscores the importance of transparency and accountability in the rapidly evolving world of cryptocurrencies and blockchain technology.
While Arkham may be trending, it’s crucial to remember that not all attention is positive, and a comprehensive understanding of the situation is paramount in this volatile landscape.
