Blockchain analytics firm Arkham has accused a rival company of disseminating false rumors aimed at instigating fear, uncertainty, and doubt (FUD) following concerns surrounding the transfer of its native ARKM token.
While Arkham did not directly name its detractor, recent allegations surfaced in an article by blockchain analytics firm Nansen. The piece claimed that Arkham had moved over 25.2 million ARKM tokens, valued at over $56 million, within the past two days to an undisclosed wallet and the cryptocurrency exchange Binance. Nansen's article drew attention to the fact that the tokens were transferred to a previously inactive Binance address and a new wallet, prompting speculation on the reasons behind the move.
In response, Arkham issued a statement on April 9 refuting the allegations, asserting that the ARKM token movement adhered to the company's published token economics. According to Arkham's explanation, 20 million ARKM tokens were transferred to a new wallet address, with an additional 5 million ARKM sourced from its ecosystem fund, in accordance with its token economics.
Regarding inquiries about the apparent inconsistency between the number of tokens in vested wallets and those stated in its Token Economics paper, Arkham clarified that as the company receives addresses from non-crypto investors and expands its workforce, vested wallets will gradually be utilized. The firm emphasized that all team and investor tokens remain fully locked until unlocked over time, with tracking capabilities available through its platform's top holder feature.
Despite its recent turmoil, ARKM maintains a substantial fully diluted market capitalization of $2.047 billion. However, the token has experienced a significant decline of nearly 40% in value over the past month, contrasting with its impressive growth trajectory over the preceding year. Notably, Arkham secured an undisclosed investment from Binance Labs in November, further contributing to its prominence in the blockchain analytics sector.
