- Binance announced its 32nd IEO, which has sparked debate in the crypto community.
- Arkham is a platform where users can buy and sell information about the owner of any blockchain wallet address.
- Critics have labeled Arkham as a ‘dox-to-earn’ project, raising concerns about data harvesting practices and potential privacy violations.
The latest project to be promoted through the Binance initial exchange offering (IEO) program has piqued the crypto community’s interest. Arkham describes itself as the world’s first on-chain intelligence exchange, but more may be happening beneath the surface.
Binance launched its 32nd IEO, the Arkham (ARKM) token sale, on the Binance Launchpad on July 10.
Arkham on Binance
Binance Coin (BNB) holders who commit and lock their tokens into the sale will receive an Arkham token airdrop.
Binance has extended the accumulation period from today until July 17 in an effort to boost BNB. The ARKM token sale will take place for BNB holders on July 17 and 18.
Arkham is a platform that permits users can buy and sell information about the owner of any blockchain wallet address.
According to the team, buyers on the Arkham Intel Exchange solicit intelligence from the community by posting bounties. “Bounty hunters claim them by submitting the requested intel, thereby earning rewards,” the website explained.
It said that anyone with “valuable information on a wallet or its owner” can sell it to other users for a buy-it-now price or via auction.
“This creates a liquid market for information, allowing on-chain sleuths to monetize their work at scale: “intel-to-earn.”
The project has piqued the interest of the skeptical crypto community.
Adam Cochran, a partner at Cinneamhain Ventures, was adamant about slating the Dallas-based company for the project. He commented on an email leak that occurred as a result of the project’s referral links:
“Has a clear Privacy Policy limiting the ways they can use your email, including a hash, which they just breached.”
“Arkham also sniffs and logs its own users’ data, including wallet addresses, device ids, locations, and so on,” he explained. “It’s free because you’re the product,” he explained, contrasting it with centralized social media platforms that harvest user data.
Others in the crypto industry have dubbed Arkham a “dox-to-earn” or “snitch-to-earn” project.
According to Polygon Labs’ Hudson Jameson, the snitch-to-earn component was useful, but the submissions ends up on Arkham, which is the central arbiter. “Someone should fork the contracts and decentralize this,” he added.
Binance Price Pumps
Degens are already stockpiling BNB in anticipation of the Arkham token sale. As a result, BNB prices have increased from $232, which was the price of BNB before the announcement, to $256 at the time of writing.
However, since US regulators launched their attack on Binance early last month, the exchange token has lost 20% of its value.
