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Miguel Morel, the commanding chief of the innovative blockchain intelligence platform Arkham, recently dismissed accusations swirling around the company's newly introduced "Intel Exchange." Critics have labeled it a "snitch-to-earn" scheme, but Morel was quick to dismiss such claims.
The debate surrounding Arkham's novel initiative reached its peak during a Twitter Space event on July 11, where Morel provided insights into the workings of the Intel Exchange. The platform aims to unveil the identities associated with anonymous blockchain addresses and launched its token sale this week on Binance Launchpad. This initiative rewards participants with Arkham's new ARKM tokens for their contributions, leading to a heated debate on Crypto Twitter, with critics branding it a "snitch-for-profit" venture.
Morel, however, held a different perspective. He defended the program, emphasizing its primary purpose of exposing nefarious scammers and hackers who exploit the crypto market. Morel stated that public blockchains are grossly inefficient when it comes to maintaining privacy and clarified that Arkham has a robust system for controlling the released data. He added, "There is no free-for-all here. It's not like anyone can share any information, and it instantly goes online."
The CEO further emphasized that Arkham's main intent is to shed light on the activities of significant trading firms, market makers, and large financial institutions. According to Morel, these entities capitalize on privileged information about individuals making large purchases or sales of specific tokens.
Despite Morel's assurances, concerns were raised about the potential misuse of the system and the risk of false claims. Critics argued that Arkham bears the responsibility of preventing such abuse, with TV host Ran Neuner expressing concerns over how Arkham manages the data.
This controversy follows a leak of user emails through Arkham's referral program earlier this week. The program, which exposes the referrer's email through easily readable characters in referral links, faced severe criticism.
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