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Arkham has moved 304.5 million ARKM tokens, valued at $487.24 million, to Coinbase Prime to comply with tax regulations and enhance security measures.
Arkham's Major Move to Coinbase Prime Custody
Arkham withdrew 304.5 million ARKMs, valued at over $487.24 million, from its vesting contract and moved them to Coinbase Prime custody in a major move to fulfill regulatory and tax regulations.
This deal involves 115.8 million ARKM tokens, which are controlled by Miguel Morel, the CEO of Arkham, and are worth $185.28 million, according to the platform's data.
CEO Miguel Morel's Significant ARKM Token Share
Before July 18th, Arkham informed the team through the X social platform that they needed to move their tokens to Coinbase Prime in order to pay taxes and stay in accordance with regulations.
This transfer improves the security and regulatory supervision of the assets by making it so that the blockchain will no longer display the exact unlocking and transfer status of these tokens.
Linear Unlocking Cycle for ARKM Tokens
With the transition, the team, investors, and advisors have entered a linear unlocking cycle that started on July 17. At present, these groups unlock around 324,200 ARKM, worth around $518,000 per day. Regardless of what has happened recently, this procedure is still part of a predetermined unlocking plan that lasts three years.
Cointelegraph elaborates that moving to Coinbase Prime is a smart move by Arkham that demonstrates their dedication to following regulations and implementing strong security measures. Investors and stakeholders can rest easy knowing that Arkham is using Coinbase Prime's custody services to administer the tokens under strict security measures.
Coincident with Satoshi Nakamoto's publication of the Bitcoin white paper, the United States Congress passed a law requiring financial intermediaries to record their income more thoroughly. Financial institutions are now required by law to give taxpayers and the Internal Revenue Service extensive information regarding their tax returns.
This decision is similar to the existing crypto capital gains tax regulations in that it mandates that businesses use the "cost basis"—the difference between an asset's acquisition price and sale proceeds—when determining their tax liability.
The US-based cryptocurrency exchange Coinbase has also been used by law enforcement authorities to safely store or sell cryptocurrencies that have been seized during criminal investigations.
Coinbase Prime has been designated by the United States Marshals Service to manage assets linked to the defunct FTX cryptocurrency exchange and the notorious Silk Road website, as stated in official records. Over $32 million was the value of the contract that the company received.
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