TL; DR Breakdown
- Arkham CEO refutes ‘snitch-to-earn’ claims, defends ‘Intel Exchange.
- Morel promises vigilant regulation to prevent misuse of Arkham’s new system.
- Intel Exchange’ aims to unmask big trading entities, not individuals.
In the wake of escalating criticisms, Miguel Morel, CEO of the budding blockchain intelligence company Arkham, staunchly defended its novel program, “Intel Exchange.” Critics have harshly labeled it as a ‘snitch-to-earn’ or ‘dox-to-earn’ system, owing to its unique reward scheme.
Fuck this.
It's not even the snitch-to-earn component that I'm entirely against (it is useful as a decentralized whistleblowing dapp for public good).
The submissions end up on Arkham + Arkham Fnd is the central arbiter.
Someone should fork the contracts and decentralize this. https://t.co/hnfehiukd9
— Hudson Jameson (@hudsonjameson) July 10, 2023
Morel, however, pushed back in a Twitter Space conversation on July 11, articulating that the motive behind the initiative is to isolate bad actors within the crypto space and not as a mechanism to breach individual privacy.
I'll be joining the @MarioNawfal CryptoTownHall at 14:45 UTC to have an open discussion about Arkham and our new Intel-to-Earn ecosystem.
See you there!https://t.co/PEfHI8aLBw
— Miguel Morel (@RealMiguelMorel) July 11, 2023
“Publicly available blockchains,” Morel contended, “are probably the worst possible way of keeping one’s private information private.” As the program went live on the Binance Launchpad as a token sale this week, controversy erupted on Crypto Twitter.
Morel Vows Vigilant Regulation Amid Privacy Concerns
Arkham’s ‘Intel Exchange’ aims to unmask the individuals behind anonymous blockchain addresses. Users who assist in this process are incentivized with a new token, ARKM. Consequently, many expressed concerns over potential misuse and doxxing.
Responding to the criticism, Morel emphasized that the system is not a completely free market. Hence, random individuals cannot post sensitive information at will. “There are a bunch of restrictions and guidelines, all of which we will be rolling out,” he affirmed.
Besides these measures, Arkham also intends to retain control of the data. The company’s chief stated that the primary focus of its info exchange is to reveal the identities of large trading firms, market makers, exchanges, and institutions profiting from undisclosed information about large token trades.
Amid these discussions, another participant raised an important issue – Arkham’s responsibility to prevent false accusations by ‘crypto detectives.’ Morel responded assertively, saying the system would be “more vetted and regulated than something like Twitter or Facebook because every bounty needs to be approved.”
Despite these assurances, TV host Ran Neuner expressed apprehension, highlighting that his problem is not with the system but with Arkham managing the data.
Arkham, however, remains committed to ensuring the integrity of its initiative. Morel’s response to these concerns and his promise of strict regulation should bring some relief, yet the crypto community will be watching Arkham’s next moves closely.
