Morel claims "Intel Exchange" is dedicated to identifying cybercriminals in the crypto industry.
Arkham's CEO, Miguel Morel, vehemently denied the crypto community's portrayal of the newly introduced "Intel Exchange" as a program encouraging users to betray trust for personal gain.
This assertion was made during a candid Twitter Space chat on July 11th, where Morel defended the new initiative amidst a brewing public relations storm.
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Arkham’s Intel Exchange, as Morel explains, aims to dissolve the veil of anonymity in blockchain by rewarding participants with a new token, ARKM. This initiative, which recently kicked off with a token sale on Binance Launchpad, is drawing criticism from the crypto community, many of whom label it a "snitch-to-earn" system.
Morel strongly disputes these labels, arguing that the platform is dedicated to identifying and exposing cybercriminals exploiting the crypto ecosystem.
Publicly available blockchains are probably the worst possible way of keeping one's private information private. It's not a completely free market. So it's not like anybody can just post any piece of information and then it can go online.
On top of that, Morel added that the company plans to add "a bunch of restrictions and guidelines."
Morel emphasized that the core mission of the Intel Exchange is to shed light on trading firms, exchanges, market makers, and large institutions. He insisted that such large entities exploit information about the buying and selling of tokens for their monetary gain.
A Twitter Space participant raised concern about Arkham's obligation to prevent misuse of the platform by so-called "crypto detectives," which could result in false accusations. Morel, however, assured that proper governance is in place.
Thankfully, it'll actually be more vetted and more regulated than something like Twitter or Facebook because every bounty needs to be approved.
Ran Neuner, a TV host, however, was more worried about Arkham's handling of data. His concerns were amplified by Arkham’s mishandling of user emails through their referral program.
Arkham faces a challenging path as it attempts to establish the legitimacy of its "Intel Exchange." Balancing its mission with data protection and user privacy concerns will be crucial to its success.
In April, Arkham also denied claims that it had anything to do with a sudden Bitcoin price drop.
