Arkham Intelligence, a newly launched Initial Exchange Offering (IEO) project on the Binance Launchpad platform, has found itself in controversy after allegations of collecting and potentially misusing user data, particularly personal email addresses. The project’s on-chain intelligence trading platform, which aims to “anonymize the blockchain,” has faced criticism from the crypto community, raising concerns about the trade of privacy. Here are the details…
Big backlash for altcoin listed on Binance
Arkham Intelligence’s coin launch was met with a mixed reaction in the cryptocurrency world. Some expressed optimism about exposing fraudsters and democratizing existing tools. Others pointed to their concerns about potential abuse of the platform. Recently revealed information shows that Arkham Intelligence collects and logs various user data, including wallet addresses, device IDs, and locations. Moreover, this information is combined with publicly available data from sources such as Twitter.
Adam Cochran, a prominent name in the crypto space, drew attention to these privacy concerns, arguing that Arkham Intelligence treats user data as a commodity. Cochran claims the project uses user data, combines it with publicly available information, and makes it available for free, effectively transforming users themselves into products. “Probably base64 encoded ref links so it would be easier to scrape social sites and match social profiles to Arkham profiles,” Cochran said today.
Arkham CEO responds to accusations
In response to the accusations, Miguel Morel, CEO of Arkham Intelligence, acknowledged concerns about the project’s data collection practices. Morel explained that referral links contain a Base64-encoded version of the referrer’s email primarily to track user referrals and provide rewards to participants. Morel said:
This was a way of associating records made with the referral link. It was not a way to collect user emails; users are already using their email when they sign up for the platform and get a referral link. We do not use them for anything other than communicating with users and associating referrals.
ARKM is still on the Binance exchange
While Arkham Intelligence has addressed data privacy concerns, the largest cryptocurrency exchange Binance has yet to comment on specific issues related to Arkham Intelligence. Despite the controversy, Binance has added Arkham Intelligence to the list of projects on Binance Launchpad. However, Binance’s stance on the matter is unknown. Arkham Intelligence announced that it will publish a FAQ tomorrow to further clarify data privacy and protection issues, addressing concerns raised by users and the community at large. As the discussions continue, users and stakeholders await additional information and assurance from Arkham Intelligence and Binance regarding the protection of user data and privacy in the blockchain intelligence trading space.
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