Binance Launchpad's new project Arkham steps forward to address community concerns: There will be no issue of doxxing for profit

Binance Launchpad's new project, Arkham, caused a huge stir due to a referral code generation mechanism that made it easy to find the email addresses of referrers. The project was criticized by the community for its information trading market dubbed as "Dox to earn," sparking controversy. Arkham has now released a statement to explain the situation to the public.

Review of the Arkham Controversy

Binance Launchpad | What is the purpose of the Arkham platform?

Arkham explains that its main users are traders who use Arkham to analyze cryptocurrency market activities.

Transparency in market participants' behavior is favorable for daily traders and investors, as it helps balance the competitive environment. This kind of public visibility in the market, which is lacking in traditional finance (TradFi), tends to favor larger, more resourceful participants and is not beneficial for everyone else.

Arkham believes that their project and community philosophy revolve around sharing on-chain research analysis so that everyone can better navigate the cryptocurrency market. Arkham provides an interface for sharing capital activities, exposes fraudulent behavior, identifies institutional tags, and is committed to enhancing the value and quality of blockchain analysis in the crypto community.

In addition to legitimate discussion, which we welcome, there’s been a lot of inaccurate reporting, doctored images, and other misinformation circulating about our project ahead of the public launch. We’re sharing an FAQ here to answer the most common questions.

Our founder and… pic.twitter.com/BHx4yUvTl9

— Arkham (@ArkhamIntel) July 11, 2023

What is Intel Exchange? Is this equivalent to "doxxing for profit"?

Arkham explains that it is not. Arkham Intel Exchange is used for analyzing and tagging on-chain transactions.

These analyses are widely shared and discussed within the crypto community. Intel Exchange aims to create a liquid market that makes it easier for on-chain researchers to monetize their efforts and exchange information. The inability to monetize on-chain research conducted in the public interest is a significant barrier to transparency, which Intel Exchange is designed to overcome.

The purpose of the on-chain research community is to better understand market activities for trading and identifying fraudulent behavior. Most on-chain research focuses on large institutions such as exchanges and trading companies.

On Intel Exchange, you cannot trade non-on-chain personal information, such as addresses or phone numbers. It is also not allowed to post requests or include posts containing such personal information.

All posts and information submissions require users to stake tokens in an audited exchange smart contract, and those who submit spam information and false data will lose these staked tokens.

Is Arkham affiliated with agencies like the CIA, FBI, or the federal government?

Arkham denies such claims.

Arkham states that it is not a secretive government project and has no association with government agencies. Arkham is a crypto-native team concerned with the community and the industry.

Government agencies have long been able to use tools like Chainalysis and Elliptic to track blockchain activities. Unlike these tools, Arkham is built for ordinary crypto users and is free, aimed at helping prevent fraud, manipulation, hacking, insider trading, and other malicious behaviors. Arkham may eventually charge for professional features, but the core platform and features of Arkham will always remain free.

Does Arkham sell user data or use it for platform information?

Arkham denies such claims.

Arkham states that users' private tags, imported addresses, or any other user data will not be used to aid platform information. Arkham has never sold user data and will not sell it. The website has a comprehensive privacy policy that ensures user data will not be sold or used to aid platform data.

How does Arkham ensure the security of user information?

Arkham emphasizes that the security of platform user information is crucial. Internally, Arkham always follows the principle of least privilege for user information.

It encrypts all addresses uploaded to the platform using AES Advanced Encryption Standard. It has formal security processes and conducts regular internal security audits to ensure that user information is securely stored and inaccessible to unauthorized individuals. It isolates user data from other blockchain data and uses industry-leading solutions such as licensed and encrypted password managers to store sensitive information. These measures are carefully designed to maintain a high level of integrity and security.