Nansen exposes Arkham’s dubious $55m transfers in ARKM via Binance

Blockchain forensics firm Nansen has uncovered Arkham’s shady $55 million transfers in ARKM, suggesting potential sales on Binance.

Arkham Intelligence, a blockchain deanonymization platform backed by Binance and others, has found itself in hot water after its rival Nansen revealed that Arkham sent over $55 million in ARKM tokens to unlabeled addresses, which then allegedly sold the tokens on Binance.

In an X thread on Apr. 4, Nansen wrote that Arkham had moved over 25.2 million ARKM tokens over the past few days, with most of the funds gone to “wallets unlabeled on their platform, where a significant portion has moved to Binance.”

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It looks like @ArkhamIntel has moved over 25.2m $ARKM (>$56m) over the past 2 days

Most of these funds have gone to wallets unlabeled on their platform, where a significant portion has moved to Binance 😬

Let’s take a look at what’s going on because they won’t show you… pic.twitter.com/Tx0eoi9WMd

— Nansen 🧭 (@nansen_ai) April 4, 2024

Among the recipients, two addresses sent over 2.6 million ARKM tokens directly to a Binance market-making address, Nansen said, adding that another two routed the funds through new addresses before eventually reaching a different Binance address, prompting intrigue over the complexity of the transfers.

Nansen noted there are still remain 200,000 ARKM that have not yet been transferred to Binance, However, the possibility remains open, with recent activity suggesting a potential future move to the exchange, the firm added.

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Founded in 2020, Arkham Intelligence gained prominence for disclosing numerous crypto addresses, offering valuable insights to blockchain researchers.

The platform secured funding from various investors, including Bedrock Capital, D1Ventures, Draper Associates, Sam Altman, and notably, Binance, which not only supported Arkham through its venture arm, Binance Labs but also assisted in raising $2.5 million via Binance Launchpad, the exchange’s crowdfunding platform for startups.

As of press time, Arkham Intelligence made no public statements regarding the revelations, leaving uncertainties about whether the token sales originated from the Arkham team or its backers.

Read more: Nansen’s customers get phishing emails after third-party vendor leak

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