The blockchain has been touted as the world’s safest and most secure way of making financial transactions; yet, it is not without its own set of risks. In the wake of multiple high-profile hacks and losses of crypto assets, the CEO of Arkham, a blockchain analytics company, has proposed unmasking the actors behind the transactions in order to prevent further losses.
Arkham analyzes public information and vets data before making it available
Miguel Morel appeared on Twitter Spaces to address concerns and anxieties about Arkham’s ‘dox-to-earn’ program. This program trades confidential information from on-chain transactions in exchange for incentives. Morel admitted that Arkham’s mission is to identify entities or wallets behind blockchain transactions causing crypto losses. His company analyzes public information to identify responsible entities or wallets, vetting data before making it available.
Morel acknowledges responsibility and commits to addressing issues
The conversation included prominent crypto personalities such as Mario Nawfal, Scott Melker, and Ran Neuner, among others. Skeptics raised concerns about incentivizing people to expose bad actors, citing potential false accusations as a major issue. Melker in particular, was vocal about his concerns. Neuner mentioned Arkham’s past mistakes, including a false alarm that led to a 7% market drop. Morel defended the company’s intentions, stating their target customers are primarily hedge funds and traders.
Morel reassured skeptics, acknowledging the responsibility he carries and committing to addressing the issues at hand. His mission to uncover and protect against bad actors in the crypto industry is commendable and vital. If successful, Arkham’s initiative is sure to help restore trust and confidence to crypto transactions.
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