Arkham Intelligence’s IEO Initiative Receives Backlash Over Data Collection
Summary: Arkham Intelligence's Initial Exchange Offering (IEO) on Binance's Launchpad platform has faced backlash from the cryptocurrency community, who are concerned about the potential for abuse and the potential for data trafficking. The platform tracks users' location, wallet addresses, and device IDs, and adds data from public services like Twitter.
After gathering extensive user data, including individual email addresses, Arkham Intelligence’s new Initial Exchange Offering (IEO) initiative on Binance’s Launchpad platform has found itself in the middle of a dispute.
Backlash from Community
Aiming to “deanonymize the blockchain,” the project’s on-chain intelligence trade platform has been met with backlash from the community, which is understandably alarmed by the prospect of trafficking in private information.
The cryptocurrency community was divided about Arkham Intelligence’s on-chain intelligence exchange debut. Some people were hopeful that the platform might help expose fraudsters and democratize current tools, while others were worried about its potential for abuse.
Personal Information as Commodity
It has been discovered that Arkham Intelligence keeps track of users’ location, as well as their wallet addresses and device IDs. Data gathered from public services like Twitter is added to this information.
Moreover, these issues were brought to light by Adam Cochran, who pointed out that Arkham Intelligence seems to view its users’ personal information as a commodity. Since the users are the product in this instance, the project uses their data, combines it with public information, and gives it out for free, as explained by Cochran.
Miguel Morel, CEO of Arkham Intelligence, has recognized the issues with the project’s data collecting methods. Morel said that in order to better monitor user referrals and reward those who take part, each referral link will include a Base64 encoded version of the referrer’s email address.
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Furthermore, the biggest cryptocurrency exchange, Binance, has included Arkham Intelligence in its Binance Launchpad portfolio. Concerns over Arkham Intelligence’s use of user data have not yet been addressed by Binance. Arkham has promised to post a FAQ tomorrow to address more concerns regarding the security and confidentiality of user information.