Controversy Arises as Arkham Intelligence’s IEO on Binance Launchpad Raises Data Privacy Concerns

Controversy Arises as Arkham Intelligence’s IEO on Binance Launchpad Raises Data Privacy Concerns

Arkham Intelligence, a newly launched project through Binance’s Launchpad platform, has found itself at the center of controversy due to its collection of user data, including personal email addresses. The project’s on-chain intelligence trading platform, which aims to “deanonymize the blockchain,” has faced criticism from the crypto community, raising concerns about the potential trafficking of personal privacy.

The launch of Arkham Intelligence’s on-chain intelligence exchange received a mixed reception within the cryptocurrency world. While some individuals expressed optimism about the platform’s potential to expose scammers and democratize existing tools, others voiced concerns about the potential misuse of the collected data.

Recent revelations have shed light on Arkham Intelligence’s data collection practices, revealing that the project collects and logs various user data, such as wallet addresses, device IDs, and locations. This information is then combined with publicly available data scraped from sources like Twitter.

Adam Cochran, a prominent figure in the crypto space, drew attention to these privacy concerns, stating that Arkham Intelligence treats users’ data as a commodity. Cochran argues that the project utilizes users’ data by merging it with public information and offering it for free, essentially turning the users themselves into the product.

In response to the controversy, Miguel Morel, the CEO of Arkham Intelligence, acknowledged the concerns surrounding the project’s data collection practices. Morel clarified that the referral links contained a Base64 encoded version of the referrer’s email, primarily for the purpose of tracking user referrals and rewarding participants.

Morel emphasized that the collection of email addresses was not intended as a means to gather user emails since users already provide their emails when signing up for the platform and receiving a referral link. The collected emails are solely used for communication with users and for attributing referrals.

Regarding Binance’s involvement, the leading cryptocurrency exchange added Arkham Intelligence to its list of projects on Binance Launchpad. As of now, Binance has not commented on the specific data privacy concerns associated with Arkham Intelligence. However, Arkham Intelligence has announced its intention to publish an FAQ tomorrow, addressing additional questions regarding data privacy and protection.