Arkham Intelligence Relocates $500M Worth of ARKM Tokens to Coinbase Prime

Arkham Intelligence has successfully conducted a significant token transfer, relocating around $500 million worth of its native ARKM coins to Coinbase Prime.

Arkham Intelligence has made a large token transfer, moving around $500 million worth of its native ARKM coins to Coinbase Prime. This significant development, involving a vast number of tokens and a substantial portion owned by the company's CEO, has not gone unnoticed by the cryptocurrency community. The corporation cites regulatory compliance and tax obligations as the primary reasons for this shift. As per data, on July 18, 2024, Arkham Intelligence, a company specializing in blockchain analysis, transferred 304.5 million ARKM tokens, valued at approximately $487.24 million, from its vesting contract to Coinbase Prime, a major cryptocurrency exchange. This large-scale transfer also included 115.8 million ARKM tokens controlled by the CEO, which are worth around $185.28 million. The corporation has stated that this transfer is being carried out to ensure compliance with tax regulations and adherence to regulatory mandates. The process involves retrieving ARKM tokens from the current vesting smart contracts and transferring them to an intermediary address before their ultimate transfer to Coinbase Custody addresses. They further clarified that this move will place ARKM vesting for the company's employees under the supervision of Coinbase Custody. The custody agreement will be closely monitored and overseen to ensure adherence to a trading plan that follows a predetermined three-year unlocking schedule. It is noteworthy that the ARKM tokens allocated to the team, investors, and advisors commenced a linear unlocking phase on July 18. The daily release amount for these three categories is approximately 324,200 ARKM tokens, valued at around $518,000, as per the current market price. This significant action by one of the leading analytics organizations in the blockchain industry has drawn substantial attention. In the coming days, the cryptocurrency community will be observing the impact of this large-scale transfer on ARKM's market price and liquidity. Investors and market experts will be particularly interested in how this action affects the token's performance and standing within the broader cryptocurrency ecosystem.

The above is the detailed content of Arkham Intelligence Relocates $500M Worth of ARKM Tokens to Coinbase Prime. For more information, please follow other related articles on the PHP Chinese website!