Project & Team
Description of Project
Provide a concise narrative that clearly states each of (a)–(e) below.
- (a) Problem the project solves — The problem the project is solving.
- (b) Operational priorities — Provide a high-level description of how the project expects to support ongoing development and operations over time.
- (c) High-level project overview — How the project works at a high level.
- (d) Primary token functions — The primary functions of the token (e.g. gov participation).
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
(a) Problem the project solves
Arkham is a crypto intelligence and trading platform that solves the problem of blockchain opacity. The platform systematically deanonymizes onchain activity by linking blockchain addresses to the real world entities and individuals behind them, and it pairs that intelligence with trade execution in a single product.
(Source: The Platform, Arkham Whitepaper, The Arkham Codex)
(b) Operational priorities
Arkham supports ongoing development and operations through the commercial products of its operating companies. These consist of the Arkham intelligence platform built around the Ultra AI engine, the Arkham Intel Exchange marketplace, which charges maker fees of 2.5% and taker fees of 5% at launch, and the Arkham Exchange trading business, which generates trading fee, referral commission, and ambassador program activity. In February 2026, Chief Executive Officer Miguel Morel stated that Arkham Exchange is transitioning from a centralized exchange model to a fully decentralized exchange. The Foundation Treasury allocation of 17.2% of total supply funds ecosystem development over a 7 year unlock period, and ARKM governance directs the use of those funds through Arkham Improvement Proposals.
(Source: The Platform, Governance, Fees, Commissions, CoinMarketCap Academy, Decentralized Trading Announcement)
(c) High-level project overview
Arkham operates three product surfaces. The Arkham intelligence platform provides entity pages, token pages, alerts, dashboards, exchange flow analytics, and a block explorer powered by the proprietary Ultra AI engine, which labels blockchain addresses and clusters them into real world entities. The Arkham Intel Exchange is an onchain marketplace where users buy and sell blockchain intelligence through bounties and auctions denominated in ARKM. The Arkham Exchange is a trading venue that launched perpetual futures for non-U.S. users in November 2024, extended spot trading to users in 17 U.S. states on March 1, 2025, and announced a transition to a fully decentralized architecture in February 2026. Arkham also operates Arkham Swap, a noncustodial swap interface.
(Source: The Platform, Arkham Whitepaper, Intel Exchange Announcement, The Block, crypto.news, CoinMarketCap Academy)
(d) Primary token functions
ARKM performs three functions. It serves as an adoption incentive through rewards and fee discounts across Arkham products, it serves as the currency of the Arkham Intel Exchange and the intel-to-earn economy, where it is staked in bounties and auctions, and it serves as Arkham's governance token, through which holders submit and vote on Arkham Improvement Proposals covering marketplace smart contracts, fees, and Foundation Treasury use.
(Source: Tokenomics, Governance, Arkham Whitepaper)
(e) Control surface reliance
ARKM holders submit and approve Arkham Improvement Proposals affecting marketplace smart contracts, marketplace fees, and Foundation Treasury use. Any address holding or delegated at least 0.1% of total ARKM supply can submit a proposal, voting runs for 7 days, and a proposal passes with a majority of votes in favor and at least 7% of tokens voting. Intelligence submitted through bounties and auctions is reviewed by the Arkham Foundation, and the Foundation's response is validated onchain through a Chainlink Decentralized Oracle Network. The announced transition of Arkham Exchange from a centralized to a decentralized model shifts additional control surfaces onchain over time, and Arkham has not published a timeline for that transition.
(Source: Governance, Arkham Whitepaper, CoinMarketCap Academy)
Arkham publicly identifies one named executive. Miguel Morel is Founder and Chief Executive Officer of Arkham. Arkham does not publish a full leadership roster for its operating companies, its foundation, or its governance system.
(Source: Founder & CEO Announcement, Careers)
Known Project Team
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Labs / DevCo
Full Name | Official Title | Prior Experience |
|---|---|---|
Miguel Morel | Founder & CEO | Morel founded Arkham in January 2020. Arkham states that its founders are crypto industry veterans who previously founded a stablecoin project for hyperinflationary economies, a description that corresponds to Reserve. |
Foundation
Full Name | Official Title | Prior Experience |
|---|---|---|
Arkham has not publicly disclosed named leadership of the Arkham Foundation. |
DAO / Onchain Governance
Full Name | Official Title | Prior Experience |
|---|---|---|
The project does not have a separate DAO leadership structure. Governance operates directly through ARKM tokenholder voting on Arkham Improvement Proposals, and Arkham has not publicly disclosed any named governance leadership. (Source: Governance) |
(Source: Founder & CEO Announcement, Careers, Wikipedia)
DAO Structure
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
- (a) IP ownership & control — State what IP the DAO owns or controls (e.g., codebases/repos, trademarks/brands). Note any license if relevant.
- (b) Contract/admin powers — List on-chain or administrative authorities and limits: pause/upgrade roles (e.g., multisig pause), governance-executor authorities, and the method of authority for each (e.g., veto, majority, super-majority).
- (c) Locked-token rights (conditional) — If locking/staking for additional rights exists, explain the additional rights and what tokenholders can and cannot decide. If no locking mechanism exists, leave absent.
- (d) Value accrual & holder rights — If any, describe the current rights of tokenholders over revenue distribution and the treasury.
- (e) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism (e.g., on-chain vote threshold, board resolution of a legal wrapper).
(a) IP ownership & control
Tokenholder governance does not own or control any project intellectual property. Arkham's codebase, brand, and platform content are proprietary to Arkham's operating companies, and Arkham has not disclosed any transfer of intellectual property to a DAO or governance structure.
(Source: Intel Platform Terms of Service, Exchange Terms of Service)
(b) Contract/admin powers
ARKM holders submit and approve Arkham Improvement Proposals to update marketplace smart contracts, alter marketplace fees, and direct the use of ARKM allocated to the Arkham Foundation Treasury. Any address holding or delegated at least 0.1% of total ARKM supply can submit a proposal. Proposals remain open for a 7 day voting period and pass with a majority of votes in favor and at least 7% of tokens voting. Bounty and auction intelligence is reviewed by the Arkham Foundation and validated onchain using a Chainlink Decentralized Oracle Network.
(Source: Governance, Arkham Whitepaper)
(c) Locked-token rights (conditional)
Locked tokens are eligible to participate in governance. Investor, core contributor, and advisor allocations were locked for 1 year after listing and unlock linearly over the following 3 years, the ecosystem fund unlocks over 5 years, and the Foundation Treasury unlocks over 7 years, and holders of these locked allocations retain governance voting rights throughout their lock periods.
(Source: Governance, Tokenomics)
(d) Value accrual & holder rights
ARKM confers no right to revenue distribution. Tokenholder rights over treasury assets are limited to directing the use of the Foundation Treasury allocation, which equals 17.2% of total supply and unlocks over 7 years, through the Arkham Improvement Proposal process. Arkham has not publicly disclosed any mechanism distributing platform revenue to tokenholders.
(Source: Governance, Tokenomics)
(e) Dissolution authority
The project does not operate a DAO legal entity subject to dissolution, and Arkham has not publicly disclosed any authority or mechanism for winding up its governance system.
The project does not operate a DAO as a distinct legal entity. Governance operates as direct ARKM tokenholder voting through Arkham Improvement Proposals on the Arkham Snapshot space.
Primary Foundation
For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over DevCo — Explain whether the foundation can exert direct or indirect influence over decision-making of the DevCo.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
The Arkham Foundation exists and is referenced in Arkham's whitepaper and governance documentation as the reviewer of Intel Exchange submissions and the holder of the Foundation Treasury allocation. Arkham has not publicly disclosed the foundation's legal form or jurisdiction of formation.
(Source: Governance, Arkham Whitepaper)
(b) IP ownership & control
Arkham has not publicly disclosed any intellectual property owned or controlled by the Arkham Foundation, and it has not publicly disclosed any foundation subsidiary entities.
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
The Arkham Foundation holds the Foundation Treasury allocation of 17.2% of total ARKM supply, which unlocks over 7 years following network launch, and the use of those funds is directed by ARKM holders through Arkham Improvement Proposals. The Foundation reviews intelligence submitted through Intel Exchange bounties and auctions, and its responses are validated onchain through a Chainlink Decentralized Oracle Network.
(Source: Governance, Tokenomics, Arkham Whitepaper)
(d) Powers over DevCo
Arkham has not publicly disclosed any powers held by the Arkham Foundation over Arkham Intelligence, Inc. or the other Arkham operating companies.
(e) Contract/admin powers
The Arkham Foundation's disclosed operational role is the review of Intel Exchange bounty and auction submissions, validated onchain through a Chainlink Decentralized Oracle Network. Arkham has not publicly disclosed any pause, upgrade, or governance executor authorities held by the foundation, and it has not publicly disclosed any multisig configuration.
(Source: Arkham Whitepaper)
(f) Current economic arrangements and distribution policies
The Arkham Foundation received the Foundation Treasury allocation of 17.2% of total ARKM supply at launch, unlocking over 7 years, with its use directed through Arkham Improvement Proposals for purposes such as funding ecosystem projects, rewarding contributions, and maintaining network operation. Arkham has not publicly disclosed any other mechanism directing protocol resources, fees, revenue, or token distributions to the foundation or its participants.
(Source: Governance, Tokenomics)
Primary Dev Co
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over Foundation — Explain whether the DevCo can exert direct or indirect influence over decision-making of the Foundation.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
The primary development company is Arkham Intelligence, Inc., a United States corporation founded in January 2020 in San Francisco and headquartered in the Dominican Republic with offices in London and New York City. Arkham Intelligence, Inc. operates the Intel Platform. Related operating entities on the public product surface are Arkham Markets America, Inc., which contracts with U.S. exchange users, Arkham Markets International, S.R.L., which contracts with non-U.S. exchange users, and Arkham Decentralized Technologies, Inc., which operates Arkham Swap.
(Source: Wikipedia, Intel Platform Terms of Service, Exchange Terms of Service, Swap Terms of Service)
(b) IP ownership & control
Arkham Intelligence, Inc. operates the Intel Platform, the Ultra AI engine, and the Arkham brand under its terms of service. Arkham has not published a breakdown of intellectual property ownership across its operating entities.
(Source: Intel Platform Terms of Service, Wikipedia)
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
The Arkham operating companies run the Intel Platform, the Arkham Exchange, and Arkham Swap, and they set the fee, commission, and ambassador reward programs on those products. Marketplace smart contracts, marketplace fees, and Foundation Treasury use sit under ARKM governance through Arkham Improvement Proposals. Arkham has not publicly disclosed any token administration or reward parameter powers held by Arkham Intelligence, Inc. beyond its operation of these products.
(Source: Governance, Fees, Commissions, Ambassador Rules)
(d) Powers over Foundation
Arkham has not publicly disclosed the relationship between Arkham Intelligence, Inc. and the Arkham Foundation, and it has not publicly disclosed any powers the development company holds over foundation decision making.
(e) Contract/admin powers
Arkham has not publicly disclosed any pause, upgrade, or governance executor authorities held by Arkham Intelligence, Inc. over the ARKM token contract or the Intel Exchange smart contracts, and it has not publicly disclosed any multisig configuration.
(f) Current economic arrangements and distribution policies
The Core Contributors allocation of 20% of total ARKM supply and the Advisors allocation of 3% of total supply vest to team members and advisors under a 1 year lock followed by a 3 year linear unlock. Arkham Intelligence, Inc. raised more than $12 million across Seed and Series A equity rounds, and the exchange operating entities retain trading fee revenue and fund referral commissions and ambassador rewards from platform activity. Arkham has not publicly disclosed any other mechanism directing protocol resources or token distributions to the development company or its equityholders.
(Source: Tokenomics, Arkham LinkedIn, CoinDesk, Fees, Commissions)
Token Supply & Allocations
Initial Allocation
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch. Include: (a) Launch supply totals — the total number of tokens issued at launch, the total number of tokens locked at launch or the total number of tokens unlocked at launch; (b) Recipient categories & use of funds — the recipient categories with brief explanations as to how the category will use the tokens so an auditor can distinguish each bucket; (c) Initial price per token (if applicable) — the initial price per token at TGE. If the token launched via a liquidity bootstrapping mechanism, auction, or other price-discovery process rather than a fixed offering price, describe that mechanism and the final market set price instead. If no fixed price was set, state so; (d) Ticker / market symbol — the ticker/market symbol; (e) Total supply & supply regime — the total supply and whether the supply is fixed (if not explain inflation rate or deflation rate); (f) Initial vesting / release schedules — the initial vesting/release schedules (identify which categories/recipients are subject to vesting and the high-level timing logic).
Launch Supply Totals | Recipient Categories & Use of Funds | Initial Price per Token | Ticker / Market Symbol | Total Supply & Supply Regime | Initial Vesting / Release Schedules |
|---|---|---|---|---|---|
ARKM launched on July 18, 2023 with a total supply of 1,000,000,000 tokens. The initial circulating supply was 15% of total supply, equal to 150,000,000 ARKM, and the remaining 850,000,000 ARKM were locked at launch. (Source: Tokenomics, CoinDesk) | ARKM allocates 37.3% to Ecosystem Incentives and Grants for rewards, grants, and ecosystem growth, 20% to Core Contributors as team compensation, 17.5% to Investors as consideration for capital raised, 17.2% to the Foundation Treasury to advance the goals of the Arkham ecosystem under AIP direction, 5% to the Binance Launchpad public sale, and 3% to Advisors. ARKM functions across these buckets as an adoption incentive through rewards and discounts, as the currency of the Intel marketplace and intel-to-earn economy, and as Arkham's governance token. (Source: Tokenomics, Governance) | The Binance Launchpad public sale on July 17 and 18, 2023 sold ARKM at a fixed price of $0.05 per token, equal to 0.00020576 BNB, through a subscription format with a $2,500,000 hard cap and a $15,000 per user cap. ARKM opened for trading on Binance on July 18, 2023. (Source: Binance Launchpad Completion, Binance Launchpad Announcement) | The ticker is ARKM. The token is an ERC-20 token on Ethereum at contract address 0x6e2a43be0b1d33b726f0ca3b8de60b3482b8b050. (Source: Tokenomics, Etherscan) | Total supply is fixed at 1,000,000,000 ARKM. There are no planned emissions, ARKM is not designed to be inflationary, and there are no plans to mint more tokens. As of September 1, 2026, circulating supply is 700,000,000 ARKM per CoinGecko. (Source: Tokenomics, CoinGecko) | Investor, core contributor, and advisor tokens were locked for 1 year after the July 2023 listing and unlock linearly over the following 3 years, ending in July 2027. The ecosystem fund unlocks over 5 years, ending in July 2028. The Foundation Treasury unlocks over 7 years, and total supply becomes fully unlocked in July 2030. Binance Launchpad and community reward tokens were unlocked at launch. (Source: Tokenomics, Tokenomist) |
Airdrop Process
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
- (a) Planned but not yet executed airdrop — If the project has planned but not yet airdropped, commit to publishing a recipient wallet list in a public channel and provide it to Blockworks quarterly until the initial TGE airdrop is fully completed. Additionally, generally state the possible target user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (b) Executed airdrop — If the project has already airdropped, point to a per-address source such as CSV/TSV/JSON files, a Dune table, a full Merkle dump, GitHub repo files embedding per-address allocations, or RPC endpoints that expose claim/amount data; explorer links alone do not count. Additionally, clearly state covered user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (c) No airdrop planned or conducted — If the project does not plan to conduct an airdrop for TGE and has never conducted one, state so plainly (e.g., "We have never conducted an airdrop to date and do not plan to execute one").
(a) Planned but not yet executed airdrop
Not applicable. Arkham executed its initial TGE airdrop on July 18, 2023. No airdrop is currently planned but unexecuted, and Arkham has not announced a future TGE airdrop.
(b) Executed airdrop
Per-address source:
Arkham has not published a per-address allocation file, Merkle dump, GitHub repo file embedding allocations, or claim/amount RPC endpoint for the July 2023 airdrop. Third-party analysis of the distribution relies on onchain claim data indexed through Dune Analytics; Arkham has not published or endorsed a specific Dune table for the distribution.
Covered user segments:
The July 2023 airdrop covered early users of the Arkham Intel Platform, private beta testers, and referral program participants.
Allocation method:
Allocations were proportional to points earned through platform usage and referrals, converted to ARKM through the Arkham Invite Dashboard following a snapshot taken on July 8, 2023. Approximately 30,000,000 ARKM were allocated in the first phase to more than 60,000 recipients.
Subsequent distributions:
Arkham ran points-based reward programs on Arkham Exchange, launched alongside exchange trading in late 2024, in which Season 1 and Season 2 trading and referral points converted to ARKM distributions. Arkham has not published per-address allocation data for these programs either.
(Source: Cryptonomist Airdrop Analysis, CoinDesk, Cryptonews)
(c) No airdrop planned or conducted
Not applicable. Arkham has conducted an airdrop, so the never-airdropped path does not apply.
Transactions & Market Structures
Market Maker Agreements & Deals
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table: (a) Market maker's name — the market maker's name; (b) Token allocation or loaned amount — the token allocation or loaned amount as a percentage of total supply; (c) Duration/term of agreement — the duration/term of the agreement; and, where applicable, (d) Name of agreement structure — label the financial vehicle being used in the agreement (i.e. loan, option/call, retainer model) without describing trading strategy or expected outcomes. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Arkham has not publicly disclosed any market maker agreements, and no ARKM token allocations or loans to market makers are publicly disclosed. The trading firms Wintermute and GSR are equity investors in Arkham Intelligence, Inc., and Arkham has not publicly disclosed any market making arrangement with either firm.
(Source: CoinDesk, Coin Bureau)
CEX / DEX Agreements & Deals
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table: (a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair); (b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply; (c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable, (d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership. If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Exchange Name | Token Allocation Committed | Term Duration | Native Token Listing Fees |
|---|---|---|---|
Binance Launchpad and Binance Innovation Zone listing | 50,000,000 ARKM (5% of total supply) sold through the Launchpad | Launchpad tokens were unlocked at TGE with no disclosed lockup | Not publicly disclosed. |
Arkham's one publicly disclosed exchange arrangement is the Binance Launchpad allocation. Arkham allocated 50,000,000 ARKM, equal to 5% of total supply, to the Binance Launchpad public sale, and Binance listed ARKM in its Innovation Zone with ARKM/BTC, ARKM/USDT, ARKM/TUSD, ARKM/BNB, and ARKM/TRY pairs on July 18, 2023. Arkham has not publicly disclosed whether any listing fees were paid in ARKM for the Binance listing or for any other exchange listing, and it has not publicly disclosed any other CEX or DEX listing agreements, lockups, or liquidity commitments.
(Source: Tokenomics, Binance Launchpad Completion)
Financial Disclosures & Risks
Prior Token Sales & Fundraising
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide: (a) Series Name; (b) Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.); (c) Date of sale (at least month & year); (d) Number of tokens sold (or % of total supply); (e) Vesting schedule. If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Series Name | Investment Vehicle | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
Binance Launchpad public sale | Subscription format IEO | July 2023 | 50,000,000 ARKM (5% of total supply) at $0.05 per token, raising $2,500,000 | Unlocked at TGE |
Seed and Series A equity rounds | Instruments not publicly disclosed | Series A completed April 2023, Seed date not publicly disclosed | Not publicly disclosed. The Investors allocation totals 175,000,000 ARKM (17.5% of total supply). | 1 year lock from the July 2023 listing, then linear unlock over 3 years |
(Source: Binance Launchpad Completion, Crunchbase Series A, Tokenomics)
Arkham Intelligence, Inc. raised more than $12 million across Seed and Series A equity rounds from investors including Tim Draper, Bedrock Capital, Wintermute, GSR, and co-founders of Palantir and OpenAI, with the Series A completed in April 2023. Arkham has not publicly disclosed the investment instruments used in those rounds, whether they included token rights, or the per round token amounts and vesting terms. The Investors category holds 17.5% of total ARKM supply, locked for 1 year after the July 2023 listing and unlocking linearly over the following 3 years. The one disclosed token sale is the Binance Launchpad public sale of July 2023.
(Source: CoinDesk, Arkham LinkedIn, Crunchbase Series A, Tokenomics)
Previous Exploits Affecting the Native Token
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
- (a) Date & component affected — Date (YYYY-MM or YYYY-MM-DD), chain(s)/component affected.
- (b) Exploit vector summary — Plain-language summary of the exploit vector (what the hack was).
- (c) Quantified impact — Quantified impact (assets/tokens affected or a clear "no loss of funds" statement).
- (d) Remediation/response taken — Remediation/response taken (patches, upgrades, governance actions, compensation).
- (e) Current status — Current status (resolved, in litigation, under investigation, refunded, etc.).
- (f) References (optional) — Link(s) to post-mortem/advisory/PR.
(a) Date & component affected
The incident was publicly reported on 2023-07-10 and affected the referral link system of the Arkham Intel Platform.
(b) Exploit vector summary
Arkham's referral URLs encoded each referrer's email address in Base64, a trivially reversible encoding, so anyone who decoded a shared referral link obtained the referrer's email address. The system had operated in this form since at least December 2022.
(c) Quantified impact
The incident exposed the email addresses of users who shared referral links publicly. No funds, tokens, or protocol assets were affected.
(d) Remediation/response taken
Chief Executive Officer Miguel Morel acknowledged the issue on July 10, 2023 and Arkham deployed encrypted referral links the same day so that referrer emails could no longer be reverse engineered.
(e) Current status
Resolved.
(f) References (optional)
(Source: Blockworks, The Block)
No exploits affecting tokenholders or protocol funds have been publicly reported as of 2026-09-01. One publicly reported security incident affected user data without any loss of funds.
Material Risk Factors (Regulation, Technology, Token Economics)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
- (a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
- Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
- Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
- Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
- Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
- (b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
- Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
- Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
- (c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
- Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
- Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
(a) Regulatory, Legal & Tax Risks
U.S. exchange users contract with Arkham Markets America, Inc. and non-U.S. exchange users contract with Arkham Markets International, S.R.L. Arkham is not registered with the U.S. Securities and Exchange Commission or the Commodity Futures Trading Commission, so changes in securities, commodities, sanctions, or onboarding rules can affect exchange availability, listing maintenance, and compliance burdens for Arkham's core operating entities. Arkham Exchange is not offered to residents of several jurisdictions, including the United Kingdom, Canada, Hong Kong, Japan, Singapore, the UAE, the Netherlands, all sanctioned countries, and certain U.S. states. Arkham Intelligence, Inc. restricts or prohibits Intel Platform access in certain countries, regions, and territories, uses IP blocking and geo-blocking, and forbids circumvention through VPNs or similar tools, and Arkham's ambassador rules exclude OFAC sanctioned jurisdictions and several other jurisdictions from program eligibility. These restrictions concentrate the addressable market, and expansion or contraction of restricted lists changes user access and platform revenue. Arkham's exchange terms state that users are solely responsible for their own tax obligations and that Arkham bears no liability for users' tax consequences, and Arkham has not published project issued tokenholder tax guidance.
(Source: Exchange Terms of Service, Intel Platform Terms of Service, Ambassador Rules)
(b) Protocol, Technology & Security Risks
The Intel Exchange relies on audited smart contracts, Arkham Foundation review of submitted intelligence, and onchain validation through a Chainlink Decentralized Oracle Network, so smart contract flaws, oracle failure, or review failure would disrupt marketplace settlement or the integrity of paid intelligence. Arkham Swap gives users access to third party services while leaving users solely responsible for custody, recovery phrases, and passkeys, and Arkham does not assume custody or control over digital assets traded using the swap platform, so user side key loss and third party integration failure are unmitigated by Arkham. Arkham's privacy materials state that its AI features can produce incorrect outputs and that users are expected to review outputs for appropriateness and accuracy, so model error can impair confidence in marketplace intelligence and in trading decisions built on it. The July 2023 referral link incident demonstrates that implementation errors outside the smart contract layer can expose user data even where no funds are at risk. The announced transition of Arkham Exchange from a centralized to a decentralized architecture introduces migration risk during the transition period, and Arkham has not published a timeline for that transition.
(Source: Arkham Whitepaper, The Platform, Swap Terms of Service, Privacy Policy, Blockworks, CoinMarketCap Academy)
(c) Token Economics, Unlocks & Incentive Risks
ARKM's utility depends on three assumptions. Rewards and discounts must drive adoption, ARKM must retain its role as the currency of the Intel marketplace, and ARKM must remain the governance token through which holders direct marketplace parameters and Foundation Treasury use. Arkham ties exchange economics to ARKM linked fee discounts, referral commissions funded from trading fees, and trading volume based reward programs, so lower trading activity or weaker demand for these programs reduces the token's utility channels. Arkham Exchange recorded roughly $640,000 in average daily transaction volume as of February 2026, and the announced pivot to a decentralized exchange model changes how exchange activity translates into ARKM demand. On the supply side, 15% of total supply circulated at launch and circulating supply reached 700,000,000 ARKM, equal to 70% of total supply, as of September 1, 2026. Investor, contributor, and advisor unlocks run linearly through July 2027, the ecosystem fund unlocks through July 2028, and the Foundation Treasury unlocks through July 2030, so the remaining locked supply of approximately 30% of total supply enters circulation through 2030 and creates continuing dilution and sell pressure risk. Foundation Treasury deployment decisions made through Arkham Improvement Proposals, under a 0.1% proposal threshold and a 7% participation threshold, can shift both market supply and governance concentration.
(Source: Tokenomics, Governance, Fees, Commissions, Ambassador Rules, CoinGecko, Tokenomist, CoinMarketCap Academy)
This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.