Why Binance’s IEO Arkham (ARKM) Faces “Dox-to-Earn” Backlash

Arkham (ARKM), a new IEO project on Binance, faces criticism for promoting the sale of private user data.

People throwing petrol bombs at an Arkham logo moving through a desert on fire.
Created by Gabor Kovacs from DailyCoin
  • Binance’s new IEO project, Arkham (ARKM), faces backlash over data privacy concerns.
  • Critics dubbed the project ‘Dox-to-Earn.’ 
  • The project inadvertently revealed the data of its users.

Since its inception, crypto has been rooted in privacy. This is why Binance’s new Initial Exchange Offering (IEO) project, Arkham (ARKM), came under fire for what critics have called “Dox-to-Earn.” 

To make matters worse for Arkham, the project exposed information about its users just days after launch. The company faces backlash for its controversial business model and data security practices.

Arkham (ARKM) Doxes Its Own Referees

Since its launch on Monday, July 10, on Binance Launchpad, Arkham Intelligence has been at the center of controversy. Critics decried the privacy implications of this data harvesting project.


The controversy led to users looking into Arkham and discovering that the project inadvertently leaked user emails. 

Twitter screenshot of an Arkham referral link.
Source: Twitter

According to one crypto user, Arkham has inadvertently exposed users’ email addresses. Namely, each referral link to Arkham contained a user’s email address written in Base64 format

The issue with that practice is that Base64 can easily be decoded back, revealing the user’s real email address. According to screenshots of Twitter posts, this practice was ongoing for months. 


This has raised further concerns about the project’s practices regarding user privacy and data protection. 

Arkham Intelligence CEO Miguel Morel addressed the criticism in a tweet, saying they fixed the issue.  

“Going forward, all referral links will contain an encrypted version of the referrer’s email so that it cannot be reverse-engineered,” Morel explained. “This change is already live,” he added. 

Arkham (ARK) and “Dox-to-Earn”

Arkham Intelligence allows users to buy and sell information on the owner of any blockchain wallet address. This has led critics to label Arkham as a ‘dox-to-earn’ project. 

The controversy began shortly after the project’s launch. Namely, privacy advocates and crypto community members voiced concerns over the project’s business model. 

One user called Arkham a “highly unethical anonymous doxxing marketplace” and questioned why it made it to the Launchpad. 

“This is absolutely ins*ne,” another user exclaimed. “This is almost a market for DOXing blackmail,” they added. 

“Indeed, probably will see law enforcement take this site down in due time,” another user concurred. 

“The first thing I’ll do is set a large bounty on finding as much information as possible on the founding team and investors of Arkham,” one user wrote. 

On the Flipside

  • Despite the controversy, Arkham has managed to raise substantial funding.
  • Arkham CEO defends its business model, saying that crypto has been “plagued with bad actors who survive by hiding in the shadows.” 

Why This Matters

Privacy is one of the most important values in the crypto space. This is why projects like Arkham should face scrutiny. 

Read more about Monero, a privacy-focused coin: 

Monero (XMR): What’s New With the Dark Web Darling

Read more about where Solana could be going soon: 

Solana’s Bullish Run to $25 Meets Resistance: What’s Next?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.