$670 Bounty for Info on Elon Musk’s Crypto Wallet – Latest Update

$670 Bounty for Info on Elon Musk's Crypto Wallet – Latest Update

The Rise of Arkham’s Intel Exchange: Unveiling the World’s First On-Chain Intelligence Marketplace

Source: a video screenshot, Future Unity / YouTube

Someone has placed a $670 bounty on obtaining information about Elon Musk’s crypto wallet. This intriguing development has occurred on Arkham’s newly-launched “Intel Exchange” platform, which allows users to submit bounties in return for information about blockchain transactions. The platform, which went live on Monday, aims to engage crypto sleuths in investigating and identifying individuals or entities involved in major crypto thefts.

Arkham has already posted bounties for some major unsolved crypto heists, including the $160 million hack of trading firm Wintermute and the nearly $200 million exploit of Nomad’s token bridge. However, the platform’s most prominent bounty is currently a reward of 100,000 Arkham (ARKM) tokens, equivalent to approximately $70,000, for information leading to the recovery of the $415 million stolen from FTX shortly after the company filed for bankruptcy.

Unveiling Arkham’s Intel Exchange

Last week, Arkham unveiled the Arkham Intel Exchange, which it proudly proclaimed to be the world’s first on-chain “intelligence marketplace.” This groundbreaking marketplace is designed to meet the growing demand for on-chain analysis and create a decentralized intel-to-earn economy, allowing on-chain investigators to earn rewards in exchange for their research.

The launch of Arkham’s intelligence marketplace has sparked privacy and safety concerns within the crypto community. Some argue that paying to identify and expose crypto users goes against the culture of anonymity that the space values. Additionally, there are concerns about the potential for incentivizing violence and corruption through this platform.

“I’m not a fan of the Arkham update,” expressed Twitter user WickdNFT. “What’s to stop bad actors from launching projects only to collect alt wallets and sell that information? What’s to stop random employees from X exchange to do the same if the bounty is high enough?”

Privacy Concerns and Backlash

Apart from the ethical concerns, Arkham’s Intel Exchange has faced backlash after it was revealed that the company had inadvertently leaked its own customers’ private information. This issue stems from Arkham’s weblink referral program, where users can invite others onto the platform by sharing their unique referral URL.

While these URLs appear to be random sequences of characters, they are actually easily decodable versions of the user’s email addresses written in Base64. This means that anyone who has shared their Arkham link may have unintentionally put their anonymity, or at the very least, their email address at risk.

In response to these concerns, Arkham CEO Miguel Morel has defended the project, stating that the bar for verifying information will be set high. The company’s website specifies that all information submitted for bounties must be publicly available and cannot include sensitive personal information such as addresses or financial details.

The Future of Arkham and Notable Investors

Despite the controversy surrounding the platform, Arkham has managed to raise over $10 million in funding rounds, which has valued the company at $150 million. Notable investors include venture capital investor Tim Draper, Bedrock Capital, Wintermute Trading, GSR Markets, and the co-founders of Palantir and OpenAI.

In conclusion, the introduction of Arkham’s Intel Exchange has brought about mixed reactions within the blockchain community. While it aims to tackle major crypto thefts and provide a platform for on-chain investigators to earn rewards, concerns about privacy, ethics, and unintended consequences have been raised. Only time will tell how Arkham’s Intel Exchange will navigate these challenges and shape the future of the blockchain industry.