(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)

Blockworks note: 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)

(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.

Blockworks note: 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.

(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)

(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)

(a) Launch supply totals

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)

(b) Recipient categories & use of funds

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)

(c) Initial price per token (if applicable)

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)

(d) Ticker / market symbol

The ticker is ARKM. The token is an ERC-20 token on Ethereum at contract address 0x6e2a43be0b1d33b726f0ca3b8de60b3482b8b050. (Source: Tokenomics, Etherscan)

(e) Total supply & supply regime

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)

(f) Initial vesting / release schedules

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)

• 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.

• 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)

• No airdrop planned or conducted: Not applicable. Arkham has conducted an airdrop, so the never-airdropped path does not apply.

Blockworks note: 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)

• Exchange Name: Binance Launchpad and Binance Innovation Zone listing
  • Token Allocation Committed: 50,000,000 ARKM (5% of total supply) sold through the Launchpad
  • Term Duration: Launchpad tokens were unlocked at TGE with no disclosed lockup
  • Native Token Listing Fees: Not publicly disclosed.

Blockworks note: 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)

• Series Name: Binance Launchpad public sale
  • Investment Vehicle: Subscription format IEO
  • Date Of Sale: July 2023
  • Number of tokens sold: 50,000,000 ARKM (5% of total supply) at $0.05 per token, raising $2,500,000
  • Vesting Schedule: Unlocked at TGE
• Series Name: Seed and Series A equity rounds
  • Investment Vehicle: Instruments not publicly disclosed
  • Date Of Sale: Series A completed April 2023, Seed date not publicly disclosed
  • Number of tokens sold: Not publicly disclosed. The Investors allocation totals 175,000,000 ARKM (17.5% of total supply).
  • Vesting Schedule: 1 year lock from the July 2023 listing, then linear unlock over 3 years

Blockworks note: (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)

(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)

Blockworks note: 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.

(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)