A massive cryptocurrency whale has recently deposited roughly $35 million worth of the BNB Chain’s native token, which is used by Binance as part of its promotional offerings and a key part of the exchange’s ecosystem, to likely take advantage of a new token sale.
According to data reported on by popular on-chain analysis service Lookonchain, the whale moved 141,835 $BNB tokens to the leading cryptocurrency exchanges through four different Binance deposit addresses.
The monitoring service noted that the whale is likely moving to participate in the Arkham ($ARKM) token sale on the exchange, which has a purchase cap of 300,000 tokens per user. Lookonchain speculated the whale moved the funds to four different Binance accounts to be able to get their hands on more $ARKM.
Notably, Arkham is having its token sale hosted by Binance Launchpad for 5% of the ARKM token supply after it launched a bounty marketplace that allows people to buy and sell on-chain cryptocurrency data.
The new platform has ARKM as its native token and is designed to “deanonymize the blockchain.” Dubbed the Arkham Intel Exchange, it’ll use a bounty mechanism that lets users post bounties for blockchain data they’re seeking. Researchers and sleuths will be able to provide them with that information in return for the pledged bounty.
Arkham is reportedly moving in to thwart the rising tide of crypto intrusions by promoting on-chain research, but privacy advocates on social media have heavily criticized the new service, with some even suggesting it’s “doxing as a service.”
Binance’s research page reports that Arkham has secured more than $10 million from two series of equity financing, the latest of which was pegged at $150 million. As for the distribution of its token supply, 5% has been earmarked for the token sale, 20% is designated for principal contributors, 17.5% is allocated for investors, and 17.2% will be funneled into the foundation’s treasury.
Featured image via Unsplash.
