Arkham Moved 304.5 Million ARKM Tokens to Coinbase Prime for Tax and Security Reasons

Arkham withdrew 304.5 million ARKMs, valued at over $487.24 million, from its vesting contract and moved them to Coinbase Prime custody

Arkham, a cryptocurrency intelligence platform, has moved 304.5 million ARKM tokens, valued at $487.24 million, to Coinbase Prime custody in a major move to comply with tax regulations and enhance security measures.

Arkham withdrew 304.5 million ARKMs, valued at over $487.24 million, from its vesting contract and moved them to Coinbase Prime custody. This transfer is a significant development in the cryptocurrency space, as it marks one of the largest crypto holdings being entrusted to a qualified custodian.

The move was made to ensure compliance with tax regulations and to enhance the security of the assets. Coinbase Prime is a qualified custodian that provides a high level of security for digital assets.

Arkham's total crypto holdings are now valued at $1.17 billion, a 30% increase from the last time the platform公布了其代币持有量. This increase is largely due to the rising price of ARKM tokens, which have surged by over 200% since July 17th.

According to the platform’s data, this batch of tokens includes 115.8 million ARKM tokens, which are controlled by Miguel Morel, the CEO of Arkham, and are valued at $185.28 million.

Before July 18th, Arkham notified the team via the X social platform that they needed to move their tokens to Coinbase Prime in order to pay taxes and stay in accordance with regulations.

This transfer improves the security and regulatory supervision of the assets by making it so that the blockchain will no longer display the exact unlocking and transfer status of these tokens.

With the transition, the team, investors, and advisors have entered a linear unlocking cycle that started on July 17. At present, these groups unlock around 324,200 ARKM, valued at about $518,000 per day.

This procedure is still part of a predetermined unlocking plan that lasts three years, regardless of what has occurred recently.

Arkham is a cryptocurrency intelligence platform that provides investors with on-chain data, crypto news, and NFT analytics. The platform was founded in 2019 by Miguel Morel and Chris DeLima and is headquartered in San Francisco, California.

Arkham has raised a total of $74.5 million in funding over three rounds. Their latest funding round was raised on May 11, 2023, from a Series A.

Coinbase Prime is a digital asset custody service offered by Coinbase. It provides a high level of security for digital assets, including protection against theft, loss, and fraud. Coinbase Prime is also integrated with major cryptocurrency exchanges, making it easy to trade and move digital assets.

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