Arkham Transfers ARKM Tokens to Coinbase Prime for Compliance

YEREVAN (CoinChapter.com)— Arkham has withdrawn 304.5 million ARKM tokens, valued at approximately $487.24 million, from its vesting contract.

Arkham has withdrawn 304.5 million ARKM tokens, valued at approximately $487.24 million, from its vesting contract. These tokens were transferred to Coinbase Prime custody to comply with regulatory and tax requirements.

Arkham CEO Miguel Morel holds 115.8 million ARKM tokens, worth $185.28 million, included in this transaction. The transfer secures the tokens under stringent security protocols provided by Coinbase Prime.

The transfer marks the beginning of a linear unlocking cycle for the team, investors, and advisers. This cycle started on July 17, with a daily unlocking volume of approximately 324,200 ARKM tokens, valued at $518,000. This process will continue over a preset three-year unlocking schedule.

Arkham announced on July 17 via the X social platform that the team’s tokens must be transferred to Coinbase Prime starting July 18. This step ensures proper tax payments and regulatory compliance. The tokens’ specific unlocking and transfer status will no longer be visible on the blockchain, enhancing security and oversight.

The transfer marks the beginning of a linear unlocking cycle for the team, investors, and advisers. This cycle started on July 17, with a daily unlocking volume of approximately 324,200 ARKM tokens, valued at $518,000. This process will continue over a preset three-year unlocking schedule.

Using Coinbase Prime’s custody services, Arkham manages the tokens under strict security measures. This step aligns with the company’s commitment to regulatory adherence, ensuring that investors and stakeholders’ assets are secure.

In related regulatory news, the US Congress enacted legislation the same year Satoshi Nakもと introduced the Bitcoin white paper. This law requires financial institutions to provide detailed tax reporting information, similar to current cryptocurrency capital gains tax rules.

ARKM Token Dips Amid Regulatory Moves

Law enforcement agencies have utilized Coinbase, a US-based crypto exchange, to securely store or dispose of cryptocurrencies confiscated during criminal investigations. The U.S. Marshals Service has entrusted Coinbase Prime with handling assets associated with the dissolved FTX cryptocurrency exchange and the infamous Silk Road platform, respectively. Coinbase received a contract valued at over $32 million for this responsibility.

At the time of writing, the ARKM token is valued at $1.57, reflecting a 1.50% decrease over the past 24 hours. The market cap stands at $321,629,117, with a 24-hour trading volume of $37,296,599. The circulating supply is 204,600,000 ARKM out of a total and maximum supply of 1,000,000,000 ARKM.

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