Blockchain analytics firm Arkham Intelligence's native token (ARKM) is trading at $0.75 with a $113 million market cap after it was issued to beta testers and Binance launchpad participants.
The token, which is been branded as an "intel-to-earn" asset, initially sold for $0.05 on the Binance launchpad with investors being limited to a maximum allocation of $15,000. Users locked up a total of $2.4 billion in the launchpad to secure a better chance of receiving the full allocation.
The company also issued an airdrop to early users of the platform and beta testers, with the majority of users receiving 197 tokens worth roughly $147 at current trading price.
There are currently 150 million tokens in circulating, with 850 million tokens being unlocked over an eight-year vesting schedule.
The announcement of Arkham's token polarized crypto investors as some lamented the ethical side of paying users to breach other's privacy. The company also botched an affiliate campaign by including personal email addresses within a user's unique referral link.
Arkham raised over $10 million in two equity rounds that included investment from the likes of Tim Draper, Bedrock Capital, Wintermute Trading, GSR Markets, and the co-founders of Palantir and OpenAI.
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