Wintermute, a Major Trader, Is a Key Player in Arkham’s Controversial Dox-to-Earn Platform

The liquidity provider just withdrew 8 million of Arkham’s ARKM token from Binance, increasing its position by 731%.

AccessTimeIconAug 2, 2023 at 9:15 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Wintermute Trading, the large crypto market maker, withdrew more than 8 million ARKM tokens from Binance, underscoring its major role in Arkham Intelligence’s controversial new dox-to-earn platform designed to unmask anonymous crypto users.

Those five Wednesday transactions, totaling $3.7 million of ARKM, increased Wintermute’s position by more than 731%, according to blockchain analytics firm Nansen.

  • 'The Voice' Makes Its Way to the Metaverse
    'The Voice' Makes Its Way to the Metaverse
  • Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
    Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
  • Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
    Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
  • What's the Key to Winning a Hackathon?
    What's the Key to Winning a Hackathon?
  • (Nansen)

    The Arkham Intel Exchange incentivizes people to figure out who is behind otherwise-anonymous crypto wallets, paying out bounties in the ARKM token. Wintermute’s accumulation of ARKM potentially makes them a bigger player in providing liquidity in that ecosystem.

    “It’s super unlikely Wintermute is actually buying the token to hold it [as an investment]. Two potential possibilities are that they are either market-making with those tokens or doing some sort of [over-the-counter] deal they’re helping to facilitate,” said "Paul," a core contributor for crypto options trading protocol Lyra.

    After the transactions, Wintemute became the 10th-largest holder of ARKM. The token has slid 5.6% in the past 24 hours to just under 47 cents.

    ARKM debuted on July 18 at 75 cents, and the day before, Wintemute received about 15 million tokens from the Arkham Intelligence Multisig wallet, which makes sense for market making, according to Paul.

    “You generally want to distribute to market makers prior to lauch so you launch with deep markets, otherwise the token price would be super volatile,” Paul said.

    Representatives of Arkham Intelligence did not respond to a CoinDesk request for comment by press time. Wintermute CEO Evgeny Gaevoy said to CoinDesk over X (formerly Twitter) that he couldn’t provide any comment.

    Edited by Nick Baker.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sage D. Young

    Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.