In a significant move to meet regulatory and tax requirements, Arkham has withdrawn $487.24 million worth of $ARKM tokens from its vesting contract and transferred them to Coinbase Prime Custody.
Within the past 48 hours, the Arkham team moved 304.5 million $ARKM, valued at approximately $477 million, to Coinbase Prime.
[ARKHAM] Arkham Withdraws $487.24 Million in $ARKM from Vesting Contract, Transfers to #Coinbase Prime Custody to Meet Regulatory and Tax Requirements$COIN pic.twitter.com/vAH7qEgl3j
— BecauseBitcoin.com (@BecauseBitcoin) July 21, 2024
This transfer means that the unlocking and subsequent transfers of these tokens will no longer be viewable on-chain.
为满足交税与合规需求，昨晚十点 Arkham 团队向 Coinbase Prime 转移了 3.045 亿枚 $ARKM （价值高达 4.77 亿美金），这意味着后续无法查看这部分代币的解锁和转移情况👀
而 2 小时前 Coinbase Prime 接收地址已向 239… https://t.co/qNlrnxOcP6 pic.twitter.com/7p3J97Nkbj
— Ai 姨 (@ai_9684xtpa) July 21, 2024
Arkham Team Transfer And Regulatory Adherence
The Coinbase Prime receiving address subsequently distributed tokens to 239 different addresses. These transfers mark the start of a linear unlock cycle for the Arkham team, investors, and advisors, which began on July 17.
As part of this cycle, the current daily unlock volume for these groups is about 324,200 $ARKM, worth around $518,000.
#ARKM Cointelegraph: Arkham is transferring ARKM to Coinbase Prime to comply with tax requirements.
The transfers also mark the beginning of a linear unlock cycle for the team, investors, and advisors that started on July 17. The current daily unlock volume for these groups is…
— CryptoLens.News (@cryptolens_news) July 21, 2024
This strategic move highlights Arkham’s commitment to adhering to regulatory standards while ensuring that their token distribution process remains transparent and compliant. By using Coinbase Prime Custody, Arkham aims to meet compliance requirements effectively, though it also means reduced visibility into the status of these tokens.
The large transfer and the start of the unlock cycle are crucial for the community to understand, as they could impact the token’s market dynamics. Investors and stakeholders should stay informed about these developments, as the increased supply of unlocked tokens may influence $ARKM’s market performance.
Arkham’s proactive steps in meeting tax and compliance standards underscore the growing importance of regulatory adherence in the cryptocurrency space, setting a precedent for other projects to follow.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
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