A well-known cryptocurrency market maker named Wintermute Trading recently withdrew more than 8 million ARKM tokens from Binance, indicating its major engagement in Arkham Intelligence’s disputed dox-to-earn platform, which aims to reveal anonymous cryptocurrency users.
Five transactions totalling $3.7 million worth of ARKM tokens were carried out on Wednesday, according to blockchain analytics company Nansen, resulting in an incredible 731% gain in Wintermute’s position.
By giving rewards in the form of ARKM tokens, the Arkham Intel Exchange encourages users to reveal the identities hiding behind otherwise anonymous cryptocurrency wallets. The amassing of ARKM tokens by Wintermute may firmly establish its position as a key liquidity provider in this ecosystem.
Paul, a key developer to the Lyra crypto options trading technology, commented on the matter and made the remark that Wintermute’s motivation for purchasing the tokens may not be simply financial. It is much less probable that Wintermute is purchasing the tokens to hold them as investments. Their engagement in enabling over-the-counter transactions or market-making operations are two potential reasons for their behavior.
After these trades, Wintermute has become the tenth-largest ARKM token holder. However, the token’s price recently dropped by 5.6% during the previous 24 hours, finishing at slightly under 47 cents.
On July 18, ARKM was released into the market with a 75 cent introductory price. A move that makes sense for market-making, as Paul explains, Wintermute got about 15 million tokens from the Arkham Intelligence Multisig wallet the day before its launch. By ensuring that market makers get tokens before to launch, more stable and deep markets are created, thus reducing very volatile price swings.
Wintermute Trading’s engagement in Arkham Intel’s dox-to-earn platform adds to the project’s complexity and public scrutiny. The market maker’s actions and intentions will probably be the topic of further investigation and controversy as the cryptocurrency community carefully observes these events.
