The security weakness in the Arkham protocol raises a lot of questions in the entire network.
Arkham (ARKM) network, a blockchain data provider that announced its token sale to raise $2.5M on Binance Launchpad, has been slammed for using weak methods to store users’ private data. After launching its token sale on Binance, Arkham unveiled a program to allow users to invite others for base rewards in ARKM. However, some Twitter Inc. users were quick to spot the weakness in the referral hashing method. Notably, by using a simple decoding tool, like base64decode, anyone can decipher the email of Arkham users sharing their referral links through social media platforms.
Incidentally, Arkham protocol previously responded to the allegations of sharing users’ private information by deeming it a feature of its network. As a result, most crypto users who prefer to have their private information anonymous for their safety were angered by the move to have their private info publicly available.
Notably, all Arkham referral program users who shared their links through the internet have their emails already publicly available. The blockchain data provided puts most users at risk of being attacked through phishing links among other internet-related challenges.
ABSOLUTE LMAO. ALL #ARKHAM REFERRAL LINKS SHARED ON TWITTER IS DOXXING EVERYONE BECAUSE THE EMAIL IS IN THE REFERRAL URL. @inversebrahhttps://t.co/HM6veJOmNp -> [email protected] https://t.co/1INvtXLEva pic.twitter.com/m38VnNMS8k
— m4gicpotato ⟁ (@m4gicpotato) July 10, 2023
The security weakness in the Arkham protocol raises a lot of questions in the entire network that has taken several months to launch and also get a chance to scale via Binance Launchpad. Although the company claims it is an internal feature, the thought of having private information readily available on the internet is scary to most users in their days and age.
It’s not a bug it’s a feature https://t.co/EV0SIbLbEJ
— Tree of Alpha (@Tree_of_Alpha) July 10, 2023
Closer Look at Arkham (ARKM) Protocol
The Arkham protocol uses artificial intelligence (AI) to deanonymize the blockchain, thus showing users the people and companies behind definite cryptocurrency transactions. Notably, the Arkham network has its own proprietary artificial intelligence engine dubbed ULTRA, to algorithmically match addresses with real-world entities. Through its intel-to-earn program, Arkham introduces an economy that matches buyers and sellers of blockchain data at scale.
The ARKM token is the governance crypto unit used in the Arkham rewards program, particularly on the intel exchange. Moreover, token holders are entitled to governance rights and earn programs through staking.
The Arkham project has attracted significant crypto investors’ attention having raised more than $10 million in two rounds as of July 10. Reportedly, the latest funding round saw the Arkham project valued at approximately $150 million, with strategic backing from Tim Draper, Bedrock Capital, Wintermute Trading, GSR Markets, and the co-founders of Palantir and OpenAI.
However, the company could lose its retail customers due to its poor methods of storing users’ data. Nonetheless, the Arkham protocol has minimal competition in the cryptocurrency industry, thus being able to navigate easily.
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Source: https://www.coinspeaker.com/arkham-hashing-referral-links/