Key Takeaways:
- Arkham has transferred 304.5 million ARKMs, worth $487.24 million, to Coinbase Prime custody for regulatory and tax compliance.
- The transfer includes 115.8 million ARKMs, valued at $185.28 million, owned by CEO Miguel Morel.
- Tokens will unlock linearly over three years, with approximately 324,200 ARKMs released daily.
Arkham has moved 304.5 million ARKMs, worth around $487.24 million, from its vesting contract to Coinbase Prime custody to meet regulatory and tax requirements.
This includes 115.8 million ARKMs, valued at $185.28 million, owned by CEO Miguel Morel.
Network Announcement:
— Arkham (@ArkhamIntel) July 17, 2024
Due to United States / United Kingdom tax withholding and compliance obligations, vesting wallets of some employees will be held with Coinbase Custody beginning on 18 July.
This will involve reclaiming ARKM from existing vesting smart contracts to an…
The transfer, announced on July 17, aims to ensure tax compliance and enhance security by removing the tokens’ visibility on the blockchain.
The tokens will undergo a linear unlocking cycle for team members, investors, and advisors over three years, unlocking approximately 324,200 ARKMs daily.
This step aligns with Arkham’s commitment to regulatory adherence and security.
Additionally, Coinbase Prime’s custody services have been utilized by the U.S. government for managing assets from the dissolved FTX exchange and Silk Road platform.
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