In a significant move to meet regulatory and tax requirements, Arkham has transferred 304.5 million ARKM tokens, valued at approximately $487.24 million, from its vesting contract to Coinbase Prime custody.
According to data on its platform, this transfer includes 115.8 million ARKM tokens, worth $185.28 million, owned by Arkham CEO Miguel Morel.
Token Transfer to Coinbase Prime
On July 17, Arkham announced via the social platform X that the team’s tokens must be transferred to Coinbase Prime to ensure proper tax payments and regulatory compliance starting July 18.
This transfer means the specific unlocking and transfer status of these tokens will no longer be visible on the blockchain, enhancing the security and regulatory oversight of the assets.
The transfer marks the beginning of a linear unlocking cycle for the team, investors, and advisors, which commenced on July 17. These groups’ current daily unlocking volume is approximately 324,200 ARKM, valued at $518,000. This process is part of a preset three-year unlocking schedule, which remains unchanged despite recent developments.
Strategic Move for Compliance and Security
The transfer to Coinbase Prime is a strategic step for Arkham, aligning with the company’s commitment to regulatory adherence and robust security measures. By using Coinbase Prime’s custody services, Arkham ensures that the tokens are managed under stringent security protocols, offering peace of mind to investors and stakeholders.
Summary Review: Arkham’s transfer of ARKM tokens to Coinbase Prime demonstrates its dedication to regulatory compliance and secure asset management, setting a strong example for the industry.
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