Arkham Falsely Denies Bitcoin Alert; says the alert was sent just after the 6% crash
Market intelligence platform Arkham Intelligence denied on April 26 that it sent an error message to some users.
Arkham denies any wrongdoing
Arkham denied that it made any such mistakes, writing:
“We have conducted an investigation into the DB Alert situation and determined that the Arkham alerts were sent accurately in this case.”
The platform suggested that DB, also known as tier10k, put two alerts on Bitcoin transactions worth more than $10,000 and called these alerts “Mt Gox” and “US Gov.”
Arkham’s account of events suggests that DB deduced that certain Bitcoin addresses were trading based on labels that he himself had set. DB then tweeted publicly that addresses associated with the US government and Mt. Gox traded in Bitcoin.
When it became clear that no such transaction had taken place, DB claimed that Arkham had made a mistake. He said the firm had confirmed that a “bug fix deployed today caused notifications to be sent incorrectly to [a] small subset of users.”
DB had apparently confirmed this with Arkham, and Arkham seemed to admit partial fault in an earlier one chirping. But Arkham, in its latest statement, denied any wrongdoing, saying the alerts were correctly sent to DB and that “no one received inaccurate alerts.”
The final cause of the activity that led to the alert may be non-standard activity in the chain. Some commentators have speculated on that en Ordinals inscriptions on the affected addresses made those addresses appear to be involved in a transaction without actually moving funds, thus triggering the alert in question.
Alert sent later than 6% market crash
The incident roughly coincided with a sharp decline in the value of Bitcoin, which fell 6% to $27,696 from $29,472 in about an hour.
The exact timing of the notice was previously unclear due to Arkham’s private status. However, Arkham Intelligence has since revealed that the alert was sent minutes after the market crash ended and thus could not have affected the price of Bitcoin.
The reason for the price crash is still unclear.
BTC additionally gained value right before and after the crash, and the asset’s price is actually up 3.5% over a 24-hour period from 12:30 UTC.
Disclaimer: Our authors’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Do your own due diligence before doing anything related to the content of this article. Finally, CryptoSlate takes no responsibility if you lose money trading cryptocurrencies.
