The economic intelligence platform Arkham Intelligence denied on April 26 that it had sent an incorrect message to certain users.
Arkham denies any mistake
Arkham denied making such a mistake, in writing:
“We have investigated the DB Alert situation and determined that Arkham Alerts were sent accurately in this instance.”
The platform suggested that DB, also known as tier10k, set two alerts on Bitcoin transactions worth more than $10,000 and named those alerts “Mt Gox” and “US Gov.”
Arkham’s account of the events suggests that DB inferred that certain Bitcoin addresses were transacting based on labels he himself had defined. comic then publicly tweeted that addresses linked to the US government and Mt. Gox were performing crypto transactions.
When it became clear that no such transaction had taken place, DB claimed that Arkham had made a mistake. He said the platform had confirmed that a “bug fix deployed today resulted in alerts being erroneously sent to (a) small subset of users.
DB had apparently confirmed this with Arkham, and Arkham seemed to admit partial error in a precedent Tweeter. But Arkham, in its final post, denied any wrongdoing and said the alerts had been sent correctly to DB and “no one had received inaccurate alerts”.
The event that ultimately caused the alert may be non-standard chain activity. Some commentators have speculated that an The ordinal entries on the addresses concerned gave the impression that these addresses were engaged in a transaction without actually moving funds, thus triggering the alert in question.
The alert was sent after the 6% stock market crash
The incident roughly coincided with a sharp drop in the value of Bitcoin, which fell 6% to $27,696 from $29,472 in about an hour.
The exact timing of the alert was previously unclear due to the private status of the alert. However, Arkham Intelligence has since revealed that the alert was sent minutes after the stock market crash ended and therefore could not have affected the price of Bitcoin.
The cause of the price drop is still unclear.
BTC also gained in value immediately before and after the crash, and the price of the asset is actually up 3.5% over a 24-hour period as of 00:30 UTC.
Note: This article previously suggested that Arkham was responsible for the error and has been updated to reflect the platform’s latest statements.
Arkham post denies erroneous bitcoin alert; says the alert was sent right after the first appearance of a 6% crash on CryptoSlate.