Why Was Arkham Exchange Established?

Arkham Intelligence had positioned itself as a company providing data intelligence solutions, labeling known wallet addresses, tracking on-chain fund flows, and interpreting complex blockchain data. Toward the end of 2024, the company aimed to leverage this robust data infrastructure on the trading side by launching a crypto derivatives exchange. The goal was to combine advanced data analytics with the trading experience to create an innovative platform capable of competing with industry giants like Binance for retail investors.

In line with this strategy, Arkham Exchange expanded its operations in early 2025 by offering spot crypto trading in several U.S. states. The company also launched a mobile trading app in December to increase user accessibility. However, despite all these product expansions and technical infrastructure, trading volumes and user activity on the platform remained far below expectations. This underscores that in a highly competitive exchange market, technology and data advantages alone are insufficient.

Trading Volumes Lag Behind Major Exchanges

Market data clearly illustrate why Arkham Exchange struggled. According to CoinGecko:

• Binance’s daily trading volume: approximately $9 billion
• Coinbase’s daily trading volume: approximately $2 billion
• Arkham Exchange’s last 24-hour volume: under $620,000

This gap highlights the platform’s difficulty in building sustainable liquidity and a stable user base.

Strong Backers, But Limited Interest

Arkham Intelligence stood out as one of the most notable ventures in the industry in terms of investor profile. Its backers included high-profile names and funds such as Sam Altman, Draper Associates, Binance Labs, and Bedrock. This investor network provided Arkham with significant financial and strategic support. The company also launched its native token, ARKM, which was trading around $0.12 at the time of writing.

Despite this strong investor backing, brand recognition, and token ecosystem, the exchange failed to achieve the expected user growth and trading volumes. This demonstrates that success in the crypto exchange space depends not only on capital and recognition but also on liquidity depth, user habits, and aggressive competitive strategies.

Evaluation

Arkham Intelligence’s decision to close its crypto trading platform underscores that technology and brand strength alone are not enough in the highly competitive exchange sector. Liquidity, user behavior, and scalable trading volume remain the primary determinants of success. Going forward, Arkham is expected to refocus on its core business of on-chain data analytics.

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LuBian Mining Pool Hacked in December 2020

Arkham Intelligence uncovered the hack on Saturday, revealing that the LuBian mining pool, which was the sixth-largest BTC mining pool at the time, was attacked on December 28, 2020. About 90% of its Bitcoin was stolen by hackers before the pool managed to transfer its remaining 11,886 BTC to recovery wallets. Neither LuBian nor the hackers reported the attack at the time.

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The hackers embedded OP_RETURN messages in 1,516 transactions to store wallet addresses. Arkham also noted that LuBian used a private key generation algorithm that was susceptible to brute-force attacks, which may have been the vulnerability exploited by the hackers.

The Aftermath and Crypto Security Warning

At the time of the hack, the stolen Bitcoin was worth $3.5 billion, but now, at current prices, it’s valued at around $14.5 billion. Arkham highlights this incident as a critical reminder for crypto users to implement robust private key management and security practices. The breach also serves as a warning for all cryptocurrency investors about the risks of weak algorithms and poor cybersecurity practices.

A Turning Point in Crypto Theft History

The LuBian hack surpasses the $1.5 billion ByBit hack from earlier this year, which was previously considered the largest crypto theft in history. This event, along with several other notable hacks, highlights the ever-present threats in the crypto space. In April, an elderly individual lost $330 million in Bitcoin via a social engineering attack, which was later laundered through 300 different wallet addresses.

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On-chain data platform Arkham Intelligence recorded these transfers. The data indicated that institutional investors executed these transactions. All transfers occurred from verified and trusted addresses. 

Anchorage Digital managed high-volume transfers swiftly. This move also demonstrated the company’s capacity in managing institutional portfolios. All activity remained traceable on the blockchain. 

On-Chain Data Reveals Institutional Demand 

Arkham Intelligence Explorer detected a rise in Bitcoin holdings in Anchorage Digital’s addresses. A total of 10,141 BTC moved in groups from different wallets. Some wallets had zero balance before the transfer. 

These BTCs came from various wallets and were sent to Anchorage Digital’s custody addresses. Meanwhile, the transfers completed within nine hours. On-chain data tracked these activities in real time. Thus, the company’s Bitcoin reserves increased significantly. 

Anchorage Digital expands its range of institutional services. The company provides custody services for BlackRock’s spot Bitcoin and Ethereum ETF products. It also partnered with Bitcoin staking solution Babylon Labs to offer BTC staking access to institutional clients. Furthermore, it supports secure custody for Bitcoin Layer-2 protocol Stacks (STX). These developments show increased trust and demand from institutional investors. Anchorage Digital’s assets under custody grew by 80% in Q1 2023. 

Transfers Consist of Large-Scale Institutional Transactions 

Lookonchain and Arkham Intelligence listed most transfers as transactions exceeding 1,000 BTC. Therefore, the transfers are considered institutional scale. Additionally, the total value reached $1.19 billion. Consequently, institutional investors acquired significant Bitcoin amounts through Anchorage Digital. 

Anchorage Digital has accumulated 10,141 $BTC($1.19B) from multiple wallets over the past 9 hours.https://t.co/zdNKM8YyQk pic.twitter.com/KCibu3t62l

— Lookonchain (@lookonchain) July 30, 2025

Meanwhile, all transfers occurred transparently on the blockchain. Arkham Intelligence kept Anchorage Digital’s custody addresses’ Bitcoin balance updated.

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Thanks to this new strategic partnership, Arkham and Tree News users will be able to analyze blockchain data while also gaining real-time access to the latest crypto news. Additionally, the data provided on the Arkham platform will be combined with Tree News’ fast and reliable news flow, enhancing the user experience. This way, users will be supported not only with past data but also with the most up-to-date news that will help them understand future trends.

What is Tree News?

Tree News stands out as a platform that provides news, especially for cryptocurrency investors, professional traders, and the blockchain community. This platform, which tracks important developments in the crypto world in real-time, not only provides news but also helps users make informed decisions by commenting on the developments. Tree News aggregates the latest news from a wide range of sources and offers a broad perspective on blockchain and cryptocurrencies. The platform categorizes the news into various subcategories, allowing users to access the information they need more quickly and efficiently.

You may also find this article interesting: Citi: “Bitcoin May Reach $199,000 by Year-End”

What is Arkham Aiming For?

Arkham is a powerful player in blockchain data analytics, specializing in cross-network monitoring and data mining. Users can use Arkham’s tools to detect anonymous addresses on the blockchain, analyze transaction histories, and track activities on the network in a more transparent way. These features are particularly valuable for security researchers, investors, and blockchain developers.

The partnership with Tree News will allow Arkham to process data more quickly, present it more comprehensively, and provide users with the opportunity to conduct analyses with a wider range of news. Additionally, this collaboration will allow Arkham to provide easy access to a broader user base via Telegram, increasing the platform’s adoption and usage.

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This transfer is the first significant high-volume movement recorded for SpaceX since transactions made in 2021. The transaction comes amid a renewed rise in Bitcoin prices. 

However, the recipient wallet address does not yet have a known institutional identity. The address starting with bc1q8ka…vwg7u leaves the strategy behind the transaction unclear. 

Similarities with Past Bitcoin Transactions 

In 2021, SpaceX transferred a total of 4.7K BTC to various wallets via Coinbase Prime. These moves had offered key insights into the company’s crypto strategy. Most of those transfers at that time were directed to the Coinbase exchange. 

On the other hand, a notable detail after this new transfer is the transaction route. The transferred BTC was sent not to known exchange wallets but to a “passive” address with no prior transaction history. This suggests the funds might have been moved for restructuring or custody purposes rather than for sale. 

According to Arkham Intelligence reports, SpaceX currently holds approximately 8,285 BTC. This gives the company a digital asset portfolio worth about $560 million. Arkham Intelligence identified these wallets as belonging to SpaceX through previous transactions, Coinbase Prime links, and on-chain patterns. 

Meanwhile, the same reports show Tesla still holds 11,509 BTC. Combined, the two companies hold a total of 19,794 BTC. 

Elon Musk’s Crypto Asset Strategy Back in Focus 

The timing of the transfer has not gone unnoticed by market observers. Moreover, the large amount signals confidence in potential BTC movements between institutions. High-volume transactions by corporate firms indicate renewed interest in the market and boost confidence in the sector. SpaceX’s transfer has brought Elon Musk’s crypto asset strategy back into the spotlight. 

Especially as Fed and SEC’s statements on crypto regulations remain topical, such transactions gain even more significance.

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Final Message: “Broke” Before Vanishing From X

James Wynn, notorious for his massive Bitcoin leverage plays, has deactivated his X (formerly Twitter) account. The handle “JamesWynnReal” now displays “This account doesn’t exist.” Before going offline, his final bio update was a single word: “broke.”

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His known wallets now show a total of just $10,176—down from managing over $100 million in crypto assets. Data from Arkham Intelligence and Hypurrscan confirm this dramatic loss, signaling the end of a short yet explosive chapter in crypto speculation.

From Big Bets To Bigger Losses: Bitcoin Positions Wiped Out

In May 2025, James Wynn’s $100 million long position in Bitcoin was liquidated after the price dipped below $105,000, wiping out 949 BTC. He had admitted in a since-deleted post:

“I do not follow proper risk management, nor do I claim to be a professional. If anything, I claim to be lucky. I’m effectively gambling, and I stand to lose everything.”

Despite this, Wynn opened another $100 million bet days later. He claimed his trades were being deliberately liquidated and appealed for donations, receiving funds from at least 24 addresses. He liquidated 240 BTC—worth around $25 million at the time—in an effort to reduce his remaining position’s liquidation price. But it was not enough.

A Cautionary Tale For Crypto Traders

Long-term crypto investors now cite Wynn as a cautionary example. His downfall illustrates the brutal consequences of ignoring risk and chasing short-term gains with high leverage. For many, this saga underscores the importance of patience and strategy over gambling instincts in volatile markets like Bitcoin.

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The transfer instantly propelled Twenty One to the position of the world’s third-largest corporate Bitcoin holder, behind only Strategy (formerly MicroStrategy) and MARA Holdings.

Behind the Billions: How the Bitcoin Was Allocated

On June 3, Tether CEO Paolo Ardoino confirmed two large transactions totaling 11,417 Bitcoin. One included a 10,500 BTC transfer to an address connected to SoftBank’s investment in Twenty One Capital. The second involved 917 BTC sent to investors with equity stakes in the venture.

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An even larger move occurred the previous day: 25,812 Bitcoin were shifted in three transactions. That included 7,000 BTC from Bitfinex as direct investment, 14,000 BTC from Tether, and 4,812 BTC as pre-funding for an equity raise.

A New Kind of Bitcoin-Native Finance

Twenty One Capital aims to build Bitcoin-native infrastructure for capital markets—delivering services like lending, custody, and asset issuance directly on Bitcoin rails. The company plans to go public via a SPAC merger with Cantor Fitzgerald, valuing the company at $3.6 billion.

While this bold initiative highlights growing institutional interest in Bitcoin, it also reignites debate over transparency. At the Bitcoin 2025 conference, Strategy chairman Michael Saylor argued against onchain proof-of-reserves, citing security concerns. Meanwhile, analytics firm Arkham Intelligence claims to have identified 87% of Strategy’s Bitcoin holdings onchain.

The contrast reveals a growing divide in how major players approach visibility and risk in the evolving crypto economy.

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Prison ID Sells for 11 BTC in Historic Crypto Auction

Using the Bitcoin-only marketplace Scarce City, Ross Ulbricht sold a variety of items tied to his life before and during prison. From a backpack and sleeping bag to notebooks, prison clothing, and paintings, collectors eagerly bid in BTC, driving the total proceeds past $1.8 million.

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The biggest draw? Ulbricht’s final prison ID card, which alone sold for 11 BTC (~$1.1 million). Ulbricht remarked on the photo, saying:

“The guard tried to stop me from smiling — but joy comes from within.”

Collaborative Prison Art and Collector Demand

A collaborative painting made with a fellow inmate named “Omega” sold for 1.01 BTC, while other items included hand-painted works, a prison lock, and handwritten notes.

Participants had to deposit 1% of their bid as collateral. Late bids reset the auction timer, keeping the process transparent and competitive. Bitcoin was the preferred payment method, though smaller bids via PayPal were also accepted. All payments are due by June 2.

Dormant Wallets Hold $47M in BTC

Beyond the auction, Ulbricht may still be linked to significant Bitcoin holdings. Coinbase exec Conor Grogan revealed that around 430 BTC (~$47M) across dormant wallets associated with Ulbricht were never seized by the U.S. government.

Arkham Intelligence backed the claim, identifying 14 wallet addresses linked to Silk Road, one holding over $9 million in BTC alone.

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Trump’s DeFi Platform Increases Ether Holdings Threefold

The decentralized finance (DeFi) platform linked to US President Donald Trump significantly increased its Ether (ETH) holdings over the past week as the cryptocurrency’s price fell below $2,000.

Trump’s World Liberty Financial (WLFI) DeFi platform tripled its Ether holdings in the past seven days as ETH dropped below the $2,000 psychological threshold, falling to $1,991 on March 4.

According to data from Arkham Intelligence, WLFI now holds about $10 million more in Ether than a week ago. In addition to the Ether acquisition, the platform also bought $10 million worth of Wrapped Bitcoin (WBTC) and $1.5 million worth of Movement Network (MOVE) tokens.

Currently, WLFI is facing over $89 million in unrealized losses across the nine tokens it has invested in, according to data from Lookonchain.

This acquisition came during a period of increased market volatility and rising investor concerns, driven by both macroeconomic factors and crypto-specific events, including the $1.4 billion Bybit hack on February 21.

The recent dip has caused a “broader flight to safety in crypto markets,” with investors seeking safer assets that offer more predictable returns, such as tokenized real-world assets (RWA).

WLFI’s “Macro Strategy” Fund Boosts Ethereum and Crypto Investments

WLFI’s recent digital asset investments follow the launch of its “Macro Strategy” fund, which targets Bitcoin, Ether, and other cryptocurrencies.

In a February 11 announcement, the fund’s aim was to strengthen these projects and expand their roles in the financial ecosystem:

“Together, we are building a legacy that bridges the worlds of traditional and decentralized finance, setting new standards for the industry.”

The fund intends to diversify the platform’s holdings across a spectrum of tokenized assets to provide a “resilient financial system” and invest in emerging opportunities within the DeFi landscape.

The announcement came after widespread speculation by Ethereum co-founder Joseph Lubin that the Trump family would establish a “giant business” on Ethereum.

“Based on what I know, the Trump family will build one or more giant businesses on Ethereum,” Lubin wrote. “The Trump administration will do what is good for the USA, and that will involve ETH.”

Lubin suggested that the Trump administration might eventually integrate Ethereum technology into government activities, similar to its current use of internet protocols.

Ether currently makes up the largest share of WLFI’s holdings, followed by $14.9 million worth of WBTC and $13.2 million worth of USDT stablecoin.

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Bankrupt Mt. Gox Moves 12,000 BTC: Uncertainty Continues

The bankrupt crypto exchange Mt. Gox has resumed Bitcoin transfers. In a tumultuous week shaken by market volatility, the exchange moved 12,000 BTC.

On March 6, Arkham Intelligence alerted its users on X that 12,000 BTC were transferred from the Mt. Gox wallet (1PuQB). The transfer, valued at approximately $1 billion, incurred a transaction fee of just $1.64.

At the same time, 166.5 BTC (worth around $15 million) was sent to Mt. Gox’s cold wallet (1Jbez), while the remaining assets were moved to an unidentified wallet (1Mo1n), which currently holds 11,834 BTC.

According to Arkham data, Mt. Gox-linked wallets still hold approximately 36,080 BTC, with a total value of about $3.26 billion.

This marks the first major Bitcoin transfer from Mt. Gox-linked wallets in a month, with the previous transfer involving just 4 BTC between cold wallets. The purpose of this latest transaction remains unclear.

In December, Mt. Gox moved around 1,620 BTC through a series of unknown wallets, just two weeks after transferring over 24,000 BTC in a similar manner.

Mt. Gox, which filed for bankruptcy in early 2014, has periodically moved its Bitcoin holdings over the years. Some of these transfers have been followed by creditor payouts, which began in 2024.

Last October, the trustee managing Mt. Gox’s Bitcoin reserves extended the deadline for creditor repayments by a full year, pushing it to October 31, 2025.

Mt. Gox’s Move Comes Amid a Week of Market Volatility

This latest move by Mt. Gox coincides with a week of heightened volatility in the crypto markets. U.S. President Donald Trump’s trade tariffs, which came into effect on March 4, increased volatility in high-risk assets.

Bitcoin surged to $94,770 on March 3, before dropping to $82,681 on March 4. By March 5, it had regained the $90,000 level.

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