Arkham has moved 304.5 million ARKMs, worth about $487.24 million, from its vesting contract to Coinbase Prime custody. This is a significant legal move.
Platform data shows that this deal includes 115.8 million ARKM tokens worth $185.28 million that belong to Miguel Morel, CEO of Arkham.
Arkham said on July 17 through the X social platform that the team’s tokens needed to be moved to Coinbase Prime by July 18 to make sure they paid their taxes and followed the rules.
With this transfer, the exact state of these tokens’ unlocking and transfer will no longer be shown on the blockchain. This makes assets safer and improves regulatory oversight.
Arkham Initiates Token Unlocking
The move starts a straight line of unlocking for the team, investors, and advisors that started on July 17. At the moment, these groups unlock about 324,200 ARKM every day, which is worth $518,000. This process is part of a set three-year unlocking plan that hasn’t changed, even though things have changed recently.
Moving to Coinbase Prime is in line with Arkham’s commitment to following the rules and putting in place strong security steps. By using Coinbase Prime’s custody services, Arkham makes sure that the tokens are handled according to strict security rules. This gives investors and other stakeholders peace of mind.
In the same year that Satoshi Nakamoto released the Bitcoin white paper, the US Congress passed laws that made it harder for financial intermediaries to avoid paying too much in taxes. Because of this new law, financial companies had to give taxpayers and the IRS a lot of information about how people filed their taxes.
Companies will have to figure out their taxes based on the “cost basis,” which is the difference between how much an object was sold for and how much it was bought for. This is similar to how cryptocurrency capital gains tax rules work now.
Coinbase’s services have also been used by law enforcement to safely store or get rid of cryptocurrencies that were seized during illegal investigations. According to official records, the U.S.
Marshals Service has given Coinbase Prime a deal worth more than $32 million to handle assets related to the now-defunct FTX cryptocurrency exchange and the notorious Silk Road platform.
