Market intelligence platform Arkham Intelligence likely sent an erroneous message to certain users, according to various reports on April 26.
Arkham partially admitted to making an error, as it tweeted:
“Today we fixed a bug related to Bitcoin alerts that caused us to no longer under-send alerts to a small subset of user’s private labels … This fix won’t affect any additional users, and was unrelated to labels generated by Arkham.”
Arkham added that it “understand[s] the impact alerts can make” and advised users to verify information on-chain before trading based on that information.
Though Arkham suggested that it merely sent excess messages, other reports suggest that the alert in question contained entirely incorrect information.
As Arkham Intelligence is currently only available to waitlisted users, it is unclear exactly what information the alert in question contained. However, the erroneous message suggested that a cryptocurrency address controlled by the U.S. government had begun to move Bitcoin, according to accounts of the events in the crypto community.
Some commentators speculated that an Ordinals inscription on a known government-seized address made that address appear to be engaged in a transaction without actually moving funds, thus triggering an alert from Arkham Intelligence.
However, Arkham has not confirmed that this was ultimately the cause of the error.
The incident coincided with a sharp decline in the value of Bitcoin, which fell 6% to $27,696 from $29,472 in about one hour. However, BTC gained value immediately prior to and after that crash, and BTC is in fact up 0.5% over a 24-hour period.
The post Intelligence platform Arkham sent incorrect Bitcoin alert coinciding with 6% crash appeared first on CryptoSlate.