Arkham ARKM +0.60% Intelligence, the blockchain analytics platform, has seemingly gained over 490,000 new followers in a single day on X.

This does present a curious case as there have not been any fundamental catalysts or announcements that could’ve likely triggered this event. Moreover, it is also likely that the majority of these new followers are merely bots and not real people.

Despite this, the contributions and viral posts that come from Arkham that could boost its socials cannot be discounted either.

Just this past week, a viral case emerged of two suspects being charged over a crypto theft worth over $230 million. This case was uncovered by ZachXBT, who regularly utilizes the Arkham platform to investigate on-chain movements of funds.

However, it is worth noting that a number of other reasons over the week also likely contributed to the spike in Arkham’s X followers, such as them being the first known party to uncover the BTC holdings of the Kingdom of Bhutan, as well as regular updates on notable on-chain activity.

Meanwhile, the utility token of the Arkham platform, ARKM, has increased by over 16% over the week.

Arkham's growing influence underscores the increasing importance of transparency and security in the crypto industry. By providing tools for on-chain analysis, Arkham enables researchers and investigators like ZachXBT to trace illicit activities and promote accountability among industry participants.

Their platform has become an invaluable resource for exposing fraudulent schemes and uncovering hidden assets, which not only helps in legal pursuits but also in fostering trust within the industry.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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