Arkham Exchange: CEO Denies Shutdown Rumors, But Users Are Getting Emails With a February 28 Deadline

Last week, CoinDesk stirred the pot: Arkham Intelligence was allegedly preparing to fully shut down its exchange due to abysmal trading volumes. According to sources, daily volume barely scraped $620-700K, while Binance does billions. The project, launched as an ambitious CEX from a top on-chain analytics platform, never managed to compete.

CEO Miguel Morel fired back quickly:

“We’re not shutting down. We’re simply transitioning from a centralized model to a fully decentralized exchange (DEX).”

Everything seemed under control, a classic crypto pivot to dodge panic.

But the reality hit harder. Yesterday, February 13, hundreds of users received emails: From February 14, accounts are restricted to withdrawals only. Full deadline - February 28. No new deposits. No trading. Just “get your funds out and goodbye.”

This doesn’t sound like a “transition to DEX.” This is a textbook wind-down of a centralized exchange.

What About the Airdrops?

Here’s where it gets even spicier. After Season 1, Arkham handed out ARKM tokens to the “grunts” - the active traders who pumped the hype. The community was on fire: Discord was exploding, people were demanding justice. They distributed the drop, and then silence. The exchange was quietly shelved, and Season 2 was never properly announced.

Now, with the CEX effectively dying, the chances of a Season 2 airdrop look microscopic. The founders’ logic is crystal clear:

“You already made money on the first drop, we got our money back. Chill, guys.”

The Bottom Line

Arkham Intelligence is still a powerhouse in on-chain analytics, that’s their core product and it’s still crushing it. But the exchange that was supposed to be the “smart man’s Binance killer” has flopped. Low volumes, brutal competition, and, by the looks of it, zero real will to fight anymore.

Simple advice for users: Check your inbox, withdraw what you have, and don’t hold your breath until February 28. Crypto isn’t just about airdrops, it’s also about hard lessons.