Prominent blockchain analytical firm Arkham Intelligence appears to be selling its ARKM tokens via crypto market maker Wintermute, according to on-chain data.

On Oct. 16, crypto sleuth Lookonchain reported that the Arkham Ecosystem Fund Wallet transferred 21.58m ARKM tokens, valued at around $7.34 million, to Wintermute, of which 1.5M ARKM tokens (more than $500,000) were deposited into Binance crypto exchange.

The motives behind these transactions were undisclosed as of press time. Usually, transfers to exchange are translated to mean an intention to sell. Arkham has yet to reply to CryptoSlate’s request for comment.

Meanwhile, the supposed sales by Arkham follow similar transactions undertaken by the ecosystem wallet recently. Per Lookonchain, the wallet transferred 25.75M ARKM worth $8.74 million to the same “0xfF3E” wallet on Oct. 3. Through this transaction, Arkham deposited about 4.15m ARKM worth $1.41m to Binance between Oct. 5 and Oct. 12.

Another blockchain analytical firm, SpotOnChain, further corroborated these transactions.

Arkham Intelligence launched the ARKM token earlier in the year to much criticism after introducing its on-chain intelligence marketplace. The ARKM token is integral to the platform, as it is used to set up and receive bounties.

However, the blockchain analytical firm’s technology has come under fire after it was linked to a market crash in April. The whistleblower platform Crypto Leaks also reported that Arkham used backdoor exploits at Binance and FTX to link exchange users to their private cryptocurrency wallets.

Despite speculations of the trading activity, Arkham’s ARKM token is up by nearly 3% in the last 24 hours and was trading for $0.3393 as of press time, according to CoinMarketCap data. This price movement reverses a negative trend that has seen the digital asset shed more than 11% of its value during the past month.