Arkham is known for making blockchain activity easier to see. Its own exchange documentation emphasizes transparency in exchange operations. That standard should also apply to the rewards Arkham offers its users. Arkham Codex.
Arkham gave users reason to trust that offer: it distributed Season 1 rewards, then cited them to encourage trading and referrals in Season 2. Users who traded to earn new points paid real fees. Arkham's Season 2 promotion, official fees and points update.
Season 2 began on 14 December 2024. By 11 October 2026, 666 days will have passed since Season 2 began, nearly two years without a settlement. Arkham's old centralized exchange has stopped trading, but users asking about their Season 2 rewards still hear variations of the same promise: “details will come later.”
Promises of future details are not a resolution. Leaving participants without a concrete answer for this long is disrespectful - and at odds with the transparency Arkham promotes. The central question remains: when will Season 2 participants receive their rewards?
Season 1 gave users a reason to trust Season 2
When Arkham introduced Exchange Points on 6 November 2024, it stated:
Arkham Points will be redeemable for ARKM after the first 30 days of trading on the Arkham Exchange.
The 30 days referred to the program's launch, not a separate Season 2 deadline. The purpose of the points, however, was clear: they were offered as redeemable for ARKM. Launch announcement.
Season 1 did lead to rewards. Its claim opened on 8 February 2025. On 18 April, Arkham promoted the ongoing second season by citing more than $20 million in Season 1 rewards and inviting users to trade and refer friends. The company itself used the first distribution to encourage participation in the next one. Season 1 announcement, April promotion.
That gave users a concrete reason to take S2 seriously. One participant put it simply: “I hope active users will be well rewarded again.” Discord message.
The trading also carried real costs. Arkham's February 2025 update published trading fees alongside the Season 2 points program's volume caps. Users paying those fees incurred costs while working towards the advertised rewards. Official fees and Season 2 update.
Paying trading fees did not guarantee a particular token amount. But rewards were part of Arkham's offer, not an expectation the community invented on its own.
More than 200 distinct Discord accounts spoke up. The answers kept pointing to “later”
Our review identified more than 200 distinct Discord accounts raising questions or concerns about Season 2's end date, rewards or points. This was not one person's unanswered message. The same questions kept appearing across many months. This count covers only those who spoke up in Arkham's Discord; the number of Season 2 participants waiting for answers is likely much higher.
The screenshots below are selected examples from the conversations we saved. They do not show every question or every “details later” reply.
23 June 2025: A user asks about Season 2 points and an airdrop. Carlo says the season's end date is still to be confirmed and will be announced when it is time. Message.
12 September 2025: Another user asks about the reward pool and whether the wait will be long. Saewoth replies that the team will announce details when it is time. Message.
9 February 2026: Carlo still described Season 2 as ongoing, without an announced end date. Discord reply.
11 February 2026: CEO Miguel Morel told CoinDesk that the exchange was moving to a decentralized model. CoinDesk report.
21 April 2026: Arkham announced decentralized trading on Solana. Neither this announcement nor the CEO's February statement explained how Season 2 rewards from the old CEX would be delivered. Arkham announcement.
22 May 2026: Asked about converting points and the costs of trading, Agent Apollo says Season 2 continued until the exchange wrapped up. There is still no formal update. Message.
August 2026: Saewoth says the points page is inactive and offers a support-email route for checking points. That provides a way to ask about a balance - not a way to receive the airdrop. Message.
11 September 2026: A user asks whether Season 2 points have been forfeited. Saewoth says the records are intact, the season effectively ended or paused with the CEX, and more details will follow. There is still no distribution date in the reply. Message.
The users were getting replies. They were not getting a resolution. Keeping points on record does not deliver the rewards those points were meant to earn.
A product can fail or change direction. That does not justify leaving its users waiting indefinitely. The old centralized exchange has stopped trading, yet participants are still being told that details will come later. More than a year of those replies, without published reward rules or a distribution date, contradicts the transparency Arkham promotes. Leaving Season 2 participants who paid trading fees without a settlement is unacceptable.
A symbolic payout would not resolve Season 2
Season 1 set a substantial precedent. Its airdrop contract received 19,896,044 ARKM in initial funding - approximately 2% of the initial one-billion-token supply. Funding transaction, official tokenomics.
After that first distribution, expecting another substantial reward - and hoping for a larger Season 2 pool - was understandable. Arkham had chosen to promote S2 using the scale of S1. No fixed S2 percentage was established in the sources, but the first season helped shape users' expectations.
The token is also worth less at the later reference price. CoinLore records a February 2025 month-end price of $0.6500, compared with a 28 September 2026 daily close of $0.1333 - a decline of approximately 79%. Historical price data.
At that reference price, even a pool matching Season 1's token count would be worth far less in dollars. Without a Season 2 pool and points-to-ARKM formula, participants cannot tell whether their rewards will even cover the trading fees they paid.
Arkham needs to pay Season 2 participants. But a merely symbolic payout would not settle the matter. It should publish the pool and points-to-ARKM formula, then explain how that pool reflects the trading it encouraged and the Season 1 precedent it used to attract users.
Four straightforward questions for Arkham
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When will the Season 2 airdrop be distributed? Give a firm date.
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How much ARKM will be distributed, and how will points translate into rewards? State the total pool and the calculation.
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Where can participants check their final points and reward amount? Give them a clear way to see what they will receive.
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How will participants receive the airdrop? Explain the steps and any deadline for claiming.
These questions need concrete answers, followed by the actual distribution. Another promise to announce details later is not enough.
Arkham's reputation for transparency should be reflected in how it treats its own users. A new product does not erase an unfinished rewards program. Restoring trust means completing Season 2 - not asking the community to keep waiting.
What happened when I asked Arkham directly
On 25 September 2026, I posted the four questions above in Arkham's Discord and asked for a response by 2 October. The request was specific and civil: it asked when and how participants would receive rewards from the old exchange.
Saewoth replied that no Season 2 distribution date had been confirmed. They said the S2 process ended with the old exchange, the points were safe, and details would come at a later stage. Users could ask support for their points data. The reply gave no reward pool, conversion formula, or claim process.
As of 1 October 2026, Arkham's official announcement archive still contained no Season 2 settlement notice.
Later that day, my four-question post was gone while Arkham's reply remained. I did not delete it. Discord marked the original message as deleted. Chat administrators or server moderators could have removed it; the available record does not identify who did.
After more than a year of “details later,” Arkham still has no published payout date, reward pool, conversion formula or claim process. A civil request for those answers disappeared while Arkham's reply remained. Keeping points on record is not the same as paying rewards. Arkham should publish the pool size, the full points-to-ARKM formula, the distribution date and the claim process, then complete the distribution.
Update — 8 October 2026. Since publication, more Season 2 participants have spoken publicly. An X post with a video reports that one trader deposited about $29,200 and spent nearly all of it on trading fees while farming points. In the replies, one user says they spent over $10,000, and another says they spent over $15,000. These amounts are self-reported, not independently verified, but the posts show that other participants are publicly asking what happened to their Season 2 rewards.
Sources include official Arkham announcements checked through 1 October 2026, saved Discord conversations through 25 September, and on-chain data. Embedded screenshots are exact crops of the originals, without rewriting messages. The research method and supporting records are kept separately.