Update: Arkham tweeted an hour later stating that it had carried out an investigation into the DB Alert issue and concluded that the alerts sent by Arkham were accurate in this particular case.

“Neither the alert nor the tweet could have caused the sharp BTC price drop today,” wrote Arkham, highlighting that the drop occurred between 19:17 and 20:01 UTC, and the alerts and subsequent tweet were sent afterward at 20:07 UTC and 20:08 UTC.

April 27 (Cointime) -  Market intelligence platform Arkham Intelligence said that it had fixed a bug related to Bitcoin alerts that caused the mistaken message to be sent to a small subset of users. 

Earlier today, Arkham Intelligence sent a mistaken message to certain users, indicating that a Bitcoin address controlled by the U.S. government had begun moving funds. The incident occurred during a notable drop in Bitcoin value, which fell 6% from $29,472 to $27,696 in just one hour.

The company advised users to double-check and verify on-chain data before making any moves based on information from alerts. It stated:

"This fix won’t affect any additional users, and was unrelated to labels generated by Arkham — we understand the impact alerts can make, and we recommend users double check and verify on-chain prior to making moves on the information."

However, some users are not satisfied with Arkham Intelligence's response to the incident. One Twitter user suggested that the company should be held accountable for the market impact, stating that "You guys need to be held accountable for all these millions, worth of liquidations that happened in the last two hours."