On March 31, 2023, an investor sold around one million ARB tokens for 708 ETH, valued at almost $1.27 million. Despite the large sale, the token’s daily price movement remained largely unaffected.
This transaction occurred after Arbitrum’s airdrop was held on March 23, 2023. In classic airdrop tradition, most of the airdropped tokens were sold immediately, resulting in a price crash of 85%, which has yet not been recovered.
There are speculations that the seller of the ARB tokens may be an Arbitrum hacker seeking to sell their illegally acquired wealth. Lookonchain confirmed the transaction and referred to the entity behind it as a “super airdrop hunter.”
The super airdrop hunter who got 933,375 $ARB sold all $ARB for 708 $ETH ($1.27M) 3 hrs ago.https://t.co/djWQc5NCZK pic.twitter.com/7QwhNTllqN
— Lookonchain (@lookonchain) March 31, 2023
According to the on-chain analytics feed, another exceptional airdrop hunter received 1.4 million ARB on March 24, 2023, which was worth $1.9 million at the time. However, instead of selling or converting the tokens, they sent them to Uniswap to create liquidity.
Reports suggest that Upbit, a Korean cryptocurrency exchange, may have been accumulating ARB tokens. The exchange currently holds the second-highest amount of ARB tokens after Binance. By March 31, 2023, a wallet address related to the exchange had amassed 59 million ARB tokens, a significant increase over the previous day. It is speculated that the address may belong to Upbit’s hot wallet.
An EOA address has been collecting a massive ARB for the past day. Now it holds 59M ($84.4M) ARB, based on the activity, it might be Upbit ‘s hot wallet. This Korea’s largest exchange now holds the second most ARB after binance. According to @ScopeProtocol https://t.co/dcHEXO1i2G
— Wu Blockchain (@WuBlockchain) March 31, 2023
This is not the first report of Arbitrum airdrop hunters’ on-activity related to the Aribturm airdrop event. Previous reports indicated airdrop hunters had consolidated coins from 1,496 addresses that participated in the ARB token airdrop, amounting to approximately $3.3 million, into two wallets. The first wallet received 1.4 million ARB tokens from 866 addresses, while the second wallet received 933,375 ARB tokens from 630 addresses, according to Lookonchain.
Despite the recent price crash, Arbitrum One remains the most popular Layer 2 network in terms of total value locked (TVL), accounting for 67% of the L2 market with a TVL of $6.13 billion. However, it’s worth noting that roughly $2 billion of the total value locked comes from its own tokens, as the surge in TVL occurred on the same day as the platform’s airdrop.
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