The highly anticipated Arbitrum (ARB) airdrop was held on March 23, 2023. On-chain activity indicates that “great airdrop hunters” have consolidated tokens worth nearly $3.3 million from 1,496 addresses that participated in the airdrop into two wallets.
Lookonchain, a blockchain intelligence tool, reported that the first wallet received 1.4 million ARB from 866 addresses, while the second wallet received 933,375 ARB from 630 addresses.
We found 2 super airdrop hunters of $ARB.
0xe1e2 received 1.4M $ARB($1.92M) via 866 addresses and added all 1.4M $ARB to #Uniswap to provide liquidity.https://t.co/sncsZTHrP2
0xbd4e received 933,375 $ARB($1.28M) via 630 addresses.https://t.co/p5vbqXMYxD pic.twitter.com/yK3LzbeC8t
— Lookonchain (@lookonchain) March 24, 2023
According to Lookonchain, the first wallet added all of its received ARB tokens to the decentralized exchange Uniswap for liquidity purposes, and the tokens in the first wallet are worth almost $2 million, while the tokens in the second wallet are valued at approximately $1.38 million.
Community users have been speculating about the identity behind the on-chain activity, even though the analytic platform only identifies the two wallets as “great airdrop hunters.” Some people believe that the project’s team could be responsible, while others suspect the involvement of a hacker.
Sound like team members doing the most for the community
— Kristo Cee Udemba 💯🚀 (@KristoOfCrypto) March 24, 2023
Aside from the airdrop hunters, hackers also participated actively in the airdrop craze. On March 24, 2023, $500,000 was stolen from eligible airdrop participants using compromised vanity wallet addresses. Many cryptocurrency users took to Twitter to express their distress over the theft of their ARB tokens. Most of those affected are unaware of the reason for the loss and are unsure of what steps to take next.
Dear @kucoincom my stolen $ARB token has been transferred to your exchange by the hacker. How can you help?
— CryptoLord NE 📊📈 (@CryptoDefiLord) March 23, 2023
Shortly after the announcement of the release date of the airdrop by Arbitrum Foundation on March 16, 2023, experts reportedly warned community members against fraudulent activities by scammers to set up fake token airdrops with the intention of tricking victims into giving away their money before the official event.
Blockchain security firm Redefine reported on March 19, 2023, that a website pretending to be the official Arbitrum airdrop website had been discovered. Users were asked to grant access to their funds on the site, after which the scammer presumably emptied their wallets.
The airdrop was meant to distribute Arbitrum tokens to those that qualified after meeting the requirements set by the Arbitrum Foundation. These entities have been given six months to claim the tokens.
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