Arbitrum airdrop sees 1,500 addresses consolidate $3.3M into two wallets

As the hype surrounding the Arbitrum (ARB) airdrop continues, on-chain activity shows that airdrop h...

As the hype surrounding the Arbitrum (ARB) airdrop continues, on-chain activity shows that airdrop hunters consolidated tokens worth around $3.3 million collectively from 1,496 wallets into two wallets.

According to the blockchain analysis platform Lookonchain, one wallet received 1.4 million ARB from 866 addresses. The account then added all the ARB received to the decentralized exchange Uniswap to provide liquidity. The 1.4 million ARB tokens are worth around $2 million at the time of writing. On the other hand, another wallet received 933,375 ARB from 630 addresses, worth around $1.38 million.

While the analysis platform described the addresses as two “super airdrop hunters,” community members couldn’t help but formulate their own theories about who was behind the on-chain activities. 

Advertisement

Stay safe in Web3. Learn more about Web3 Antivirus →

Some theorized that this might be the work of team members of the project, while others think it may be a hacker. Meanwhile, another community member believes this may lead to a significant drop in transaction volumes.

Community member shares their opinion on the on-chain activity. Source: Twitter

While some sentiments were negative, others praised the efforts of the so-called airdrop hunters, calling them names like “airdrop god.” Another believes that whoever is behind those addresses has spent much time and capital farming the numbers.

Related: Arbitrum airdrop sells off at listing, but traders remain bullish on ARB

The hype behind the ARB airdrop also made its way to the over-the-counter (OTC) markets. On March 21, crypto users eligible for the airdrops had already started selling the tokens in OTC markets after the airdrop announcement.

Meanwhile, apart from upstanding community members, hackers also actively participated in the airdrop craze. On March 24, some hacked vanity wallet addresses were used to steal $500,000 worth of ARB tokens from eligible airdrop participants.

Crypto

Web3 Gamer: Shrapnel wows at GDC, Undead Blocks ho...

As the annual Game Developers Conference in San Francisco came to a close last week, there was one g...

Crypto

Meet commercial NFTs: The next step in Web3 evolut...

On top of an enjoyable gaming experience, blockchain games also need to deliver robust economies to ...

Crypto

Elon Musk and tech execs call for pause on AI deve...

More than 2,600 tech leaders and researchers have signed an open letter urging a temporary pause on ...