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 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.

— Lookonchain (@lookonchain) March 24, 2023

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. 

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.

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.

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