Arbitrum airdrop sees 1,500 addresses consolidate $3.3 million across two wallets

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

‘Super airdrop fighters’

According to the blockchain analytics platform Lookonchain, one crypto 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 about $2 million at the time of writing. On the other hand, another wallet received 933,375 ARB from 630 addresses. It had a value of approximately $1.38 million.

Although the analytics platform described the addresses as 2 “super airdrop fighters,” community members couldn’t help but formulate their own theories about who was behind the on-chain activities.

Some theorized that this could be the work of project team members. Others think it’s a hacker. Meanwhile, another community member believes this could lead to a significant drop in transaction volumes.

Community members share their thoughts on the on-chain activity. Source: Twitter

Mixed feelings

While some sentiments were negative, others praised the efforts of the so-called airdrop fighters, calling names like “airdrop god.” Another believes whoever is behind those addresses spent a lot of time and capital working the numbers.

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

Meanwhile, in addition to sincere members of the community, hackers also actively participated in the airdrop craze. On March 24, some hacked wallet addresses were used. $500,000 in ARB tokens was stolen from eligible airdrop participants.

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