- The wallet address that consolidated almost one million ARB tokens via 630 different wallets has sold everything.
- The wallet currently holds only 708 ETH.
- The significant sale did not affect the price of ARB.
The Arbitrum airdrop from last week was one of the most profitable and exciting airdrops of all time. Hundreds of thousands received millions of ARB tokens, including an address that seemed to farm ARB from hundreds of other addresses.
However, just a few days later, that address sold all of its ARB holdings for ETH, making over a million dollars in profit.
Arbitrum ‘Super Airdrop Hunter’ Sells All ARB
One of the largest holders of Arbitrum’s newly launched governance token, ARB, has sold all of its holdings.
According to blockchain intelligence company Lookonchain, the address, also known as “Super Airdrop Hunter,” has sold 933,375 ARB tokens for 708 ETH, equivalent to around $1.27 million at the current prices.
The address had consolidated ARB tokens by farming the Arbitrum airdrop via 630 wallets, according to Lookonchian. Now the wallet holds only ETH.
Despite the sale of a significant amount of ARB all at once, the token’s price had little reaction to it. ARB is currently trading at $1.36, down 0.8% in the last 24 hours and up 1.2% in the last seven days, according to data from CoinGecko.
Another wallet also believed to have farmed the Arbitrum airdrop still holds most of its ARB tokens. The address had farmed 1.4M ARB, worth around $1.92M at the time, via 866 addresses.
On the Flipside
- Some are saying that the address that sold all of its ARB holdings managed to get so many tokens by hacking other wallets before the ARB airdrop. It’s unclear how the address actually received the tokens.
Why You Should Care
The Arbitrum airdrop has shown that airdrop farming can be a profitable strategy. However, some industry observers believe projects should implement different airdrop frameworks to reward unique users.
Read more about the two wallets consolidating millions of ARB:
Fake Arbitrum Activity? Two Wallets Consolidate Over $2M Worth of ARB Airdrop
Read more about how the Euler hacker apologized for the exploit:
Euler Hacker Apologizes for $200M Attack, Returns Millions to Protocol