As the hype surrounding the Arbitrum (ARB) airdrop continues, on-chain activity shows airdrop hunters consolidating roughly $3.3 million worth of tokens from 1,496 wallets into two wallets.
According to blockchain analytics platform Lookonchain, one wallet received 1.4 million ARBs from 866 addresses. The account then adds all ARB received to Uniswap, a decentralized exchange, to provide liquidity. At the time of writing, the 1.4 million ARB tokens are worth about $2 million. On the other hand, another wallet received 933,375 ARB worth about $1.38 million from 630 addresses. While the analytics platform described the addresses as two "super-airdrop hunters," community members couldn't help but come up with their own theories as to who was behind the on-chain activity. Some speculated that it could have been the work of a member of the project team, while others suggested it could have been the work of hackers. Meanwhile, another community member suggested that this could lead to a significant drop in transaction volume.
While some sentiment was negative, others praised the efforts of the so-called airdrop hunters, calling them the "airdrop gods." Another argued that whoever was behind the addresses spent a lot of time and money manipulating the numbers. The hype behind the ARB airdrop has also found its way into the over-the-counter (OTC) market. On March 21, crypto users who are eligible for airdrops have started selling tokens on the OTC market after the airdrop announcement.
At the same time, in addition to honest community members, hackers are also actively participating in the airdrop craze. On March 24, a number of hacked vanity wallet addresses were used to steal $500,000 worth of ARB tokens from eligible airdrop participants.
