Arbitrum, a Layer 2 scaling solution for Ethereum, recently launched an airdrop campaign for its native token, ARB, sending cryptocurrency enthusiasts into a frenzy. On-chain activity showed that some airdrop hunters were particularly successful in amassing a substantial amount of ARB tokens worth millions of dollars.
According to LookIntoChain, a blockchain analytics platform, two wallets consolidated tokens from 1,496 wallets, which together held around $3.3 million in ARB. One of the wallets received 1.4 million ARB from 866 addresses and added all the tokens to Uniswap, a decentralized exchange, to provide liquidity. The other wallet received 933,375 ARBs from 630 addresses.
Community members were curious about the identities behind the wallets and formulated their own theories. Some believed that the airdrop hunters were members of the project team, while others speculated that they could be hackers. Some members also expressed concern about the potential impact on transaction volumes.
Despite the mixed reactions, some praised the airdrop hunters for their efforts, calling them names like “airdropped gods”. Others believed that hunters spent a lot of time and capital cultivating numbers to accumulate such a large amount of chips.
The hype around the ARB airdrop also spread to over-the-counter (OTC) markets, where eligible crypto users began selling their tokens shortly after the announcement. This indicates a strong demand for the token in the market.
However, the airdrop craze also attracted the attention of hackers. On March 24, some hacked custom wallet addresses were used to steal $500,000 worth of ARB tokens from eligible airdrop participants, raising concerns about security risks in airdrop campaigns.
In conclusion, ARB’s airdrop campaign generated significant attention from the cryptocurrency community, with some successful airdrop hunters consolidating millions of dollars worth of tokens. While the campaign succeeded in attracting new users and creating hype, it also exposed potential risks associated with airdrop campaigns, such as security vulnerabilities and market volatility.