Arbitrum, a layer-2 scaling solution for Ethereum, recently launched an airdrop campaign for its native token, ARB, causing a frenzy among cryptocurrency enthusiasts. On-chain activity showed that some airdrop hunters were particularly successful in accumulating a substantial amount of ARB tokens worth millions of dollars.
According to LookIntoChain, a blockchain analysis platform, two wallets consolidated tokens from 1,496 wallets, collectively holding around $3.3 million worth of 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 ARB 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 team members of the project, while others speculated that they might be hackers. A few members also expressed concerns about the potential impact on transaction volumes.
Despite the mixed reactions, some praised the airdrop hunters for their efforts, calling them names like “airdrop god.” Others believed that the hunters spent significant time and capital farming the numbers to accumulate such a large amount of tokens.
The hype around the ARB airdrop also spilled over into the over-the-counter (OTC) markets, where eligible crypto users started selling their tokens soon 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 vanity 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, the ARB airdrop campaign generated significant attention from the cryptocurrency community, with some successful airdrop hunters consolidating millions of dollars worth of tokens. While the campaign was successful in attracting new users and creating hype, it also exposed potential risks associated with airdrop campaigns, such as security vulnerabilities and market volatility.