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Two Major ARB Whales Dump 3.73 Million Tokens, Incurring Heavy Losses

Mon, 04/03/2023 - 06:03
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Alex Dovbnya
Two prominent whale addresses have unexpectedly offloaded a combined 3.73 million Arbitrum (ARB) tokens, incurring substantial losses exceeding $400,000
Two Major ARB Whales Dump 3.73 Million Tokens, Incurring Heavy Losses
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Two major whale addresses have dumped a staggering 3.73 million Arbitrum (ARB) tokens, incurring significant losses of over $400,000.

According to data monitored by on-chain observer BitcoinEmber, the first whale address "0x1dd9" sold 2.03 million ARB, with an average selling price of $1.14 USDT, suffering a loss of approximately $160,000. The address still holds 500,000 ARB.

The second whale address, "0xca71," unloaded 1.7 million ARB at an average selling price of $1.16 USDT, leading to a loss of about $270,000. Currently, the address only has 50,000 ARB in SushiSwap's pair liquidity.

This sudden move follows recent controversy surrounding the Arbitrum Foundation's token allocation process, which led to a 6% drop in the price of the ARB token.

No, Bitcoin (BTC) Is Not Harming Environment
As reported by U.Today, the Arbitrum Foundation has come under fire from community members who feel their input and concerns regarding the proposed distribution of 750 million ARB tokens have been overlooked.

Nonetheless, the foundation maintains that the decentralized governance system is operating as planned, and that some decisions are necessary prior to a more extensive rollout.

Addressing the dispute, the foundation recognized the vibrant debates taking place on its governance platforms and provided further context to the recent allocation of millions of ARB tokens. They explained that 40 million were extended as a loan to a seasoned player in the financial markets sector.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at