Two prominent whale addresses unexpectedly unloaded a total of 3.73 million Arbitrum Tokens (ARBs), resulting in substantial losses exceeding $400,000
Two great whale addresses have abandoned a staggering 3.73 million Arbitrum Tokens (ARBs), leading to significant losses of over $400,000.
According to data monitored by on-chain watcher BitcoinEmber, the first whale address “0x1dd9” sold 2.03 million ARB, with an average sale price of 1.14 USDT, suffering a loss of around 160,000 $. The address still holds 500,000 ARBs.
The second whale address, “0xca71”, offloaded 1.7 million ARBs at an average sale price of 1.16 USDT, resulting in a loss of approximately $270,000. Currently, the address only has 50,000 ARB in liquidity in the SushiSwap pair.
This sudden move follows the recent controversy surrounding the Arbitrum Foundation token allocation process, which resulted in a 6% drop in the price of the ARB token.
As reported by U.Today, the Arbitrum Foundation has come under fire from community members who feel that their input and concerns regarding the proposed distribution of 750 million ARB tokens have been ignored.
Nevertheless, the foundation maintains that the decentralized governance system is working as intended and that some decisions are needed before a wider rollout.
Addressing the dispute, the foundation acknowledged the heated debates taking place on its governance platforms and provided additional context to the recent allocation of millions of ARB tokens. They explained that 40 million had been granted in the form of a loan to a seasoned player in the financial market sector.