70 Million ARB Now Transferred To DAO Treasury

Key Points:

• 69,448,385 unclaimed ARB tokens worth $56.54M transferred to the DAO treasury.

The Arbitrum airdrop unclaimed tokens have been successfully claimed with an unclaimed amount of 69,448,385 ARB ($56.54M) transferred from the airdrop contract to the DAO treasury.

The Arbitrum airdrop has been claimed at Ethereum block 18208000. Just 30 minutes ago, an astonishing 69,448,385 ARB tokens, equivalent to $56.54 million, were transferred from the airdrop contract to the DAO treasury.

At the time of writing, Coinmarketcap reports that the price of ARB is trading at $0.81. Six months ago, CoinCu reported that on March 23, Arbitrum distributed its governance token with the ticker ARB to its community members, a significant step towards complete decentralization.

Technical Issues and Sell-Off

The ARB token’s release and airdrop were highly anticipated, but the launch faced an issue during the first hour. Arbitrum’s official airdrop page experienced problems as a surge of users attempted to claim their tokens simultaneously.

Some persevering users resorted to alternate methods like Arbiscan. With a substantial number of Arbitrum tokens airdropped, a massive sell-off of ARB tokens ensued shortly after the successful token unlock.

ARB’s value plummeted from over $10.29 to as low as $1 on the Kucoin platform. Similarly, on ByBit, the cryptocurrency started trading at $7.50 but quickly dropped to $1.5 within minutes.

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