During the market turmoil following Cointelegraph's erroneous report that the SEC had approved the iShares Bitcoin Spot ETF, unusual activity was observed on the Arbitrum (ARB) altcoin network activity.
Offchain Labs reportedly deposited 20 million ARB, equivalent to $16.24 million, to Coinbase for $0.812 on October 16 at around 18:00 UTC.
The deposit was made through an intermediary address identified as 0x8d4. This address had received a total of 71.31 million ARB ($81.7 million) from Offchain Labs' 0x1e7 address since March 23, 2023, and then deposited it all to Coinbase.
Following this deposit, four new whales withdrew a total of 20,222,827 ARB ($16.34 million) from Coinbase between 02:32 on October 17 and 03:08 UTC on October 17.
After the fake news, there was a huge amount of liquidation in the Bitcoin market, and after it was realized that the news was fake, the BTC price returned to its previous level.
ARB price is trading at $0.79 at the time of writing this article and has lost 2% in the last 24 hours.
*This is not investment advice.
