Offchain Labs, the developer of Ethereum layer-2 scaling solution Arbitrum, appears to be repurposing its native token ARB from the market.
According to Blockchain data, an address associated with Offchain Labs collected 1.72 million ARBs from Binance at an average price of $0.986 and paid a total of $1.7 million. The address sent all the ARBs it received to another Offchain Labs address shortly afterward.
This is not the first time Offchain Labs has repurchased its token from the market. Back in June, when the crypto market crashed again, the same address had accumulated a total of 4.48 million ARBs at an average price of $0.993, paying a total of $4.45 million. The address then sent the entire ARB to Offchain Labs' address. Three days after this move, the ARB price had started to rise back up.
At the time of this writing, the ARB price is trading at $1.01, approximately 19% lower than last month.
In addition, we reported as Bitcoinsistemi.com that several institutional investors sold ARBs on Monday.
*Not investment advice.
