According to the claim made by Lookonchain, an address with the code "0x7EFF" manipulated the ARPA altcoin price by withdrawing large amounts of ARPA coins from Binance via multiple addresses over the past week and depositing them back into Binance.
A Crypto Whale Allegedly Trying to Manipulate ARPA Altcoin Price
The report claims that address "0x7EFF" has withdrawn ARPA coins from Binance via multiple addresses, and then deposited ARPA coins to Binance via multiple addresses three hours ago. The price of ARPA coin is currently down by 25%.
The report also claims that the address "0x7EFF" has withdrawn ARPA coins from Binance via multiple addresses and holds most ARPA coins in another wallet with the address "0xB32e". An hour ago, ARPA coin was transferred from address "0xB32e" and deposited to Binance via multiple addresses.
The report states that address "0x7EFF" still buys ARPA coin before 09:47 CET, but after that it started depositing ARPA coin on Binance. Over 50 million ARPA coins ($5 million) have been deposited on Binance in the past three hours.
Lookonchain analysts argue that the address "0x7EFF" is trying to create artificial volatility and profit from the ARPA coin's price fluctuations by manipulating the token supply and demand on the cryptocurrency exchange Binance.
*Not investment advice.