Negative developments in Arbitrum, the popular Ethereum layer-2 solution initiative of recent times, worried investors. Last weekend, the conflict between ARB token holders and the Arbitrum foundation negatively affected the image of the project.
Crypto researcher Arkham Intelligence, which compiled on-chain data after the event, revealed that only $50.5 million was transferred in the dispute opened by 750 million tokens.
“Only $50.5 million was moved for the ARB tokens in question. 40 million of the tokens were loaned to Wintermute, while 10 million of the ARBs were sent to exchanges.”
The Arbitrum Foundation acknowledged the opposition from ARB investors in a statement on Sunday, April 3. Officials stated that they will submit multiple proposals for the allocation of funds to resolve the dispute.
Did Whales Sell?
Speaking to the crypto press after publishing the on-chain data, Arkham Intelligence executive Zachrey Lerangis claimed that whales were acting cautiously despite the fear environment.
However, data from LookOnChain reveals that this discourse is not entirely true.
The chart shows that two of the biggest ARB investors have recently sold out. According to a one-day exchange, the two whales disposed of a total of $3.2 million worth of ARB tokens.
Arbitrum's native cryptocurrency, ARB, tumbled after the weekend but bounced back from the local low of $1.11.
$ARB currently finds buyers at the level of $1.25.