According to on-chain data, the crypto money whale, which is famous for making the largest purchase of the Arbitrum (ARB) altcoin on the day it was listed, moved all of its coins to Binance.
With the news of the development, the ARB altcoin price made a downward movement from its climbing peak.
After the transfer, the whale emptied all Arbitrum tokens in its wallet and only $800 of Wrapped Ethereum (wETH) remained in its wallet.
As it is known, in the voting that ended today, the Arbitrum community refused to take back the 700 million ARB tokens that the Arbitrum Foundation distributed to it without the approval of the community.
Arbitrum operates using a technology called optimistic rollup, which allows smart contract transactions to be executed off-chain and aggregated into a single message sent to Ethereum for later verification.
In this way, Arbitrum can achieve higher speeds and lower costs than Ethereum, while still maintaining its security and decentralization. Arbitrum uses a sequencer to enumerate and process off-chain transactions, and a set of validators to track and dispute erroneous transactions.
The Arbitrum airdrop took place on March 23. Eligibility criteria for the airdrop included bridging transactions to Arbitrum, the number of months transacted on Arbitrum, the number of transactions made or smart contracts interacted with, and participation in governance or community activities.
*Not investment advice.