Two Major ARB Whales Dump 3.73 Million Tokens, Incurring Heavy Losses

Two major whale addresses have dumped a staggering 3.73 million Arbitrum ($ARB) tokens, incurring significant losses of over $400,000.

According to data monitored by on-chain observer BitcoinEmber, the first whale address "0x1dd9" sold 2.03 million $ARB, with an average selling price of $1.14 $USDT, suffering a loss of approximately $160,000. The address still holds 500,000 $ARB.

The second whale address, "0xca71," unloaded 1.7 million $ARB at an average selling price of $1.16 $USDT, leading to a loss of about $270,000. Currently, the address only has 50,000 $ARB in SushiSwap's pair liquidity.

This sudden move follows recent controversy surrounding the Arbitrum Foundation's token allocation process, which led to a 6% drop in the price of the $ARB token.

As reported by U.Today, the Arbitrum Foundation has come under fire from community members who feel their input and concerns regarding the proposed distribution of 750 million $ARB tokens have been overlooked.

Nonetheless, the foundation maintains that the decentralized governance system is operating as planned, and that some decisions are necessary prior to a more extensive rollout.

Addressing the dispute, the foundation recognized the vibrant debates taking place on its governance platforms and provided further context to the recent allocation of millions of $ARB tokens. They explained that 40 million were extended as a loan to a seasoned player in the financial markets sector.