Arbitrum Developer Offchain Labs Allegedly Started Collecting ARBs from Binance

Offchain Labs, the company behind the Arbitrum Layer 2 scaling solution, has reportedly increased its $ARB altcoin holdings by repurchasing more tokens from the market.

According to analysis of a Twitter account that tracks Arbitrum-related transactions, Offchain Labs spent a total of $2.07 million over the past week purchasing 2.27 million $ARB tokens from Binance at an average price of $0.91.

The analysis shows that Offchain Labs used an address (0xb41) to accumulate $ARB tokens from Binance three times: 727,289 tokens ($673,000) at $0.92 on September 1, 335,563 tokens ($298,000) at $0.89 on September 2, and 7 1.217 million tokens ($1.1 million) at $0.9 in September.

After each purchase, the address transferred all the tokens to Offchain Labs' main address (0x1e7).

This is not the first time that Offchain Labs has taken back $ARB tokens from the market. Arbitrum Signals also revealed that the same address (0xb41) had accumulated 5.36 million $ARB tokens from Binance at an average price of $0.94 since August 23 following the market crash, spending a total of $5.07 million.

This address behaved similarly during the June crash, purchasing 4.483 million $ARB tokens ($4.45 million) at $0.993 from June 12 to June 17.

*Not investment advice.