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During the market turmoil following Cointelegraph's erroneous report that the SEC had approved the iShares Bitcoin Spot ETF, unusual activity was observed on the Arbitrum ($ARB) altcoin network activity.
Offchain Labs reportedly deposited 20 million $ARB, equivalent to $16.24 million, to Coinbase for $0.812 on October 16 at around 18:00 UTC.
The deposit was made through an intermediary address identified as 0x8d4. This address had received a total of 71.31 million $ARB ($81.7 million) from Offchain Labs' 0x1e7 address since March 23, 2023, and then deposited it all to Coinbase.
Following this deposit, four new whales withdrew a total of 20,222,827 $ARB ($16.34 million) from Coinbase between 02:32 on October 17 and 03:08 UTC on October 17.
After the fake news, there was a huge amount of liquidation in the Bitcoin market, and after it was realized that the news was fake, the BTC price returned to its previous level.
$ARB price is trading at $0.79 at the time of writing this article and has lost 2% in the last 24 hours.
*This is not investment advice.
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