The Arbitrum (ARB) airdrop and major exchange listings, which started on Thursday, are followed by massive whale transactions. According to some, the transfers were carrying cryptocurrencies obtained from a hack attack…
2 crypto whales bought over $3.3M ARB Coins
According to data from blockchain explorer Lookonchain, the first wallet (called Wallet A) purchased 1.4 million ARBs from 866 different wallet addresses. Wallet A then transferred all its ARB to decentralized exchange Uniswap to provide liquidity.
The second wallet (called Wallet B) received 993,375 ARBs worth approximately $1.38 million from 630 different wallet addresses. cryptocoin.com As we reported, the first and largest purchase was made by ARB’s market maker Wintermute Trading on the day of the airdrop with 40 million ARB coins.
The whales have been dubbed “super airdrop hunters” by Lookonchain, as they receive millions of ARBs from hundreds of different wallet addresses. However, some members of the cryptocurrency community have expressed doubts that Wallet A and B holders may be part of the project team or hacking ARB tokens from other airdrop recipients.
Arbitrum airdrop hacks
Cybercriminals may have envisioned the ARB airdrop event to carry out illegal activities. Therefore, the suspicion that the above two whales were ‘withdrawing the funds from the hack into their own wallets’ was not unfounded. On March 24, several private wallet addresses were hacked and ARB tokens were stolen from airdrop participants.
Custom-name wallets are a type of wallet address that allows users to customize a unique name or phrase within the string of characters. Some experts warn about the security risks of such wallets. In 2022, Profanity, a makeup wallet, was hacked and its users lost over $3.3 million in funds.
Arbitrum airdrop witnesses $500,000 crypto hack
Users need to use special software or services to generate private addresses that could lead to the private key being leaked. The hackers in the Profanity case probably knew about the project’s vulnerabilities and quietly collected private keys to steal users’ money.
In this latest incident, the perpetrator compiled a list of specific addresses eligible for the ARB airdrop. They then created similar addresses using a special tool, and the tokens were airdropped to the newly created addresses. Original ARB owners could no longer claim them, resulting in losses of up to an estimated $500,000.
ARB developers have yet to comment on the incident, but the incident highlights the risks of using a flashy wallet and the importance of being careful when using special tools or services. It also highlights the importance of adequate security measures such as using a hardware wallet and following best practices for securing private keys to prevent similar incidents from occurring.
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