ARB Airdrop: From Super Airdrop to Malicious Actors

Arbitrum has conducted an ARB airdrop which transforms it into a DAO.

61% of the crypto wallets have collected the allocated ARB tokens.

Hackers stole ARB tokens worth $500,000 which were allocated for distribution as airdrop.

37% of wallets earmarked to participate in the ARB token airdrop have not yet claimed their allocations.

Keywords: ARB airdrop, Arbitrum, Arbitrum Foundation, Arbitrum price, ARB latest news, buy ARB token, ARB latest news, zkSync Era, Starknet, Scroll, Sui Network, Sei Network

Introduction

The ARB latest news is that the ARB token airdrop has thrust it into one of the top 40 cryptocurrencies based on market capitalization. The highly anticipated airdrop has much significance to the Ethereum scaling network since it transforms it into a decentralized autonomous organization (DAO).

Read also: How Will Decentralized Autonomous Organisations Lead The World?

Arbitrum transformed into a DAO

As mentioned, the ARB airdrop has transformed Arbitrum into a DAO meaning that its community members now control its activities. First, Arbitrum is a layer 2 scaling solution for the Ethereum blockchain. As such, it promotes high transaction volume at low cost leading to the greater adoption of the Ethereum blockchain. Also, developers can create and launch decentralized applications (dApps) on the blockchain.

Read also: The Different Types Of DAO

According to the Arbitrum Foundation, the greatest significance of the ARB airdrop is turning it into a DAO. The foundation stated, “Arbitrum DAO will have the power to control key decisions at the core protocol level, from how the chain’s technology is upgraded to how the revenue from the chain can be used to support the eco.”

Henceforth, the ARB holders are able to suggest proposals on possible changes to the blockchain. They also have voting rights which entitles them to participate in the DAO’s decision making process.

Arbitrum - Coingape

Although the ARB holders have the right to adjust the code it will be audited. The Offchain Labs will only be able to develop the Arbitrum technology based on the improvements and changes which the community members will propose and approve. In addition, there is a security council that fixes all the bugs.

It is important to note that the ARB holders will delegate their voting rights to their representative. Only the delegated members will review and vote for any proposals.

The ARB airdrop

Arbitrum set aside 11.5% of ARB’s total supply to its eligible users as an airdrop. In fact, the eligibility of the users for the airdrop depends on whether they have previously used the bridge, conducted transactions within the last two months and completed at least four transactions, among other terms.

As on 22 March 61% of the eligible cryptocurrency wallets, including investment firms, traders and DeFi protocols, had claimed their ARB allocations. However, 240 000 wallets are yet to claim their share. These wallets are supposed to claim 428 million ARB tokens, worthy around $596 million. In other words, 37% of the eligible crypto wallets have not yet claimed their allocated ARB tokens. As things stand, they still have close to 170 days to collect their airdrops.

Hackers stole ARB meant for the Airdrop

Despite the success of the airdrop there is an unfortunate development. Hackers stole ARB tokens worth around $500,000 set aside for the airdrop. The malicious actors used vanity wallet addresses to steal these tokens.

Vanity addresses are the crypto wallet addresses that contain words that were chosen by the users as a means of personalizing them. As such, the hackers created similar wallet addresses using vanity address generators and used them to claim the airdrop.

What is ARB airdrop?

ARB airdrop is the distribution of Arbtrium’s native token to its users for free. The total supply of the ARB tokens will be 10 billion. Arbitrum aims to allocate 11.5% of its total ARB supply to its users which should increase its liquidity. An average user should get 625 ARB valued between $625 and $1,250 based on its prelaunch estimations.

ARB distribution - Twitter

As you note, Arbitrum allocated 11.62% of the tokens for the ARB airdrop.

Other notable airdrops 1n 2023

This year the crypto community is looking forward to having airdrops for several big decentralized projects such as zkSync Era, Starknet, Scroll, Sui Network and Sei Network. Most of these blockchains are layer2 while the rest are layer 1.

How to buy ARB token on Gate.io

Gate.io is a secure and reliable crypto exchange for investors to purchase the ARB tokens. To buy ARB token, you need to fund your digital wallet with the major cryptocurrencies like Bitcoin, ETH and USDT which you can convert to Arbitrum token. The good thing is that you can buy any of these cryptocurrencies using credit card or bank transfer.

You can purchase the ARB tokens in the Spot trading section. To do so, select an ARB pair with the cryptocurrency you have in your Spot Trading account, say USDT, as indicated in the image below

Once you click on the pair, a new window will open which allows you to input the amount of ARB you want to buy.

After inputting the right amount, click on “buy ARB.” Also, note that the current Arbitrum price is $1.1908.

The next step is to confirm the transaction. With that, you will be able to see the ARB tokens in your wallet.

Conclusion

Arbitrum has allocated 11.5% of its total ARB tokens as an airdrop to its users. Currently, 61% of the crypto wallets claimed their allocated ARB tokens. The users who have not yet claimed their ARB tokens still have close to 170 days to do so. This airdrop transformed Arbitrum into a DAO, giving the community members the right to make decisions on the development of the blockchain.