News - Arbitrum developer Offchain Labs has been collecting ARB tokens from Binance for a while now
Offchain Labs, the force behind Arbitrum's Layer 2 scaling, has been actively amassing ARB tokens from Binance, as per available data.
This comprehensive review stems from a Twitter account dedicated to tracking Arbitrum-associated transactions. According to this source, Offchain Labs committed $2.07 million in the past week, securing 2.27 million ARB tokens from Binance, with an average rate of $0.91.
The assessment discloses that Offchain Labs leveraged a single address (0xb41) to procure ARB tokens from Binance on three separate occasions:
🚨 @OffchainLabs accumulated another 1.217M $ARB from #Binance at $0.9 ($1.1M) via address 0xb41 an hour ago.— Spot On Chain (@spotonchain) September 7, 2023
In total, Offchain Labs has allegedly accumulated:
- 2.279M $ARB from #Binance at $0.91 on avg ($2.07M) over the past week
- or 5.367M $ARB from #Biannce at $0.94 on avg… https://t.co/KZsGMXp4Zs pic.twitter.com/qlzn4hny4P
On September 1st, they acquired 727,289 tokens for $673,000 at a rate of $0.92.
On September 2nd, they obtained 335,563 tokens for $298,000 at a rate of $0.89.
In September, they procured a whopping 1.217 million tokens for $1.1 million at a rate of $0.90.
Following each acquisition, all tokens were swiftly transferred to Offchain Labs' primary address (0x1e7).
This isn't the first instance of Offchain Labs repurchasing ARB tokens from the market. Arbitrum Signals also unveiled that the same address (0xb41) collected 5.36 million ARB tokens from Binance since August 23rd, at an average price of $0.94. This cumulative spend amounts to $5.07 million, sending a resounding signal that Offchain Labs has strong expectations for ARB's price to go up.