Arbitrum Foundation transfers $59 million in unclaimed tokens to treasury

The Arbitrum Foundation, responsible for developing the Arbitrum blockchain, announced the transfer of 69 million unclaimed ARB tokens to the network's treasury. This move came after the claim period for these tokens ended over the weekend.

Timeline of Arbitrum

Chainlink, the industry-standard Web3 services platform, and Arbitrum, the most widely used layer 2 scaling solution suite for Ethereum dApp development, have announced today the mainnet launch of the Chainlink Cross-Chain Interoperability Protocol (CCIP) on Arbitrum One.

Arbitrum (ARB) price performed dismally this month, dropping 14% from $0.95 to $0.82, but the recent Post.Tech launch could potentially buck the trend. On-chain analysis explores how investor interest in the SocialFi trend could propel Arbitrum price.

Nearly all of Arbitrum's 619,000 investors are now in a losing position, with losses reaching 62% from the highest point. Currently, the crypto market is experiencing its highest level of fear in almost eight months.

Amidst the recent crypto market downturn, several significant players, including Jump Trading, Wintermute Trading, and Abraxas Capital, initiated large-scale transfers of BTC, Arbitrum (ARB), and ETH to various crypto exchanges, as per on-chain data.

Arbitrum (ARB), the fast-growing Ethereum scaling network, saw its token plunge to a record low on Monday. The token slipped to a low of $0.80, much lower than its record high of $1.88. This decline brought its market cap to more than $1 billion. Arbitrum's token decline coincided with more weakness in the futures market.

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices trading below the $26,000 level on Monday. Ethereum (CRYPTO: ETH) also traded lower, falling below the key $1,600 mark this morning.

Offchain Labs co-founder Ed Felten said there were one or two fraud challenges submitted on a version of Arbitrum running on the Ethereum proof-of-work fork after the Merge, which was defeated.

Arbitrum is an Ethereum layer-2 scaling network that's seeing a spike in activity, thanks to increased traction in the DeFi ecosystem. It's backed by some of the largest players in the investment space.

Crypto and fintech firm ZTX has stated it's looking to build a new 3D virtual world atop the Arbitrum blockchain, which accounts for more than 60 percent of ETH's Layer-2 market share.

Arbitrum, a leading Ethereum-based layer2 chain, had its native token ARB exhibiting bearish actions since April 2023. Meanwhile, institutions seem ready to trim their holdings as they transfer ARB to centralized exchanges (CEXs). SpotOnChain tweeted about CAP Finance and Mandala Capital preparing to shed ARB tokens. Mandala Capital transferred 3.