Arbitrum unlocked 1.1 billion tokens, worth around $2.32 billion, for its team, advisers and investors on March 16.
Whales holding Arbitrum (ARB) started to move their digital assets into crypto exchanges after the unlocking of a huge amount of vested tokens on March 16.
On March 18, blockchain analysis firm Lookonchain flagged that at least 11 whales deposited their tokens into exchanges after the unlock. Collectively, the whales deposited 34 million tokens worth almost $58 million at the time of writing.
The event follows a massive token unlock conducted by the layer-2 blockchain project. On March 16, Arbitrum unlocked 1.1 billion ARB tokens (worth $2.32 billion). Data from crypto vesting tracker Token Unlocks showed that Arbitrum unlocked 673.5 million tokens for its advisers and its team members. It also released 438.25 million for investors.
