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• Arbitrum's ARB token airdrop: all you need to know

Arbitrum's Airdrop: 24hrs After

Arbitrum's ARB token airdrop was quite the rollercoaster ride!

First, the official airdrop page crashed due to overwhelming user requests, remaining down for more than an hour after the claiming process began.

Some users took to an alternative service like Arbiscan to claim their token. Unfortunately, even Arbiscan couldn't handle the traffic overload, leading to a bad user experience.

It's like everyone was trying to squeeze through a tiny door at the same time. Chaos! 😅

For context, that's higher than Etherscan's peak traffic last year (2022).

The claiming window stays open for another 183 days (September 24). So, why the rush right? 🤷‍♂️

Here’s why:

They want to dump the token at the highest price possible.

The price went as high as $11.80 to as low as $1, so how many people did:

• Only one address successfully sold the token at $10.29 through the ARB/USDC pool on Uniswap, bagging $64,340 for 6,250 tokens.

• A few others sold for $4.50, however, the price dropped quickly below $1.50 as more sellers arrived.

Now here's the kicker:

Someone hacked and claimed over $500k+ worth of Arbitrum (ARB) tokens using hacked vanity addresses.

So, someone compiled vanity addresses that were eligible to receive ARB tokens, then generated similar addresses using vanity address generators, directing the airdropped tokens to them instead.

It turns out someone had pointed out the security vulnerability of a vanity address several months ago:

Many users have expressed their frustration on social media about their stolen ARB tokens, with some unaware of the cause of their loss and unsure of what to do next. Sorry folks!

On the bright side, the token claiming window will be alive for 183 days, until September 24. So there's still time to get in on the action and claim your ARB tokens (if you're eligible).

That's all we have for today.

We'd love to hear your feedback.

Until then, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.