Upbit Found to be Second-Largest Exchange Holder of ARB after Binance

  • Upbit’s accumulation caught the attention of traders and investors.
  • Voyager sold $150 million USDC stablecoin to Circle in exchange for hard cash.

According to recent activities on the Arbitrum blockchain explorer, an Externally Owned Account (EOA) address suspected to belong to a Korean crypto exchange has been stock-piling ARB tokens in the past 24 hours.

A market monitoring account on Twitter argued that the accumulating EOA belongs to the Upbit crypto exchange. Data from arbiscan.io suggests that the address now holds 59 million units of ARB tokens worth over $82.8 million.

According to the market tracker, this sudden accumulation has propelled Upbit to become the second-largest exchange holding ARB tokens, trailing only Binance.

Upbit’s accumulation has likely caught the attention of traders and investors, causing a significant increase in trading volume and market capitalization over the past 24 hours. Data from the market tracking platform, CoinMarketCap, shows that traders bought and sold over $1.4 billion in ARB, compared to only $696 million two days ago.

Notably, ARB is the native token of the Arbitrum Layer two scaling solution for the Ethereum blockchain, which went live last week, airdropping over 1.2 billion coins to eligible users. Before its launch, exchanges including Binance, Bitfinex, OKX, Kraken, Bybit, KuCoin, and Huobi received 40 million ARB “for testing.”

On the other hand, on-chain market observer, ScopeProtocol, tracked the activity of the embattled crypto hedge fund, Voyager, revealing that it recently sold $150 million USDC stablecoin to Circle in exchange for hard cash.

ScopeProtocol noted that Voyager had converted over $600 million worth of altcoins to USDC stablecoins over the past two months, according to blockchain data.

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