HomeAltcoinsThe Altcoin Foundation sent a lot of tokens to Coinbase Exchange. Here's...

The Altcoin Foundation sent a lot of tokens to Coinbase Exchange. Here’s what happened.

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Spot on Chain reported that the Arbitrum foundation moved 15 million ARB (worth $27. 5 million) to Coinbase today for $1. 83 each Soon after that, six new wallets took out a total of 14. 9 million ARB from Coinbase.

The Arbitrum Foundation makes a big ARB transaction on Coinbase.

Spot on Chain reported that the Arbitrum Foundation made a big transaction on Coinbase. They put ARB tokens in and then took them out.

The multi-signature address 0xd6c…, connected to the Arbitrum Foundation, put in 15 million ARB. This amount is worth $27. 5 million at the current price of $1. 83

The events happened in this order:

The Arbitrum Foundation put 15 million ARB into Coinbase’s account.

Amount paid at the deposit: The transaction was done at a cost of $1. 83 for each ARB.

After putting money in, six new wallets took out a total of ARB 14. 9 million from Coinbase.

The @arbitrum Foundation multisign 0xd6c deposited 15M $ARB ($27.5M) to #Coinbase at $1.83 ~6hrs ago.

Then shortly afterward, six fresh wallets withdrew a total of 14.9M $ARB from the CEX.

Was this an OTC deal? 🤔

For more updates on $ARB, follow @spotonchain and turn on your… pic.twitter.com/4tj6y716He

— Spot On Chain (@spotonchain) January 30, 2024

Even though we don’t know all the details about the transaction, it’s important to mention that the deposit to the Arbitrum Foundation might be linked to private trades.

OTC transactions usually happen outside of public exchanges and have personalized structures to fit the specific needs of big companies.

The reason these transactions are important is because they can affect the overall cryptocurrency market. When a lot of money moves around, it can change how the market works.

The Arbitrum Foundation, which is known for helping Ethereum grow, makes this transaction more exciting.

Warning: This is not advice about investing your money.

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