The Arbitrum Foundation, the entity behind the Arbitrum blockchain, announced that it has moved 69,448,385 unclaimed ARB tokens to the decentralized autonomous organization’s (DAO) Treasury.
In an X post on Sunday, the Arbitrum Foundation notified users of the transfer, cautioning them to be wary of scams given that these tokens can no longer be claimed. At the time of writing, ARB was trading at $0.82, making the value of the unclaimed tokens worth around $59 million.
The 69,448,385 unclaimed ARB remaining in the token claim contract has officially been moved to the #ArbitrumDAO treasury as outlined in AIP-7
You cannot claim those tokens anywhere.
Please be safe out there!💙🧡 https://t.co/sY6MmKl09h
— Arbitrum (💙,🧡) (@arbitrum) September 25, 2023
The tokens represent the unclaimed rewards that were distributed to eligible users via an airdrop in late March.
According to data compiled by Blockwork’s Research on Dune, little more than 93% of ARB tokens were claimed in the airdrop – an unsurprising figure, considering the anticipation that surrounded the event in the weeks leading up to it.
A total of 583,138 eligible addresses claimed a little over 1 billion ARB tokens.
The plan for Arbitrum to reclaim ownership over these unclaimed tokens was set in motion on Aug. 22. An overwhelming majority of the community voted in favor of yoav.eth’s proposal to transfer the tokens to the project’s Treasury instead of sending them to an address where they would have been locked forever.
The Arbitrum Foundation now holds nearly $3 billion worth of ARB tokens in its DAO Treasury.