Lookonchain reported that a wallet named “0x7EFF” manipulated the Binance listed ARPA price. The altcoin has lost around 25% of its value so far with the recent sales.
Checked ARPA price on Binance during the week
According to blockchain analytics service Lookonchain, a wallet named “0x7EFF” has been withdrawing ARPA tokens from Binance to different wallets since last week. The related wallet deposited tokens to Binance, this time through multiple addresses, in a new transaction recently.
The 25% drop in ARPA price confirms that the investor is currently emptying his wallet. In the last transaction, it invested $5 million worth of ARPA in Binance, according to the data. This amount means that the investor controls 10% of the total ARPA supply.
1/ Address "0x7EFF" is manipulating the price of $ARPA.
He has withdrawn $ARPA from #Binance through multiple addresses in the past week and then deposited $ARPA to #Binance through multiple addresses 3 hrs ago.
The price of $ARPA plummeted by 25% just now. pic.twitter.com/9hTAAsenqD
— Lookonchain (@lookonchain) May 27, 2023
ARPA (ARPA), which is ranked 187th by market capitalization, rebounded slightly after falling 25%. At the time of writing, it is trading at $0.08802, holding its intraday loss of 15%.
ARPA was the biggest winner of the week
Aiming to improve blockchain fairness, security and privacy, ARPA Network rallied independently of the market during the week. Its price surged as much as 40% at one point and touched $0.09298.
ARPA Network has announced that it will launch its own RNG product, Randcast, to correct shortcomings that so-called Random Number Generation tools may cause. Developers discovered bugs in the model used by legacy RNG protocols.
In the May 24 announcement, he said that Randcast will be the first application on the ARPA network and will be a “decentralized, multi-chain powered RNG that will both demonstrate the ARPA network’s capabilities and provide high-quality randomness.”
4/ Both of these models have their pros and cons. Every RNG has its quirks and traits that make it slightly different from all the others. Of course, being secure, verifiable, cost-effective, and reliable are always positive traits for an RNG to have.
— ARPA Official (@arpaofficial) May 24, 2023
ARPA is a protocol that pays off with the positive trend towards developing infrastructure that can be used by all of Web 3.0. However, other protocols are also developing new products and services for the benefit of all. For this reason, the project will have to be in a fierce struggle in the field of Web 3.0.
What is ARPA Network (ARPA)?
ARPA Network (ARPA) is a cryptocurrency combined with Blockchain technology and privacy-focused innovations. It also allows users to securely share their data and protect their privacy. This altcoin offers a decentralized and secure data sharing platform. At the same time, it gives data owners full control and anonymity.
One of the unique features of the project is that it uses multilateral computing technology to protect calculations and data transactions. In this way, security is ensured while sharing sensitive data and access to third parties is prevented. In addition, ARPA offers an ecosystem that supports confidentiality agreements and anonymous data sharing. As Kriptokoin.com, we have included more details about Arpa Network in this article.
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