Unreleased Arbitrum tokens have already begun selling on OTC markets

The Arbitrum community has begun selling unreleased ARB tokens on OTC markets.

have secured 6-figs of $ARB OTC at an avg. price of $0.98

wish me luck

— Cole (@cole0x) March 21, 2023

An investor going by the pseudonym cole0x said he had managed to sell a six-figure amount of future tokens at $0.98.

The sale of unreleased tokens on OTC markets takes place directly between parties. Typically, the buyer wires funds to the seller’s bank account. Once a price is agreed, the seller provides access to the wallet into which the coins will be credited after the airdrop, relinquishing their seed phrase.

Prices in such a scheme can vary significantly. An anonymous user told Cointelegraph that the hype around early ARB sales is based on assumptions about the token’s market capitalization at launch.

Market participants’ expectations for the coin’s future price are largely optimistic. A user going by the nickname Viperr.eth said he had managed to sell unreleased ARB at $1.10.

$ARB already selling for over $1.10 on OTC groups.

Love to see it. pic.twitter.com/Od8eGSTB8m

— Viperr.eth ? (@CryptoSources) March 18, 2023

The BitMEX exchange launched ARBUSDTM23 contracts, futures on future ARB tokens.

? A new @arbitrum futures listing is LIVE on BitMEX…

…meaning users can now long/short $ARB $USDT, with up to 20x leverage.

Contract deets:https://t.co/Yh29buOUYh pic.twitter.com/MlPlbsQ9hW

— BitMEX (@BitMEX) March 20, 2023

As of writing, the quotes for the new instrument hovered around $1.363, with a peak price of $1.77.

Arbitrum planned a token airdrop on March 23, followed by a move to a decentralized autonomous organization (DAO).

The team will distribute 44% of the total supply of 10 billion ARB to early users and investors. Additionally, the community and the DAO will receive assets enabling them to control 56% of voting power. The first phase includes a distribution of 12.75% of the total coin supply.

Cryptocurrency exchanges Binance and Huobi set the listing date for the new coin on March 23.

In March, several security firms warned the community about fake ARB airdrop sites.

Later, Arkham researchers reported that the hacker sent small amounts in Ethereum to several compromised wallets to redirect Arbitrum tokens.