Binance lists Arbitrum ahead of massive airdrop as community warns of scammers

• Binance said that the Arbitrum (ARB) token will be available for spot trading against BTC and USDT starting March 23.
• The Arbitrum community has warned users to beware of several fake airdrops and phishing websites under the name of Arbitrum.

In their latest announcement, the world’s top cryptocurrency Binance announced plans to list the Arbitrum (ARB) token on the platform. The exchange stated that it will start the spot trading of the ARB tokens later this week on Thursday, March 23.

The spot trading pairs available for the trading of the Arbitrum token will include ARB/BTC and ARB/USDT. Binance said that users can start the deposits in preparation for the trading once the official token prepares to go live at the Ethereum block height of 16,890,400. This shall happen sometime around March 23 at 12:30 p.m. UTC.

Additionally, the withdrawals for the ARB tokens will happen on March 24 at 5:00 p.m. (UTC). In the same announcement, crypto exchange Binance has said that the ARM cryptocurrency will work as a borrowable new asset. It will be available with the new ARB/USDT margin pair on an isolated margin within 48 hours from March 23 at 5:00 p.m. UTC.

But Binance is not the only crypto exchange that has announced support for Arbitrum (ARB) tokens. Poloniex, one of the oldest exchanges in the crypto space has also announced support for Arbitrum (ARB). This exchange too shall commence the deposit for Poloniex on March 23 at noon time. The trading for the ARM cryptocurrency shall begin from the same moment.

ARM Airdrop and Market Scams

Arbitrum, the Layer-2 scaling project for the Ethereum blockchain has its native cryptocurrency ARB, launched with an initial supply cap of 10 billion. A majority of the Arbitrum tokens i.e. over 56% are community owned. From this community allocation, 12.75% of the ARB supply shall be available for Arbitrum airdrop ahead of this week on March 23. As per Lookonchain, an estimated 1.162 billion Arbitrum tokens (ARB) will be available for airdrop ahead on Thursday.

The Arbitrum Foundation and the DAO hold the responsibility for distributing the rest of the community tokens over time. Furthermore, the data analytics platform Nansen stated that 625,143 addresses are eligible which is 28% of those bridged to Arbitrum One before Feb 6, 2023.

However, the Arbitrum community has also asked users to beware of the fake airdrops pretending to be from the project’s newly launched DAO. Since Arbitrum’s official announcement, scammers have started creating fake airdrops and phishing websites for the ARB tokens.

In one of their Twitter posts last week, Arbitrum News DAO said that they have identified more than 273 phishing sites related to Arbitrum. It also warned that the number could increase as the official date of the airdrop comes near.