Two projects that received grants from the Arbitrum Foundation may have sold all the ARB they received

"Two projects that received grants from the Arbitrum (ARB) Foundation are believed to have sold all of their grant funds ahead of the Ethereum Dencoin upgrade and ARB mass unlock," SpotOnChain reports via X.

The alleged address of DeFi protocol Defos (DF) deposited 2.45 million ARB (worth $5.05 million) on Binance between February 6 and 12 hours ago, while the alleged address of cross-chain messaging bridge Synapse Protocol (SYN) exchanged 1.03 million ARB for 2.13 million USDC between February 7 and 9 hours ago.

ARB is set to release 1.17 billion (76.62% of its total supply) on February 16th. On CoinMarketCap, ARB is trading at $2.08, up 2.89%.