Amber Group Suspicious Wallet Address Has Amassed 3.73M OP From Binance

Key Points:

• According to Spot On Chain monitoring, the suspected Amber Group address purchased 3.73 million OPs from Binance in the last 24 hours.
• The current address holds a total of 8.14 million OPs (about $12.5 million).
• The accumulation is speculated to be the preparation for the upcoming Cancun Upgrade, which is expected to benefit significantly Arbitrum & Optimism.

According to on-chain data analytics company Spot On Chain, the wallet address suspected of belonging to VC Amber Group has accumulated 3.73 million OP tokens in the past 24 hours.

Address 0x011, possibly belonging to Amber Group, has accumulated an additional $6.29 million worth of $OP and $DYDX from Binance in the past 24 hours. Specifically, there are 3.73 million OP tokens at an average of $1.53 (about $5.71 million). In addition, there are 300k DYDX tokens at $1.93 (worth about $579K).

Plus, the analyst said Amber Group allegedly accumulated 8.14 million OPs at an average of $1.56 (worth around $12.7 million) over the past 19 days.

This OP accumulation could be done in anticipation of the Ethereum Cancun/Deneb upgrade this fall, which is expected to benefit Arbitrum and Optimism greatly. The basis for this will be Ethereum Improvement Proposal (EIP) 4844, which will be the main code change of the upgrade.

EIP 4844 introduces a new transaction type called “blobs”. This increases the data and storage requirements of Ethereum blocks and creates a new fee market to value blobs separately from regular transactions.

Data blobs are the first milestone for Ethereum’s full Danksharding, allowing rollups such as Arbitrum and Optimism a 100-fold increase in capacity. This is realized by allowing nodes to safely process multiple blobs per block than the initial maximum set by EIP 4844. The main purpose of the upgrade is to reduce the cost of transferring large amounts of data to Ethereum and thus reduce the operating cost of compilations.

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