L2Beat Removes $7 Billion of RAIN Tokens From Arbitrum TVS, Flags Protocol as Heavily Manipulated
L2Beat removed about $7 billion of noncirculating RAIN tokens from Arbitrum’s total value secured metric, citing that the supply sits in multisignature wallets controlled by the prediction market project’s team.
The token still accounts for roughly $2.6 billion in secured value on the network, making it the largest asset and surpassing both ETH and USDC. Researchers described the concentration as clearly absurd, stating the token appears heavily manipulated and that a further investigation is underway.
From the sources (2 posts)
@wublockchainL2Beat Says RAIN Token Appears "Heavily Manipulated" After Removing $7B of Team-Controlled Supply From Arbitrum TVS L2Beat said it has removed around $7 billion worth of non-circulating RAIN tokens held in team-controlled multisigs from Ar
@donnoh_ethPSA: we (@l2beat) just removed ~$7B of $RAIN non-circulating supply from @arbitrum TVS held in a few multisigs controlled by the team itself. If you see Arbitrum TVS being significantly lower it's because of this change, nothing major happe