Arbitrum security council moves $30 million in Binance hack funds without private key
Arbitrum's 12-member security council used emergency network powers to transfer roughly $30 million in stolen crypto assets without the attacker's authorization, temporarily rewriting core contract code to recover the tokens.
Arbitrum's 12-member security council has intervened to move approximately $30 million in funds tied to a Binance exploit without using the attacker's private key. The recovered assets, comprising over 8,425 ETH and 74 million ARB tokens, were transferred using emergency upgrade authority that required approval from nine council members.[1][2][3]
To execute the transfer, the committee briefly modified one of Arbitrum's core smart contracts to authorize spending from the target address before immediately restoring the original code, according to CoinDesk. The outlet noted that this marks the second time this year the council has taken such an action.[2]
The assets, which Analytics Insight reported are linked to a wider $6.3 billion Binance hack, are now secured in a dedicated holding wallet. The next steps for the recovered funds are currently pending an ArbitrumDAO governance vote.[1][3]
Key facts
- Arbitrum's 12-person security council transferred roughly $30 million in Binance hack funds from an address without the attacker's private key.
- The transferred tokens comprise over 8,425 ETH and 74 million ARB.
- The intervention relied on emergency upgrade powers that required approval from nine council members.
- The council temporarily rewrote a core contract to spend from the address and then restored the original code.
- The action marks the second time this year the council has executed such a contract rewrite, according to CoinDesk.
- The funds are currently held in a holding wallet awaiting an ArbitrumDAO governance vote.
- Analytics Insight reported the funds are linked to a $6.3 billion Binance hack.
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crypto.news@cryptodotnewsPost on X ·
JUST IN: Arbitrum’s Security Council moves $30M in Binance hack funds without the attacker’s private key The 12-member council used emergency upgrade powers requiring approval from nine members to move 8,425 ETH and 74M $ARB into a holding wallet, with the funds now awaiting an ArbitrumDAO governance vote for their next move.
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CoindeskArticle ·
Arbitrum’s council moved $30 million of Binance hack funds without the hacker’s key A 12-person committee briefly rewrote one of Arbitrum’s core contracts to spend from an address it held no key for, then put the code back. It’s the second time this year.
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Analytics Insight@analyticsinmePost on X ·
𝐀𝐫𝐛𝐢𝐭𝐫𝐮𝐦 𝐑𝐞𝐜𝐨𝐯𝐞𝐫𝐬 𝐔𝐒𝐃 𝟑𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐟𝐫𝐨𝐦 𝐁𝐢𝐧𝐚𝐧𝐜𝐞 𝐇𝐚𝐜𝐤 𝐖𝐢𝐭𝐡𝐨𝐮𝐭 𝐇𝐚𝐜𝐤𝐞𝐫’𝐬 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐊𝐞𝐲 Arbitrum Recovers USD 30 Million From Binance Hack Without Hacker's Private Key! Arbitrum's Security Council transferred over 8,425 ETH and 74 million ARB tokens linked to the USD 6.3 billion Binance hack using emergency network powers, without requiring the attacker's authorization. The recovered assets are now secured in a holding wallet, awaiting an ArbitrumDAO governance vote. Can emergency security powers protect stolen crypto without compromising blockchain decentralization? #Arbitrum #BinanceHack #CryptoRecovery #ArbitrumDAO #Ethereum #CryptoSecurity #AI #AINews #AnalyticsInsight #AnalyticsInsightMagazine Read More 👇 https://t.co/Slp916SZ9e
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