Arbitrum Security Council Moves $30 Million Tied To Binance Exploit

Arbitrum’s Security Council has moved 74 million ARB and 8,425 ETH from an address linked to the October 29 Binance hack, without the wallet holder’s signature. Arbitrum’s Security Council used emergency upgrade powers to move the funds. The action requires approval from nine of its twelve members, but it also highlights how users’ control over their funds can be overridden. Arbitrum, a Layer-2 blockchain running on Ethereum , has moved 8,425 ETH and 74 million ARB, worth around $30 million, linked to the Binance exploit. The funds were moved without the hacker’s knowledge.