Binance Proposes to Arbitrum DAO to Unfreeze and Return Frozen ETH and ARB
BIBIBI
AT A GLANCE
Binance proposes unfreezing and returning 8425.997 ETH and 74559805.2 ARB that were frozen due to a hot wallet attack.
Article
Binance Proposes to Arbitrum DAO to Unfreeze Stolen Hot Wallet Assets: Approximately 8426 ETH and 74560000 ARB
BlockBeats News, November 5, Binance submitted a constitutional-level AIP draft on the Arbitrum forum, requesting the unfreezing and return of 8425.997 ETH and 74559805.2 ARB previously frozen by the Security Council to its designated recovery address. The assets were frozen and transferred to a dedicated address by the Arbitrum Security Council in an emergency action on October 30, following the October 29 attack on Binance's hot wallet. The proposal states that unfreezing requires an on-chain atomic operation similar to the original freeze and does not request additional funding from the DAO treasury. The process is expected to take approximately 7 weeks or longer, including forum discussion, Snapshot sentiment voting, and on-chain voting.
Original link: https://m.theblockbeats.info/flash/375786
Key points
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Binance submitted a constitutional-level AIP draft on the Arbitrum forum.
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The draft requests unfreezing 8425.997 ETH and 74559805.2 ARB, and returning them to the recovery address designated by Binance.
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The original text states that these assets were urgently frozen by the Arbitrum Security Council on October 30 and transferred to a dedicated address after Binance's hot wallet was attacked on October 29.
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The proposal states that unfreezing requires on-chain atomic operations similar to those used at the time of freezing.
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The proposal does not request additional funding from the DAO treasury.
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The process is expected to take about 7 weeks or more, including forum discussion, a Snapshot temperature check vote, and an on-chain vote.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Binance is requesting through Arbitrum's governance process to unfreeze the ETH and ARB that were previously frozen due to a hot wallet attack, and transfer them to its designated recovery address. The text currently describes the proposal and subsequent voting process, and does not mean that the unfreezing has been completed.
Why it matters to readers
The proposal concerns whether the two frozen assets can be returned as requested, and whether Arbitrum governance agrees to execute the corresponding on-chain unfreezing operation.
Beginners should distinguish between "submitting a proposal" and "already unfrozen": this matter still requires forum discussion, a Snapshot temperature check vote, and an on-chain vote, and the outcome has not yet been determined.
Risks and unknowns
It is unclear whether the proposal can pass the Snapshot temperature check vote and the on-chain vote.
It is unclear whether the actual unfreezing and return can be completed.
About 7 weeks or more is only the estimated process time.
The original text does not specify the identity of the attacker, the attack method, or the final loss handling.
Related Developments
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Related concepts
Hot wallet
A wallet kept connected to the internet for convenience, better suited to everyday scenarios such as frequent transactions.
The process of recording the state of a blockchain ledger at a specific point in time; its contents may include addresses and their transactions, fees, balances, and metadata.
