Around 22:55 on November 5 (UTC+8), Binance submitted a constitutional proposal to the Arbitrum governance forum, seeking to transfer the previously frozen approximately 8,426 $ETH and 74.56 million $ARB to a recovery address designated by Binance. Based on market prices on the morning of November 6, the two amounts together were worth roughly $31 million.
These assets were urgently frozen by the Arbitrum Security Council and moved to an isolated address following the hot-wallet security incident on October 29. The coordinated freeze across the ecosystem at the time involved more than $3 billion. Binance stated that user losses would continue to be covered by the SAFU Fund and the company’s own funds. Any recovered tokens would be used to cover incident-related losses and costs, including replenishing reserves already advanced. For affected users, the platform’s initial compensation and subsequent recovery of the on-chain frozen funds are two steps in the same compensation process.
The proposal still needs to go through community discussion, a Snapshot temperature check, and an on-chain vote. Binance estimates the entire process will take about 49 days: approximately one week for discussion, one week for the temperature check, two weeks for the on-chain vote, and then an execution window of around 18 days. It could take longer if there are legal restrictions. The proposal is currently still under discussion on the forum, and the funds have not yet actually been returned to the recovery address, so for now, just keep an eye on progress until the vote results are in.
#币安 #ETH #ARB does not constitute investment advice.
These assets were urgently frozen by the Arbitrum Security Council and moved to an isolated address following the hot-wallet security incident on October 29. The coordinated freeze across the ecosystem at the time involved more than $3 billion. Binance stated that user losses would continue to be covered by the SAFU Fund and the company’s own funds. Any recovered tokens would be used to cover incident-related losses and costs, including replenishing reserves already advanced. For affected users, the platform’s initial compensation and subsequent recovery of the on-chain frozen funds are two steps in the same compensation process.
The proposal still needs to go through community discussion, a Snapshot temperature check, and an on-chain vote. Binance estimates the entire process will take about 49 days: approximately one week for discussion, one week for the temperature check, two weeks for the on-chain vote, and then an execution window of around 18 days. It could take longer if there are legal restrictions. The proposal is currently still under discussion on the forum, and the funds have not yet actually been returned to the recovery address, so for now, just keep an eye on progress until the vote results are in.
#币安 #ETH #ARB does not constitute investment advice.
