Arbitrum’s council moved $30 million of Binance hack funds without the hacker’s key
Source: CoinDesk ·
From the source
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. Arbitrum’s Security Council moved over 8,425 ETH and 74 million ARB out of an address tied to the Binance exploit last Friday without any action on the hacker’s part. At current prices that’s roughly $30 million, a rounding error next to the roughly $6.3 billion taken from Binance. Arbitrum is a network that runs on top of Ethereum to make transactions cheaper, and it holds billions of dollars in user deposits. On any blockchain, a wallet’s funds move only when its private key, a secret number known only to the owner, signs off on the transfer. The Security Council is a 12-member group elected by holders of the ARB token, with emergency powers to upgrade the network’s contracts if nine of them agree. It used those powers in an unusual way on Friday. The council’s Safe, a shared wallet that needs nine signatures,…