Arbitrum’s Security Council Can Move a Wallet’s Funds Without Its Key, Binance Freeze Shows
By Unchained
AI summary of the source article
Arbitrum’s Security Council moved 74,559,805.2 ARB and about 8,426 ETH from an address linked to a Binance exploit on Oct. 30 without requiring the wallet's private key, utilizing its upgrade powers.
Why it matters
Zealynx noted the point is aimed at builders, writing that when a spec promises that only a key can move a wallet, "on these chains that holds up to whoever controls the upgrade path."
Key facts
- Arbitrum's Security Council emptied an address of 74,559,805.2 ARB and about 8,426 ETH following an exploit on Binance.
- The transaction bypassed the private key via Arbitrum's UpgradeExecutor, using override code to transfer the assets to a holding address.
- The council announced that the frozen funds can only be moved through an ArbitrumDAO Governance vote.
Source excerpt · Unchained
The council froze 8,426 ETH and 74.6 million ARB on Oct. 30, and a Nov. 2 walkthrough on Ethereum Magicians traces how it sent the transfers in the holder's name. The post Arbitrum’s Security Council Can Move a Wallet’s Funds Without Its Key, Binance Freeze Shows appeared first on Unchained .