Tickers
Privacy Cash paused deposits following a Binance hack, while withdrawals remained open; roughly $1.2 million in ETH and SOL entered its pools, up from an earlier tally of about $800,000, affecting ETHUSD-linked activity. On Nov. 5, Binance asked Arbitrum’s DAO to release 8,425.997 ETH and 74.56 million ARB frozen after its hot-wallet exploit, starting a governance process expected to take seven weeks or longer.
Binance asks Arbitrum DAO to release frozen ETH and ARB after hot-wallet exploit
Binance has asked Arbitrum’s DAO to release 8,425.997 ETH and 74.56 million ARB that were frozen following an exploit of the exchange’s hot wallet, according to a report by crypto.news.
The request was submitted on Nov. 5 and opens a governance process that the exchange expects to take seven weeks or longer.
What Binance is requesting
- 8,425.997 ETH held in the frozen funds
- 74.56 million ARB held in the frozen funds
The assets were frozen after the hot-wallet exploit, and their release now depends on the Arbitrum DAO’s governance process rather than a unilateral decision by the exchange.
Timeline
Binance expects the governance process to run for at least seven weeks. The proposal’s outcome will be determined through the DAO’s procedures.
Market context
The request concerns ETH-denominated funds, putting it in the context of ETHUSD-linked activity. The report did not specify the market value of the frozen assets or the date of the original exploit.